1 CORPORATE PRESENTATION - SDX Energy Plc...CORPORATE PRESENTATION January 2020 Creating a better world for all our stakeholders SDX ENERGY 2 SDX overview: • Company overview 3 •

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CORPORATEPRESENTATIONJ anuar y 2020

Creating a better world for allour stakeholders


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SDX overview:

• Company overview 3

• 2019 highlights and 2020 guidance 4

• Portfolio - asset overviews 5

• Valuation & share price performance 18

• Upcoming activity and catalysts 20

• Exco profiles 23

• Board of Directors profiles 24

Appendix:

• YTD Financial results 26

• Listing of significant shareholders 27


3SDX ENERGY

COMPANY OVERVIEW• AIM-listed E&P with nine concessions in Egypt and Morocco providing high margin production and high impact exploration in

stable locations with improving macro-economic outlooks and attractive fiscal terms.

• Independent CPR 2P reserves valuation (NPV[10] at 31/12/18)1 of US$94 million. Market capitalisation of $69 million as at17/01/2020.

• 13.1 MMboe net 2P reserves at 31/12/181 c.50/50 oil/gas. Currently c.25/75 oil/gas with South Disouq coming on stream duringQ4’19. Gas businesses are underpinned by fixed-price, long-term sales contracts.

• Delivering on other operational milestones across the portfolio, with high impact exploration drilling underway in Morocco andplanned to commence in Egypt during Q1’20. Eight wells in total expected to complete in H1’20.

• Will continue to actively manage portfolio to optimise returns for shareholders and recycle capital into growth projects. SDXcontinues to evaluate inorganic growth opportunities through M&A.

Egypt: Four concessions Morocco: Five concessions

1: 2018 independent CPR available on SDX Energy website.


4SDX ENERGY

2019 Highlights and 2020 Guidance• 2019 annual production of 4,020 boe/d (net), 2020 guidance set at 6,750 – 7,000 boe/d (net):

• Full year 2019 capex of US$40.7m (unaudited) and 2020 capex guidance set at US$25.5m.

• All planned future activities fully funded from cash flows, US$11m cash (unaudited) and US$7.5m undrawn credit facility as at31/12/19. 9 months to 30/09/19 EBITDAX of US$23m and operating cash flow of US$18m.

• Low cost existing production base with opex at c.$11/boe2, expected to reduce materially with addition of South Disouq production.

• CEO of Waha Capital, SDX’s largest shareholder, appointed to Board on 19 November 2019.

1: The Company may exit the NW Gemsa concession during the year if sufficient cost savings cannot be achieved by the operator.2: $11/boe based on reported production for the nine months to 30/9/19, reflecting entitlement volumes for Meseda & Rabul. When reflecting operations and working interest volumes for Meseda & Rabul,opex/boe drops to $8/boe.

Asset2019 Actualproduction

(boe/d)

2020Productionguidance(boe/d)

2019 Actualcapex(US$)

2020 Capexguidance

(US$)

Core assets

South Disouq – WI 55% &operator

630 4,300 – 4,460 20.2 million 6.5 million

Meseda – WI 50% 790 610 – 630 1.5 million 2.0 million

Morocco – WI 75% & operator 800 840 – 860 16.1 million 15.0 million

Non-core assets

NW Gemsa – WI 50% 1,800 1,000 – 1,0501 1.3 million 2.0 million

South Ramadan – WI 12.75% - - 1.6 million -

Total 4,020 6,750 – 7,000 40.7 million 25.5 million


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PORTFOLIO


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EGYPT

FOUR CONCESSIONS

CORE ASSETS:• South Disouq• West Gharib

Maximising value across the exploration &production life cycle


7ASSET OVERVIEWSOUTH DISOUQ (1/4)

Current status• First gas milestone was achieved in Q4’19, on time and on budget.• Production ramp up exceeded expectations with plateau production

of 50 MMcfe/d (8,333 boe/d) achieved mid-December 2019, threemonths earlier than anticipated.

• 89 bcfe gross of 2P reserves (49 bcfe net to SDX) as per 30/09/19independent CPR1.

• Gas price US$2.85/mcf, Opex estimated at < US$0.30/mcf,Government take c.51%.

• Exploration campaign planned to commence Q1’20.

Key near-term activity• Two well exploration campaign planned to commence Q1’20. Total

P50 unrisked prospective resources estimated at gross 103 bcfe(17 MMboe), (57 bcfe (9 MMboe) net to SDX).

• Depending on partnering discussions, a third South Disouq welltargeting deeper prospectivity in a potential new play fairway maybe drilled later in 2020.

2020 guidance• Production: Guidance production rate of 47 – 49 MMscfe/d

reflects a continuation of the 50 MMcfe/d current production rateadjusted for CPF expected uptime/availability during the year

• Capex: US$12.0 million gross (US$6.5 million net) predominantlyrelated to two exploration wells, with minor sustaining facilitiescapex.

South Disouq licence interests

SDX working interest 55%, Operator

Partner IPR (45%)

2P Reserves1 49.0 bcfe W.I.

South Disouq licence map

1: 30/09/19 South Disouq independent CPR available on SDX Energy website


8ASSET OVERVIEWSOUTH DISOUQ DEVELOPMENT PROJECT (2/4)

• First gas achieved in Q4’19, with all four discovery wells hooked up and producing at their expected rates of between 8 MMscf/d and 15MMscf/d.

• Production ramp up exceeded expectations with plateau production of 50 MMcfe/d achieved by mid-December, three months earlierthan anticipated, and on budget.


9ASSET OVERVIEWSOUTH DISOUQ DEVELOPMENT PROJECT (3/4)

South Disouq development map and schematic

Simple process:• Gather the produced gas to the inlet manifold;• Separate condensate and water from gas and truck away condensate for sale and water for treatment;• Compress gas to export line pressure and flow gas to metering station and export to the Grid via a 10km 12” pipeline.


10ASSET OVERVIEW

SIGNIFICANT EXPLORATION POTENTIAL (4/4)

• c.300 bcfe of unrisked prospective resources in fourprospects.

• Kafr el Sheikh prospects are stratigraphic traps andCretaceous prospects are four-way dip closures.

• Drilling campaign to commence Q1’20 with Salah,followed by Sobhi. If successful, low-cost tie in toexisting CPF will generate attractive returns.

• Warda is located within the existing South Disouqdevelopment lease and will be drilled at a later dateto maintain the plateau production rate.

• Young prospect may be drilled later in 2020 subjectto successful partnering discussions.

• Table shows revised Prospect Volumes followingupdated 3D seismic interpretation across the block.

Prospect EUR bcfe(unrisked)

P501

GCos

Salah2 70.6 35%

Sobhi 32.7 35%

Warda 14.4 35%

Young3 185.0 17%

Total (unrisked) 302.7

1: SDX Management estimates2: Salah reflects the P50 EUR for three horizons and the CoS of one3: Young reflects the P50 EUR for four horizons and the CoS of one

South Disouq licence map


11ASSET OVERVIEWWEST GHARIB (MESEDA AND RABUL FIELDS)

Current status• Regular appraisal/development wells to generate stable production

from a well-understood asset.• 2019 production: 4,180 bbl/d (gross)/790 bbl/d (net).

2020 guidance• Production: 3,200 - 3,300 bbl/d average (gross).• Capex: US$4.0 million (gross) (US$2.0 million net) for up to three

appraisal/development wells, workovers and reservoir studies.

Meseda & Rabul licence interests

SDX working interest 50% (19.06% entitlement)

Partner/Operator Dublin International (50%)

2P Reserves1 4.56 MMbbl W.I./1.74 MMbbl N.E.

Meseda & Rabul licence map

Meseda & Rabul sales history

1: 2018 independent CPR available on SEDAR.

Rabul-4&

Rabul-5

MSD-16 MSD-15 Rabul-7Rabul-2 MSD-19


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EGYPT

FOUR CONCESSIONS

NON-CORE ASSETS:• North West Gemsa• South Ramadan

Maximising value across the exploration &production life cycle


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NW Gemsa licence interests

SDX working interest 50%

Partner NPIC (50%, Operator)

2P Reserves1 1.64 MMboe W.I.

ASSET OVERVIEWNORTH WEST GEMSA

Current status• Late-life asset with increasing water cut and declining

production.• The Company may exit during 2020 if sufficient cost

savings cannot be achieved by the operator. EgyptianState liable for any decommissioning.

• 2019 production: 3,600 boe/d (gross)/1,800 boe/d (net).

2020 guidance• Production: 2,000 - 2,100 boe/d (gross).• Capex: US$4.0 million (gross) (US$2.0 million net) for

ten workovers.

NW Gemsa licence map

NW Gemsa sales history


AASE-25 Ola-4AASE-27


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Current status• Drilled SRM-3 as a deviated well from the existing SRM-

2 platform.• P50 discovered volumes: c.1 MMbbls oil (gross) for

Thebes, Brown Limestone, Sudr reservoirs combined.• Based on SRM-2 historical production, SRM-3 is

anticipated to come on-line at around gross 1,300 bopdwith an annual decline rate of 30-35%.

• Non-core asset and SDX is seeking to exit the position.

South Ramadan licence interest

SDX working interest 12.75%

Partner PICO (37.5%, Operator),GPC (50%)

Reserves1 0.1275 MMbbls W.I.

ASSET OVERVIEWSOUTH RAMADAN South Ramadan map

1: SDX Management estimates.


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MOROCCO – GHARBBASIN

FIVE CONCESSIONS

High margin gas with transformational explorationpotential


16ASSET OVERVIEWMOROCCO (1/2)

Morocco Licence Interests

SDX working interest 75%, Operator

Partner ONHYM (25%)

2P Reserves2 4.2 bcf W.I.

Morocco licence map (Five Concessions)

Current status• Growing, low-cost gas production, sold at attractive prices to diverse (eight)

customers, with low payment risk.

• 2019 production: 6.4 MMcf/d (gross)/4.6 MMcf/d (net).

• Average gas price US$10-US$11/mcf, with opex estimated at US$0.7/mcf,generating high netbacks.

• During the second half of 2019, all customers achieved expected consumptionrates.

• Favourable fiscal regime, including 10-year tax holiday from first production.

• SDX owns 75% of, and operates, pipeline infrastructure direct to customers.

Key near-term activity• 12-well campaign is underway and expected to complete in Q1’20. Five of the

first seven wells are commercial successes, adding 2.0 – 2.5 bcf1 of gas toexisting gross reserves of 4.0 – 5.0 bcf1. These reserves are estimated to fulfilexisting customer contracts for the next two-and-a-half to three years.

• Campaign designed to target reserves required under existing customercontracts and to test new play opening areas across the portfolio that couldgrow and transform SDX’s Moroccan business.

2020 guidance• Production: 6.7 - 6.9 MMcf/d average sales (gross) assuming no new

customers but growth in expected demand from existing customers.

• Capex: US$15.0 million (net) primarily relating to the completion of theMorocco 12 well drilling campaign.

1: SDX Management estimates.2. 2018 independent CPR available on SEDAR.


17ASSET OVERVIEWMOROCCO 12-WELL DRILLING PROGRAMME (2/2)

• Twelve well drilling programme is underway and targeting 15bcf (gross unrisked mean prospective resources1) across adiverse set of opportunities:

o Eight lower risk biogenic gas targets located nearexisting infrastructure in Gharb Centre;

o Two moderate risk wells, a step out exploration well inthe Beni Malek (BMK-1) cluster area, with good follow-on potential, and, a moderate risk prospect at OYF-2with good volume potential. Prospects here arelookalikes to previous discoveries in Sebou productionarea;

o Up to two higher risk exploration prospects at LallaMimouna re-testing the Lalla Mimouna thermogenicgas play at LNB-2 and LMS-2.

• Wells in Lalla Mimouna, OYF-2 and BMK-1 are play openingand could transform the growth of SDX’s Moroccanbusiness.

• Target to drill, complete and connect wells for an averagecost of c.US$2.0 million per well.

• 2018 independent CPR1 identified prospect inventory inexcess of 100 bcf (gross unrisked mean prospectiveresources).

Morocco prospect map



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VALUATION ANDSHARE PRICE

PERFORMANCE


19SDX ENERGYVALUATION & SHARE PRICE PERFORMANCE

Summary valuation / liquidity information

Independent 2P reservesvaluation (NPV[10] at31/12/18)1

$94 million

Market cap (17/01/20) $69 million

Net cash (31/12/19) 2 $11 million

Liquidity (31/12/19) 2

(cash $11 million plus EBRD$7.5 million undrawn creditfacility)

$18.5 million3

1: 2018 independent CPR available on SEDAR.2: Unaudited figures as at 31/12/19. Reported cash position and liquidity position were $11 million and $23 million respectively as at 30/9/19.3: Availability of EBRD credit facility reduced by US$2.5 million from reported figure of US$10.0 million as at 30/09/2019 in line with its amortisation schedule. Discussions with EBRD have commenced to extend tenor and re-establish US$10 million availability.

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SDX Energy share price (p/share) vs. AIM O&G Index (re-based)& Brent (re-based) since 1/1/18

SDX Energy AIM O&G Brent

Half Year results andpositive update on progress

with South Disouqdevelopment

South Disouq reservesupgrade


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UPCOMING ACTIVITYAND VALUECATALYSTS


21SDX ENERGY

UPCOMING ACTIVITY AND VALUE CATALYSTSMaterial upcoming catalysts in next 12 months• South Disouq (55% share) plateau production of 50 MMscfe/d (gross) at $2.85/mcf from Q4’19. Opex is estimated at < US$0.30/mcf.• Completion of twelve well drilling campaign that is currently underway in Morocco, targeting 15 bcf of unrisked prospective resources.

Gas is sold at average price of $10-$11/mcf and opex is estimated at US$0.7/mcf.• Young exploration well in South Disouq to be drilled pending completion of partner discussions. c.300 bcfe of prospective resources

in four targets.


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EXECUTIVECOMMITTEE AND

BOARD OFDIRECTORS PROFILES


23SDX ENERGYEXECUTIVE COMMITTEE

Exco established June 2019 to ensure delivery of key projects

Mark Reid (CEO)Held board positions in E&P sector for 11 years. Formerly CFO of Aurelian Oil & Gas PLC and Chariot Oil & Gas PLC. Significant M&A and equity and debt capitalmarkets experience. 14 years corporate finance and banking experience, 7 years as an Emerging Market E&P banker, Head of Oil and Gas at BNP ParibasFortis, London and Director at Ernst & Young Corporate Finance, London.

Nick Box (CFO)Mr. Box leads SDX’s finance team, having previously worked for PwC in the UK, Australia and Mongolia. He has 13 years professional experience inaccounting, capital markets transactions, post-merger integrations and internal controls.

Rob Cook (Subsurface and Operations)Prior to joining SDX, Dr. Cook was a senior G&G professional for 25 years at BG Group plc, playing a key role in several of BG’s major developments in bothNorth Africa (resident in Cairo) and Brazil. Dr. Cook has also been integral to SDX’s exploration results in Egypt and Morocco.

Roger Wibrew (Facilities and HSE)Mr. Wibrew has over 18 years’ process engineering experience in the upstream onshore oil and gas industry. He has previously worked for Hess in Algeria andWest Texas where he was responsible for facilities engineering and capital projects, including gas plants producing up to 330MMscf/d.

Mohamed Farid (Egypt Country Manager)Mr. Farid has 28 years’ experience, the majority of which is in oil and gas (upstream & downstream) having worked for BG and BP in Africa, Europe, Asia andthe Middle East where he acquired significant exposure to M&A in the energy sector.

Lonny Baumgardner (Morocco Country Manager)Mr. Baumgardner has 25 years’ experience across many elements of the oil and gas business, having worked in Canada, the Kingdom of Saudi Arabia, Greece,Australia, and on two ventures in Egypt. He has resided in Rabat, Morocco since 2016 and is responsible for all aspects of SDX’s business in country.

Alistair Green (Business Development)Mr. Green manages Business Development activities at SDX, having previously worked with BG Group on international projects for 12 years, based in the UKand internationally. He has broad commercial and technical experience having previously held roles in reservoir engineering and in petroleum economics. Hehas an MBA (Distinction) from Henley Business School and an MSc. in Petroleum Engineering (Distinction) from Imperial College.


24SDX ENERGY

CHAIRMAN AND NON-EXECUTIVE DIRECTOR PROFILES

Michael DoyleNon-Executive ChairmanMr Doyle is a Professional Geophysicist and a Certified Corporate Director with more than 35 years industry experience. Mr Doyle is aprincipal of privately held CanPetro International Ltd and its affiliates. He has been a director of Equal Energy Ltd since 1997.Mr Doyle was previously a principal and Chief Executive Officer of Petrel Robertson Ltd where he was responsible for providing advice andproject management to clients throughout the world. Prior to that, he held a variety of exploration positions at Dome Petroleum and AmocoCanada. Mr Doyle holds a Bachelor of Science (Maths and Physics) from University of Victoria.Mr Doyle was a founding director and Chairman of Madison PetroGas from its inception in 2003.

David MitchellDirectorMr Mitchell is a successful oil and gas executive with more than 35 years proven track record in the international arena, including with BP and Nexen.During this time, Mr Mitchell discovered and built projects with his teams in the Middle East, West Africa, Latin America and the North Sea. He haslived and worked in a number of countries including a year with BP Egypt. Mr Mitchell received his BSc Honours, Geology from the University ofLondon and his MPhil Mining Engineering from the University of Nottingham, UK.Mr Mitchell was appointed CEO of Madison PetroGas on joining in 2008, building the company prior to the merger with Sea Dragon Energy.

Timothy LinacreDirectorMr Linacre is a Fellow of the Institute of Chartered Accountants in England and Wales and an experienced City practitioner. After qualifying withDeloitte Haskins and Sells he spent 5 years with Hoare Govett before moving to Panmure Gordon in 1992, working at that firm for 20 yearsincluding 8 years as CEO. Tim is currently Senior Managing Partner at Instinctif Partners, a leading Business Communications firm. During his careerin the City, Tim has advised a range of businesses in a variety of sectors, including oil and gas, from FTSE 100 companies to fast growing listed andprivate companies.

Amr Al MenhaliDirectorMr Al Menhali has a track record of over 20 years in senior leadership positions across a number of high profile institutions, with expertise instrategy, finance, risk, credit and corporate governance. He has also served on the boards of prominent regional and international companies indiverse sectors and industry bodies, including the UAE Banks Federation. He holds a Bachelor’s Degree, with Honours, in Business Administration,and also completed the General Management Program at Harvard Business School in Boston.Mr Al Menhali joined Waha Capital as Chief Executive Officer in September 2019.


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APPENDIX


26Q3 2019 FINANCIAL RESULTSFINANCIALS

• Net revenue of US$38.0 million, 5% lower than YTD’18 due to11% decrease in realised oil price offset by 1% productionincrease to 3,501 boe/d.

• On 7 November 2019, first gas was achieved from the SouthDisouq gas field in Egypt (SDX: 55% working interest andoperator) with production increasing ahead of expectations fromc.24 MMcfe/d to c.35 MMcfe/d in the first two weeks ofoperations.

• 1% YoY production increase driven by Meseda (18%) andMorocco (20%) offset by NW Gemsa (-10%).

• Netback of US$27.5 million, 13% down on YTD’18 mainly dueto increased opex as a result of:

• Decrease in revenue, as explained above• Increased workover activity in YTD’19; and• Allocation of costs to opex greater in YTD’19, with these

costs allocated to capex/drilling campaigns in Moroccoand NW Gemsa in YTD’18.

• Operating cash flow before capex in YTD 2019 remained robustat US$18.0 million.

• US$22.8 million of capex invested in period, of which, US$14.3million was for the South Disouq development.

• Cash at 30 September 2019, US$12.6 million (31 December2018, US$17.3 million) with the US$10.0 million EBRD creditfacility

Nine months ended 30September

US$ million except per unit amounts 2019 2018Net revenues 38.0 39.8Netback (1) 27.5 31.3Net realised average oil/service fees - US$/barrel 56.44 63.69Net realised average Morocco gas price - US$/mcf 10.32 10.52Netback – US$/boe 28.76 33.18EBITDAX (1) (2) 23.4 27.2Exploration & evaluation expense (“E&E”) (0.8) (5.5)Depletion, depreciation and amortisation (“DD&A”) (18.4) (10.9)Total comprehensive income - 4.1Net cash generated from operating activities 18.0 27.3Cash and cash equivalents 12.6 18.7(1) Refer to “Non-IFRS Measures” section of the YTD & Q3 2019 Financial & Operating results press release fordetails of Netback and EBITDAX.(2) EBITDAX for YTD 2019 and YTD 2018 includes non-cash revenue relating to the grossing up of EgyptianCorporate Tax on the North West Gemsa PSC which is paid by the Egyptian State on behalf of the Company(YTD 2019: US$2.7 million, YTD 2018: US$3.7 million).


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Shareholder Percentageholdings1

SDX SPV Limited/Waha Capital 19.48%

Ingalls and Snyder 18.91%

River and Mercantile 9.20%

Hargreaves Lansdown AM 6.90%

Highclere Investors 5.02%

Interactive Investor 4.46%

Mr Nikolaos D Monoyios 4.37%

Dr Valerie A Brackett 3.78%

AXA Investment Managers SA 3.45%

Total holdings of shareholders > 3% holding 75.57% 2

SDX ENERGY PLCLISTING OF SIGNIFICANT SHAREHOLDERS

1: Percentage holdings as at 11 December 2019.2: Significant shareholder split 64.21% institutional and 11.36% retail as at 11 December 2019.


28Disclaimer

This document, which is personal to the recipient, has been issued by SDX Energy plc (the “Company”). This document does not constitute or form any invitation to engage ininvestment activity nor shall it form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of the Company,nor shall any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision relating thereto, nor does it constitutea recommendation regarding the securities of the Company. In particular, this document and the information contained herein does not constitute an offer of securities for salein the United States.

This document is being supplied to you solely for your information. The information in this document has been provided by the Company or obtained from publicly availablesources. No reliance may be placed for any purposes whatsoever on the information or opinions contained in this document or on its completeness. No representation orwarranty, express or implied, is given by or on behalf of the Company or any of the Company’s directors, officers or employees or any other person as to the accuracy orcompleteness of the information or opinions contained in this document and no liability whatsoever is accepted by the Company or any of the Company’s members, directors,officers or employees nor any other person for any loss howsoever arising, directly or indirectly, from any use of such information or opinions or otherwise arising inconnection therewith.

Nothing in this document or in the documents referred to in it should be considered as a profit forecast. Past performance of the Company or its shares cannot be relied on asa guide to future performance.Neither this document nor any copy of it may be taken or transmitted into the United States of America, its territories or possessions or distributed, directly or indirectly, inthe United States of America, its territories or possessions. Neither this document nor any copy of it may be taken or transmitted into Australia, Japan or the Republic of SouthAfrica or to any securities analyst or other person in any of those jurisdictions. Any failure to comply with this restriction may constitute a violation of United States, Australian,Japanese or South African securities law. The distribution of this document in other jurisdictions may be restricted by law and persons into whose possession this documentcomes should inform themselves about, and observe, any such restrictions.

Forward-looking Information

Certain statements contained in this presentation may constitute "forward‐looking information" as such term is used in applicable Canadian securities laws. Any statements thatexpress or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or are not statements of historicalfact should be viewed as forward-looking information. In particular statements regarding the Company’s plans, the timing of completion of the South Disouq central processingfacility, timing of completion of the export pipelines and well tie-ins, production targets, future drilling, ESP replacement, field facility upgrades, well workovers, and the timingand costs thereof, as well as capital expenditures, operational expenditures, the Company’s 2019 outlook, should all be regarded as forward-looking information.The forward-looking information contained in this document is based on certain assumptions and although management considers these assumptions to be reasonable based oninformation currently available to them, undue reliance should not be placed on the forward-looking information because the Company can give no assurances that they mayprove to be correct. This includes, but is not limited to, assumptions related to, among other things, commodity prices and interest and foreign exchange rates; plannedsynergies, capital efficiencies and cost‐savings; applicable tax laws; future production rates; receipt of necessary permits; the sufficiency of budgeted capital expenditures incarrying out planned activities; the timing of and the Company’s ability to obtain regulatory and statutory approvals in connection with the Company’s plans and the availabilityand cost of labour and services.

All timing given in this presentation, unless stated otherwise is indicative and while the Company endeavours to provide accurate timing to the market, it cautions that due tothe nature of its operations and reliance on third parties this is subject to change often at little or no notice. If there is a delay or change to any of the timings indicated in thispresentation, the Company shall update the market without delay.


29Disclaimer

Forward-looking information is subject to certain risks and uncertainties (both general and specific) that could cause actual events or outcomes to differ materially from thoseanticipated or implied by such forward‐looking statements. Such risks and other factors include, but are not limited to political, social and other risks inherent in daily operationsfor the Company, risks associated with the industries in which the Company operates, such as: operational risks; delays or changes in plans with respect to growth projects orcapital expenditures; costs and expenses; health, safety and environmental risks; commodity price, interest rate and exchange rate fluctuations; environmental risks; competition;permitting risks; ability to access sufficient capital from internal and external sources; and changes in legislation, including but not limited to tax laws and environmentalregulations. Readers are cautioned that the foregoing list of risk factors is not exhaustive and are advised to reference SDX’s Management’s Discussion & Analysis for the ninemonths ended 30 September 2019, which can be found on SDX’s SEDAR profile at www.sedar.com, for a description of additional risks and uncertainties associated with SDX’sbusiness, including its exploration activities.

The forward‐looking information contained in this presentation is as of the date hereof and SDX does not undertake any obligation to update publicly or to revise any of theincluded forward‐looking information, except as required by applicable law.

Oil and Gas Advisory

Certain disclosure in this news release constitute “anticipated results” for the purposes of National Instrument 51-101 – Standards for Oil and Gas Activities of the CanadianSecurities Administrators because the disclosure in question may, in the opinion of a reasonable person, indicate the potential value or quantities of resources in respect of theCompany’s resources or a portion of its resources. Without limitation, the anticipated results disclosed in this news release include estimates of volume, flow rate, productionrates, porosity and pay thickness attributable to the resources of the Company. Such estimates have been prepared by management of the Company and have not been preparedor reviewed by an independent qualified reserves evaluator or auditor. Anticipated results are subject to certain risks and uncertainties, including those described above andvarious geological, technical, operational, engineering, commercial and technical risks. In addition, the geotechnical analysis and engineering to be conducted in respect of suchresources is not complete. Such risks and uncertainties may cause the anticipated results disclosed herein to be inaccurate. Actual results may vary, perhaps materially.

Prospective ResourcesThe prospective resource estimates disclosed herein have been prepared by an independent qualified reserves evaluator, ERC Equipoise Limited, in accordance with theCanadian Oil and Gas Evaluation Handbook. The prospective resources disclosed herein have an effective date of 1st January 2019. Prospective resources are those quantities ofgas, estimated as of given date, to be potentially recoverable from undiscovered accumulations through future development projects. As prospective resources, there is nocertainty that any portion of the resources will be discovered. The chance that an exploration project will result in a discovery is referred to as the "chance of discovery" asdefined by the management of the Company. There is no certainty that it will be commercially viable to produce any portion of the resources discussed herein; though anydiscovery that is commercially viable would be tied back to the Company’s pipeline in Morocco and then connected to customers’ facilities within 9 to 12 months of discovery.Based upon the economic analysis undertaken on any discovery, management has attributed an associated chance of development of 100%. Anticipated results are subject tocertain risks and uncertainties, including various geological, technical, operational, engineering, commercial and technical risks. In addition, the geotechnical analysis andengineering to be conducted in respect of such resources is not complete. Such risks and uncertainties may cause the anticipated results disclosed herein to be inaccurate.Actual results may vary, perhaps materially.


30Disclaimer

There are uncertainties associated with the volume estimates of the prospective resources disclosed herein, due to the level of information available on prospective resources,but ranges are defined based on data from the Company’s nearby existing analogous wells. Some of the risk and uncertainties are outlined below:• Petrophysical parameters of the sand/reservoir;• Fluid composition, especially heavy end hydrocarbons;• Accurate estimation of reservoir conditions (pressure and temperature);• Reservoir drive mechanism;• Potential well deliverability; and• The thickness and lateral extent of the reservoir section, currently based on 3D seismic data.

Use of the term “boe” or the term “MMscf” may be misleading, particularly if used in isolation. A “boe” conversion ratio of 6 Mcf: 1 bbl and a “Mcf” conversion ratio of 1bbl: 6Mcf are based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

This document has been prepared in compliance with English law and English courts will have exclusive jurisdiction over any disputes arising from or connected with thisdocument.


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1 CORPORATE PRESENTATION - SDX Energy Plc...CORPORATE PRESENTATION January 2020 Creating a better world for all our stakeholders SDX ENERGY 2 SDX overview: • Company overview 3 •

Documents

1 CORPORATE PRESENTATION - SDX Energy Plc...CORPORATE PRESENTATION January 2020 Creating a better world for all our stakeholders SDX ENERGY 2 SDX overview: • Company overview 3 •