Issue of Equity

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY SDX TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

28 September 2020

SDX ENERGY PLC 

("SDX" or the "Company")

Issue of Equity

SDX Energy Plc (AIM: SDX), the MENA-focused oil and gas company, announces that it has agreed to issue a total of 655,028 Ordinary Shares of £0.01 to its Executive Directors and certain other employees as part of the bonus awarded for 2019 performance. The total bonus amount to be paid was determined as 30% of the possible target opportunity to reflect performance outcomes in 2019 against KPIs. It was additionally decided by the Board to defer the total bonus payment from March to September 2020 and to pay a portion in shares in lieu of cash.

The issue of the Ordinary Shares has been approved by the Board of Directors to further align the Executive Directors and other employees with the Company's shareholder base, as well as satisfying the Company's objective of preserving its cash balance in the current economic environment. These shares will be issued, conditional upon Admission, at a price of £0.1647 per share, representing the 60-day volume weighted average price of a share on 25 September 2020.

A total of 308,925 shares have been issued to the Executive Directors, as detailed below:

Subject to customary exemptions, these shares will be subject to hold periods of up to three years, with a third being released annually.

Total Voting Rights

SDX has applied to the London Stock Exchange for 655,028 new Ordinary Shares (the "New Ordinary Shares") to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective on 1 October 2020. The New Ordinary Shares will rank pari passu in all respects with the existing issued Ordinary Shares. Following Admission, the Company's issued share capital will be 205,378,069 Ordinary Shares. The Company does not hold any Ordinary Shares in treasury. Therefore the total number of voting rights in the Company will be 205,378,069. Shareholders may use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

About SDX

SDX is an international oil and gas exploration, production and development company, headquartered in London, United Kingdom, with a principal focus on MENA. In Egypt, SDX has a working interest in three producing assets: a 55% operated interest in the South Disouq gas field in the Nile Delta, a 50% non-operated interest in the West Gharib concession, which is located onshore in the Eastern Desert, adjacent to the Gulf of Suez, and a 12.75% non-operated interest in the South Ramadan concession offshore Gulf of Suez. In Morocco, SDX has a 75% working interest in five development/production concessions, all situated in the Gharb Basin. The producing assets in Morocco are characterised by attractive gas prices and exceptionally low operating costs. SDX has a strong weighting of fixed price gas assets in its portfolio with low operating costs and attractive margins throughout, providing resilience in a low commodity price environment. SDX's portfolio also includes high impact exploration opportunities in both Egypt and Morocco.

For further information, please see the Company's website at www.sdxenergy.com or the Company's filed documents at www.sedar.com.

For further information:

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them