SDX Energy Plc (AIM: SDX), the MENA-focused energy company, is pleased to announce the spudding of the MSD-23 infill development well on 24 June 2022 at the Meseda Field, West Gharib concession, Egypt (SDX WI: 50%).

MSD-23 is targeting the primary Asl Formation reservoir at around 4,000 feet MD (3,200ft TVDSS). MSD-23 is the fifth well in a fully funded, 13-well development campaign on the Meseda and Rabul oil fields in the West Gharib concession.

The fourth well of the campaign, MSD-24 (TD, 5 June 2022), has been connected to facilities and is currently producing at a gross rate of around 300 bbl/d which is in line with pre-drill estimates. Operations at the third well, MSD-20, continue.

The development drilling campaign is aimed at growing production to c.3,500 - 4,000 bbl/d by mid-2023.

Mark Reid, CEO of SDX, commented: 'I am pleased to announce the spudding of MSD-23, the fifth well in the 13-well infill drilling campaign on the West Gharib Concession together with the commencement of production from the recently completed MSD-24 well. With gross production from the field now reaching 2,150-2,200 bbl/d we are anticipating further increasing production through the completion of operations at MSD-20 and the drilling of the eight remaining wells in the campaign over the next year. I look forward to updating the market further as the campaign progresses.'

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 two producing assets: a 36.9% operated interest in the South Disouq and Ibn Yunus gas fields and a 67.0% operated interest in the Ibn Yunus North gas field in the Nile Delta and a 50% non-operated interest in the West Gharib concession, which is located onshore in the Eastern Desert, adjacent to the Gulf of Suez. In Morocco, SDX has a 75% working interest in four 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.

Standard

Estimates of reserves and resources have been prepared in accordance with the June 2018 Society of Petroleum Engineers ('SPE') Petroleum Resources Management System ('PRMS') as the standard for classification and reporting with an effective date of 31 December 2021 and in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ('NI 51-101') of the Canadian Securities Administrators.

Contact:

Mark Reid

Tel: +44 203 219 5640

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