SDX Sdx Energy Plc

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.

24 April 2024

SDX ENERGY PLC ("SDX" or the "Company")

UPDATE ON SALE PROCEEDS AND AMENDMENT TO CONVERTIBLE LOAN AGREEMENT

Further to the Company's announcement on 19 April 2024, SDX confirms that it has received the first instalment of the West Gharib sales proceeds amounting to US$3.5 million and repaid in full the outstanding secured EBRD reserves-based lending facility amounting to US$2.7 million, resulting in the Company having more flexibility to deliver shareholder value by progressing the disposal of South Disouq, growing our Moroccan assets and executing on the energy transition strategy.

Convertible Loan Agreement

As announced on 27 July 2023, the Company entered into a syndicated unsecured convertible loan agreement (the "Original Agreement") with Aleph Finance Ltd for up to $3.25 million (the "Convertible Loan". Pursuant to the Original Agreement, the Company drew $2.50 million and the period to draw the remainder of the commitment amount expired.

The Company has now agreed an amendment to the Original Agreement to extend the drawdown period. The remaining commitment amount of $750,000 will be drawn by the Company and used to pay service providers in relation to ongoing Moroccan drilling activities and general corporate purposes.

All other terms of the Original Agreement are unchanged. The syndicated Convertible Loan is unsecured, convertible at any time at the option of the individual lenders and repayable 364 days after the initial drawdown of the Convertible Loan is made. The conversion price is approximately 4.5 pence per Ordinary Share (or, if lower, the lowest issue price for any Ordinary Shares issued during the life of the Convertible Loan). If conversion occurs within ten business days of maturity, the conversion price is approximately 6.6 pence per Ordinary Share.

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About SDX

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

Forward-looking information

Certain statements contained in this press release may constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or are not statements of historical fact should be viewed as forward-looking information.