24 May 2023

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

Management Appointments and Suspension of Senior Employee

SDX is pleased to announce that it has appointed Daniel Gould as Managing Director of the Company.  This appointment follows the hiring of William McAvock as CFO (as announced on 9 May 2023) and Lesley Maclean as Head of Corporate Development.

Daniel Gould has over 20 years of experience in investment banking and developing businesses across multiple sectors in emerging and developed markets.  Daniel was previously at Morgan Stanley and then Goldman Sachs as an Executive Director, in the Investment Banking division, across New York and London.  For the last 10 years, Daniel has successfully grown businesses and executed M&A transactions in the agriculture, energy, financial, and fintech sectors. Daniel has a First Class Masters degree from Oxford University and another degree from Johns Hopkins University, School of Advanced International Studies.

Lesley Maclean has an MBA from the Wharton School, University of Pennsylvania and over 25 years' experience in energy sector, most recently as Vice President M&A and Acting EVP of Strategy and New Business Development at TNK-BP.

Jay Bhattacherjee, Interim Executive Chairman, said:

"We warmly welcome Daniel into the new leadership group of SDX.  Along with William and Lesley, we are developing a new team culture, which will be focused on delivering the mandate given to the Company by its shareholders to deliver sustainable value with the eventual return of capital to shareholders at our core."

 Daniel Gould, Managing Director, said:

"I am delighted to be joining SDX at this exciting time where my background in business creation has direct synergy with some of the initiatives the Company is currently evaluating in alternative energy, and I very much look forward to meeting shareholders and driving the business forward."

Suspension of Senior Employee

Separately, the Company has been made aware that a senior employee within the Company's local operations who was recently suspended, pending the outcome of an investigation, has sent an email raising concerns around certain in-country financial operations, including certain matters relating to local tax compliance, to some of the Company's stakeholders.

Having undertaken an initial review of the allegations, the Board believes they are substantially without merit and are being dealt with in the normal course of business. The Company has received tax advice from local tax compliance specialists, including a "Big Four" accounting firm, in relation to the alleged matters and the Company strongly believes it complies with all local tax requirements. The Company is taking all appropriate steps to protect its position.

**ENDS**

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