Board Changes

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 AS AMENDED.

21 September 2022

SDX ENERGY PLC

("SDX" or the "Company")

Board Changes

· Michael Doyle to step down as Chairman, effective immediately

· Tim Linacre appointed as Interim Chairman, effective immediately

· Krzysztof Zielicki, former Vice-President for M&A & Strategy at Rosneft and formally with senior leadership positions at TNK/BP and BP appointed to the Board as Non-Executive Director

· Strategic hires and implementation of the new vision to be shared over the coming weeks, focusing on rewarding our shareholders through disciplined growth, profitability and cash flow generation

SDX Energy Plc (AIM: SDX), the EMEA-focused oil and gas company, announces that Michael Doyle has informed the Board of his intention to step down as Chairman and leave the Board with immediate effect. Tim Linacre, currently an independent non-executive director has been appointed Interim Chairman effective immediately. Michael will continue to act as a consultant to the Company until 31st January 2023.

The Board is also pleased to announce the appointment of Krzysztof Zielicki as a Non-Executive Director with immediate effect. Krzysztof has over four decades of experience in the oil and gas industry. He has held senior leadership positions in several Energy Majors, including BP, TNK/BP and Rosneft, where he was Vice President for M&A and Strategy.  

A process is underway to appoint a permanent Chairman and an additional Non-Executive Director to further strengthen the Company's Board and Governance framework. As part of the review process, the Company will be making several strategic appointments in order to implement its new vision focused on disciplined growth, profitability and cash flow generation through organic and inorganic opportunities, with the support of its new major shareholder Aleph Commodities Limited ("Aleph").

Over the coming weeks the Company will share its strategy and implementation plans to grow production and deliver returns to its shareholders.

Michael Doyle said:

"With a new, long-term, supportive major shareholder now in place the time is right for me to step away from the Board. I wish SDX every success going forward."

Tim Linacre interim-Chairman of SDX said:

"On behalf of the entire Board I would like to thank Michael for his long years of service and commitment to SDX. He has been unstinting in his efforts and determination to move SDX forward and we have all greatly benefited from his wise counsel over the years of his Chairmanship. I am delighted he has agreed to remain as a consultant to the Company for the next four months to assist with Board transition matters.

I welcome Krzysztof to the Board, he brings a wealth of technical and industry experience and knowledge which will be of great support to SDX as we embark on the next stage of growth."

Mark Reid, CEO of SDX said:

"I would like to add my personal thanks to Michael for his support and guidance to me and the executive team.

We are now looking to the future, and I am delighted Krzysztof is joining the Board. We are already working with Aleph on organic and inorganic growth initiatives, and I look forward to updating shareholders on the new vision for SDX and the implementation of our strategy in the coming weeks."

AIM Disclosures

Krzysztof Antoni Zielicki, aged 65, has held the following directorships and/or partnerships in the past five years: 

There are no further disclosures required to be made pursuant to Schedule 2 paragraph (g) of the AIM Rules.

Ends

Enquiries

SDX Energy plc

Tim Linacre, Interim-Chairman Tel: + 44 (0) 203 219 5640

Mark Reid, Chief Executive Officer

Stifel Nicolaus Europe Limited (Nominated Adviser and Broker to SDX)

Callum Stewart Tel: +44 (0) 20 7710 7600

Camarco (Financial PR Adviser to SDX)

Billy Clegg/Owen Roberts/Violet Wilson Tel: +44 (0) 203 757 4980