HIGH MARGIN GROWTH HIGH MARGIN GROWTH. Proactive Investors One2One Forum. 1 9 O c t o b e r

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1 1 HIGH MARGIN GROWTH Analyst Presentatio n March 23, 2018 HIGH MARGIN GROWTH Proactive Investors One2One Forum 1 9 O c t o b e r

2 2 HIGH MARGIN GROWTH OPPORTUNITY High margin onshore production and development assets with transformational exploration upside

3 2017 Results Overview Reserves Egypt Gross 2P Reserves: 24.6 MMBOE (31/12/17) Morocco Gross 2P Reserves: 6.48 BCF (31/12/17) 45% increase post COP acquisition. 122% Year on Year (3 rd party ERC Equipoise) Amounts above do not include ONZ-7 or SAH-2 (Morocco), Rabul 5 (Egypt) 3 Cash Flows Three months ended December 31 Twelve months ended December 31 (audited) US$ million except per unit amounts Net Revenues Netback (2) Net realized average oil price/service fees - US$/barrel Net realized average Morocco gas price - US$/mcf Depletion, depreciation and amortization (3) (4.8) (0.8) (17.8) (3.3) Non-cash exploration & eval n write down (28.4) Non-cash impairment expense - (4.3) - (4.3) Gain on acquisition (4.7) Total comprehensive income/(loss) (2.6) (28.0) Net cash generated from operating activities 15.1 (1.7) 21.6 (1.9) Cash and cash equivalents Main Components of comprehensive income of US$28.3MM for the 12 months to 31/12/17 o US$28.9 million netback for the period; o US$29.6 million gain on acquisition of the Egyptian and Moroccan businesses of Circle Oil; o US$17.8 million of DD&A (increased as a result of the Circle Acquisition from US$3.3 million in 12 months ended Dec 31, 2016) o US$2.4 million of transaction and restructuring costs relating to the above acquisition Netback of US$28.9 million, up from US$7.6 million for the same period last year (High margin Moroccan business and higher oil prices), strong operating cash flow of c. US$22million, funded significant majority of 2017 Capex Cash position of US$25.8 million as at 31/12/17, reflects strong netbacks and a reduction in Egyptian receivables of US$4.9 million Cash position of US$30.6 million as of 28/2/18, reflects a further US$6.0 million received from backdated Egyptian receivables

4 2017 Operational Highlights Pro forma production (assuming that COP Acquisition completed 1/1/17) NW Gemsa 2,220 boepd Meseda 595 boepd Morocco 642 boepd Total 3,457 boepd Egypt NW Gemsa 12 Workovers (2 nd Half 2017), Current gross rate 4,440 boepd Meseda Rabul Discovery Rabul ft of pay (avg θ: 21.2%) Rabul ft. of pay (avg θ: 20%) Rabul ft pf pay (avg θ: 18%) Rabul 4 Spud immediately after 5 completion Completed central facility upgrade 10 to 20kbfpd Current gross rate 3,800 BOPD, Rabul Area (+/-1500 bopd) South Disouq SD-1X discovery Tested at 25.8MMscfd Development plan approved by EGAS 3 wells, rental CPF, 10 km connection to trunkline Plateau rate (gross) 50MMscfd, start up H Results Overview Morocco Gharb Centre acreage added 9 well program initiated, 3 wells drilled in 2017 Production averaged 5.1MMscfd Average gas sales price $9.51/MCF Peugeot pipeline construction initiated (now complete) Permit Name Result Net Pay Rate Sebou Sebou Sebou Gharb Centre Sebou Current well results 5 successful wells out of 7, 2 wells to go KSR-14 KSR-15 KSR-16 ELQ-1* ONZ-7** Conventional Natural Gas Discovery Conventional Natural Gas Discovery Conventional Natural Gas Discovery Uncommercial Discovery Conventional Natural Gas Discovery m 6.40 MMscf/d 17.2m 7.52 MMscf/d 14.2m 8.43 MMscf/d 2.0m Not Tested 5.0m MMscf/d South Ramadan Work program extension granted Oct 2018 Well planning completed, Q spud Sebou KSS-2*** Dry Hole Nil Not Tested Sebou SAH-2**** Conventional Natural Gas Discovery 5.2m MMscf/d Well results announced *January 4, **January 15, ***February 21 and ****March 9, 2018

5 Morocco Egypt Fully funded with active 2018 work programme 5 Exit rate of 2018 anticipated +/- 8000boepd¹ - more than 2X current rate Two active drilling programs (Egypt & Morocco) Currently have 3 rigs running (and up to 5 during Q2 2018) Appraising and proving up material upside Incremental cash generating projects Note 1 Assuming work programme successfully carried out

6 Net Asset 12.5% (US$MM) SDX is significantly undervalued 6 $275 $250 $225 Currently trades at a 44% discount to RENAV Net Asset 12.5% (US$MM) (Source: SDX Management) S Disouq Upside Oil $33.2 Upside $65.6 RENAV $249.1 $200 Working Capital $46.7 Core NAV $183.5 South Ramadan $3.0 Gas $29.4 $175 $150 $125 Morocco $71.5 S Disouq $6.5 Current market cap: c.us$144 m ( 0.50 / sh) $100 $75 $50 $25 NW Gemsa $23.8 Meseda $35.0 $0 Core NAV US $0.90 / share GBP 0.64 / share Exploration upside US$0.33 / share GBP 0.25 / share RENAV US$1.22 / share GBP 0.89/share Notes 1 NAV calculated using Brent forward Curve at 22/3/18 US$67.63 (2018), US$63.65 (2019), US$60.37 (2020), US$58.37 (2021), US$57.49 (2022), US$57.31 (2023), US$57.67 (2024) US$57.88 (2025) 2 Assumes FX rate- USD/CAD: 1.25, GBP/USD: Based on best case management estimates of NAV subject to change.

7 CONCLUSIONS SDX had an outstanding 2017 Reserves up by 45% (post COP), 122% year on year Net revenue up 204% from $12.9m in 2016 to $39.2m in 2017 Production up by 171% year on year (1,196 to 3,327 boepd) 100% Drilling success rate in 2017! 7 Well Funded US$48 MM of Working Capital (US$ 26MM in Cash), No debt Generating +/-$3.5MM of cash flow/month 28 February $30.6MM Fully funded for all future activities Exciting 2018 Ahead Currently running 3 drilling rigs and will increase to 5 during Q NW Gemsa 4,400 boepd (gross) 2 infill wells & 7 workovers Meseda 3,800 bopd (gross) 2 infills Meseda 2 development wells - Rabul South Disouq development plan approved 4 well campaign to commence next week Expect first gas in H Anticipated Flow Rates MMscfd ( k BOE/D) Morocco Production: 8-10 MMscfd 2 exploration wells in Lalla Mimouna 240 km 2 of 3D seismic in Gharb Centre Exit rate of 2018 anticipated +/- 8000boepd¹ 2X current rate

8 8 High Margin Growth

9 ADVISORY 9 Reserves Data The determination of oil and natural gas reserves involves the preparation of estimates that have an inherent degree of associated uncertainty. Categories of proved, probable and possible reserves have been established to reflect the level of these uncertainties and to provide an indication of the probability of recovery. The estimation and classification of reserves requires the application of professional judgment combined with geological and engineering knowledge to assess whether or not specific reserves classification criteria have been satisfied. Knowledge of concepts including uncertainty and risk, probability and statistics, and deterministic and probabilistic estimation methods is required to properly use and apply reserves definitions. The recovery and reserve estimates of oil reserves provided herein are estimates only. Actual reserves may be greater than or less than the estimates provided herein. Terms related to reserves classifications referred to herein are based on definitions and guidelines in the Canadian Oil and Gas Evaluation Handbook ( COGE Handbook ) and are in accordance with National Instrument Standards of Disclosure for Oil and Gas Activities. In relation to SDX s assets, Proved reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves. Probable reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves. The qualitative certainty levels referred to in the definitions above are applicable to individual reserves entities, which refers to the lowest level at which reserves calculations are performed, and to reported reserves, which refers to the highest level sum of individual entity estimates for which reserves estimates are presented. Reported reserves should target the following levels of certainty under a specific set of economic conditions: at least a 90 percent probability that the quantities actually recovered will equal or exceed the estimated proved reserves. This category of reserves can also be denoted as 1P; at least a 50 percent probability that the quantities actually recovered will equal or exceed the sum of the estimated proved plus probable reserves. This category of reserves can also be denoted as 2P; and at least a 10 percent probability that the quantities actually recovered will equal or exceed the sum of the estimated proved plus probable reserves. This category of reserves can also be denoted as 3P. Additional clarification of certainty levels associated with reserves estimates and the effect of aggregation is provided in the COGE Handbook. The estimates of reserves for individual properties may not reflect the same confidence level as estimates of reserves for all properties, due to the effects of aggregation. Use of the term boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Certain volumes provided in this presentation represent a pro forma arithmetic sum of multiple estimates of proved plus probable reserves, or proved plus probable plus possible reserves, which statistical principles indicate may be misleading as to volumes that may actually be recovered. Readers should give attention to the estimates of individual classes of reserves and appreciate the differing probabilities of recovery associated with each class as explained in the annual oil and gas disclosure filings of SDX (available on and the effects of arithmetic aggregation. Factors that could affect the accuracy of the reported pro forma aggregated reserves estimates include company level differences in evaluation effective dates, reservoir characteristics and pricing assumptions. Reserves information in this presentation relating to SDX s assets are based on the independent reserves evaluation of the Preliminary Competent Person s Report as of December 31,2015 on certain properties owned by SDX Energy Inc. in Egypt prepared by DeGolyer and MacNaughton Canada Limited and the Competent Person s Report as of 23 January 2017 on certain properties owned by SDX Energy Inc. in Morocco prepared by Lloyd s Register. Page 9

10 ADVISORY 10 THIS PRESENTATION IS CONFIDENTIAL AND IS BEING SUPPLIED TO YOU SOLELY FOR YOUR INFORMATION AND MAY NOT BE REPRODUCED, FURTHER DISTRIBUTED TO ANY OTHER PERSON OR PUBLISHED, IN WHOLE OR PART, FOR ANY PURPOSE, WITHOUT THE EXPRESS WRITTEN CONSENT OF SDX. This presentation does not contain or constitute an offer to sell or a solicitation of an offer to purchase securities in the United States or any other jurisdiction. The securities of SDX have not been and will not be registered under the US Securities Act of 1933, as amended (the Securities Act ), or qualified for sale under the law of any state or other jurisdiction of the United States and may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The Company does not intend to register any securities under the Securities Act, and no public offering of securities in the United States will be made. In the United States, this presentation is directed only at, and may be communicated only to, persons that are qualified institutional buyers as defined in Rule 144A under the Securities Act (such persons hereinafter referred to as QIBs ). Neither this document, nor any copy of it, may be taken or transmitted into the United States (other than to a limited number of QIBs), Australia, South Africa or Japan or into any jurisdiction where it would be unlawful to do so. Any failure to comply with this restriction may constitute a violation of relevant local securities laws. By receiving a copy of this presentation, you will be deemed to have represented to SDX and Stifel that you are a QIB. The information set out in these Presentation Materials will not form the basis of any contract. Any successful purchaser of an Investor Interest will be required to acknowledge in writing that it has not relied on or been induced to enter such agreement by any representation or warranty, save as expressly set out in such agreement. The Presentation Materials have been delivered to interested parties for information only and upon the express understanding that such parties will use it only for the purpose set out above. SDX undertakes no obligation to provide the recipient with access to any additional information or to correct any inaccuracies herein which may become apparent, and it reserves the right, without advance notice, to change the procedure for the acquisition of an Investor Interest or to terminate negotiations at any time prior to the completion of such acquisition. The issue of the Presentation Materials shall not be taken as any form of commitment on the part of SDX to proceed with any transaction. The contents of this document have not been approved by an authorised person within the meaning of the Financial Services and Markets Act 2000 ("FSMA") for the purposes of section 21 of FSMA. The Presentation Materials are only being made available to the following: persons having professional experience in matters relating to investments and who are investment professionals as specified in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the Financial Promotion Order ); and persons to whom Article 49(2) of the Financial Promotion Order applies, being high net worth companies, unincorporated associations, partnerships or trusts or their respective directors, officers or employees as described in Article 49 of the Financial Promotion Order. It is a condition of your receiving the Presentation Materials that you fall within, and you warrant to SDX and to the Bookrunner that you fall within, one of the categories of person described above. The Presentation Materials may contain unpublished price sensitive information or undisclosed material information with regard to SDX and/or its securities. Recipients of the Presentation Materials should not deal or encourage any other any other person to deal in the securities of SDX whilst they remain in possession of such unpublished price sensitive information or undisclosed material information and until the transactions described in the Presentation Materials are announced. Dealing in securities of the Company when in possession of unpublished price sensitive information or undisclosed material information could result in liability under the insider dealing restrictions set out in the Criminal Justice Act 1993 or the insider trading and/or tipping provisions of Canadian securities laws. This document may contain information which is not generally available, but which, if available, would or would be likely to be regarded as relevant when deciding the terms on which transactions in the shares of SDX should be effected. Unreasonable behaviour based on such information could result in liability under the market abuse provisions of FSMA. Any prospective purchaser interested in acquiring an Investor Interest in SDX is recommended to seek independent financial advice. Law in certain jurisdictions may restrict the distribution of this document or of the giving of the Presentation Materials and any subsequent offer for sale or sale of the Investor Interest. Persons into whose possession this document or the information from the Presentation Materials comes are required to inform themselves as to and observe any such restrictions. If the recipient does not fall within one of the categories above the recipient should either return, destroy or ignore the information in the Presentation Materials. Cantor Fitzgerald Europe which is authorised in the United Kingdom by the FCA for the conduct of investment business is acting for SDX as its Nominated Adviser in relation to matters described in this document and will not be responsible in respect of such matters to any other person for providing protections afforded to customers of Cantor Fitzgerald Europe or for providing advice in relation to those matters. Stifel which is authorised in the United Kingdom by the FCA for the conduct of investment business is acting for SDX in relation to matters described in this document and will not be responsible in respect of such matters to any other person for providing protections afforded to customers of Stifel or for providing advice in relation to those matters. If you are in any doubt about the investment to which the Presentation Materials relate, you should consult a person authorised by the Financial Conduct Authority who specialises in advising on securities of the kind described in this document. The securities described herein will only be offered and sold in Alberta and Ontario to persons who are accredited investors under applicable Canadian securities laws or as otherwise permitted by law and only by persons permitted to sell such securities. The following is a summary of the statutory rights of rescission or damages, or both, under securities legislation in Ontario, where such summary is required to be disclosed under relevant securities legislation and, as such, is subject to the express provisions of the legislation and any related regulations and rules. The rights described below are in addition to, and without derogation from, any other right or remedy available at law to purchasers of the securities, subject to any applicable defences. Under Ontario securities legislation, certain purchasers resident in Ontario who purchase a security described in this document during the period of distribution will have a statutory right of action for damages, or while still the owner of the securities, for rescission against the issuer if this document contains a misrepresentation without regard to whether the purchasers relied on the misrepresentation. The right of action for damages is exercisable not later than the earlier of 180 days from the date the purchaser first had knowledge of the facts giving rise to the cause of action and three years from the date of the transaction that gave rise to the cause of action. The right of action for rescission is exercisable not later than 180 days from the date of the transaction that gave rise to the cause of action. If a purchaser elects to exercise the right of action for rescission, the purchaser will have no right of action for damages against the issuer. In no case will the amount recoverable in any action exceed the price at which the securities were offered to the purchaser and if the purchaser is shown to have purchased the securities with knowledge of the misrepresentation, the issuer will have no liability. In the case of an action for damages, the issuer will not be liable for all or any portion of the damages that are proven to not represent the depreciation in value of the securities as a result of the misrepresentation relied upon. These rights are in addition to, and without derogation from, any other rights or remedies available at law to an Ontario purchaser under Ontario securities legislation. These rights are not available for a purchaser that is: (a) a Canadian financial institution, meaning either: (i) an association governed by the Cooperative Credit Associations Act (Canada) or a central cooperative credit society for which an order has been made under section 473(1) of that Act; or (ii) a bank, loan corporation, trust company, trust corporation, insurance company, treasury branch, credit union, caisse populaire, financial services cooperative, or league that, in each case, is authorized by an enactment of Canada or a province or territory of Canada to carry on business in Canada or a province or territory of Canada; (b) a Schedule III bank, meaning an authorized foreign bank named in Schedule III of the Bank Act (Canada); (c) "the Business Development Bank of Canada incorporated under the Business Development Bank of Canada Act (Canada); or (d) a subsidiary of any person referred to in clauses (a), (b) or (c), if the person owns all of the voting securities of the subsidiary, except the voting securities required by law to be owned by directors of that subsidiary. The foregoing is a summary of the rights available to an Ontario purchaser. Not all defences upon which the issuer or others may rely are described herein. Ontario purchasers should refer to the complete text of the relevant statutory provisions.