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Completion of Drilling Campaign at Successful SD-1X Well

Source: www.gulfoilandgas.com 5/5/2017, Location: Egypt

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SDX Energy Inc., the North Africa focused oil and gas company, announces that drilling on the SD-1X well at its South Disouq concession in the Nile Delta area of Egypt has now reached its second target depth.

Following the significant natural gas discovery in the upper Abu-Madi section, where the well encountered 65 ft. of net pay section with an average porosity of 25%, drilling continued with the SD-1X well which was subsequently targeting oil from the deeper Cretaceous horizons.

The well has now been drilled to a total depth of 11,068 ft. Hydrocarbons were present in the deeper intervals, which indicates a working petroleum system within this section. Additionally, the well confirmed both the presence and quality of the reservoir intervals within this section. However, there was not a sufficient amount of hydrocarbons present to justify completing this interval. The well will now be completed in the Abu-Madi, after which the rig will be released. A detailed testing program will be undertaken after the rig has been moved off location. The well has provided important new information about the Cretaceous horizons in this area, which will allow SDX and its partners to further explore its potential within the large 1,275 km2 South Disouq concession.

As previously announced, SDX will provide further updates on the Abu-Madi section gas discovery, and associated recoverable volume estimates, in due course.

Paul Welch, President and CEO of SDX, commented:

"Whilst it is disappointing not to have made a second commercial discovery in SD-1X's deeper target, evidence of a working petroleum system within this interval is extremely important to the prospectivity of the concession. The Cretaceous units are laterally extensive within the block and we have already identified several locations where this potential can be further tested. Meanwhile, we have an excellent gas discovery in our primary target, the Abu-Madi, and view the well results as a very significant success. Our objectives now are to test this upper interval and then get the field developed and on production in the shortest possible time frame.

"We are excited about this discovery, which adds a new asset to SDX's growing portfolio. Success here, combined with the extension of several of our permits in Morocco, where further drilling will take place later this year, puts us in a strong position to grow our production base in the near term. We remain firmly on track to deliver additional shareholder value in 2017 and beyond."

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