SDX Energy plc 宣布其截至 2024 年 6 月 30 日的六个月未经审计中期业绩。

截至 2024 年 6 月 30 日的六个月集团综合财务报表包含符合 IFRS 的完整财务报表，现已在公司网站上查阅。

董事长回顾
2024 年上半年，SDX 继续实施其成为一流能源生产商的战略。随着公司在埃及的 West Gharib 资产的出售、我们基于贸易的融资的延续以及（期后）可转换贷款的重新谈判，我们已迈出扭转业务前景的重大步伐。2024

年上半年的重点主要是出售 West Gharib 资产，这是 SDX 在摩洛哥实施增长战略的一个里程碑，公司是摩洛哥唯一的独立天然气生产商。执行团队和董事会专注于为股东创造长期可持续的价值。

融资
2024 年 4 月，SDX 收到了西加里布销售收益的第一期款项，并全额偿还了 270 万美元的未偿还 EBRD 储备贷款担保。

公司与 Aleph Finance Ltd（“贷款人”）签订的银团无担保可转换贷款协议于 2024 年 4 月进行了修订，以延长提款期限。这使公司能够获得 75 万美元的进一步总融资，该笔资金于 2024 年 4 月提取，用于支付与摩洛哥钻探活动和一般公司费用有关的服务提供商。期末后，即 2024 年 9 月，贷款人和公司同意修改现有可转换贷款的条款（“修订后的贷款协议”）。

根据修订后的贷款协议条款，贷款人将向公司提供最高金额为 6,500,000 美元的定期贷款，该金额由贷款人确认（“贷款”），并于 2025 年 7 月 23 日前偿还。在偿还现有可转换贷款后，公司打算提取贷款剩余余额中的约 200 万美元。在偿还公司根据现有可转换贷款和其他协议欠贷款人的现有债务后，公司将根据修订后的贷款协议借入的余额用于摩洛哥和一般公司债权人的资本支出。贷款将以公司在 SDX Energy Morocco (Jersey) Ltd 和 Sea Dragon Energy (Nile) BV 的股份以及对公司的债券作为抵押，包括转让公司间贷款和对英国汇丰银行账户和各种应收款的担保。 2024 年 10 月 14 日，公司计划召开股东大会，要求股东就修订后的融资协议进行投票（“股东大会”）。修订后的融资协议的完成取决于公司股东在股东大会上投票赞成决议。

此外，中信戴卡子公司 DIKA MOROCCO AFRICA（“DMA”）继续在每个季度预付摩洛哥第一季度、第二季度和第三季度的天然气交付费用。

运营
2024 年上半年，在摩洛哥，公司生产了约 4.07 亿立方英尺（68,000 桶油当量），平均每天 230 万标准立方英尺（2023 年上半年：5.81 亿立方英尺，平均每天 320 万标准立方英尺）。

2024 年 1 月，我们在摩洛哥 Gharb 盆地的 Sebou Central 连接了 Ksiri-21（“KSR-21”）井，并于 2024 年 4 月获得了开始生产天然气的必要批准。2024 年 4 月，我们还开始在摩洛哥 Rharb 盆地钻探 Beni Malek-2 井（“BMK-2”），距离 BMK-1 发现井约 1.5 公里。2024 年 5 月，我们完成了 BMK-2 的作业，遇到了一个 9 米间隔，该间隔显示出强烈的气体显示，其数量高达背景气体读数的约 100 倍。该井已暂时暂停，并设置了塞子，以便对井进行侧钻。

尽管资本市场条件严峻，董事会专注于完成复杂交易，但 SDX 仍成功实现了钻探活动的目标，新井 KSR-21 于年初投入生产，BMK-2 也投入了一口新井。公司正朝着转型为混合能源生产商和基础设施运营商的目标稳步前进，为迫切需要天然气以推动其持续增长的地区提供天然气。

大西洋自由区和肯尼特拉工业区不仅对 SDX 具有战略意义，对摩洛哥的长期增长计划也具有战略意义。作为摩洛哥唯一的独立天然气生产商和当地管道基础设施的运营商，董事会认为 SDX 具有独特的优势，可以为该地区提供电力，该地区的能源需求逐年呈两位数增长，能源需求也相应增加。我们继续与该地区的合作伙伴密切合作，包括中信戴卡的摩洛哥子公司，该公司是一家价值万亿美元的全球集团的一部分。

最后，我们感谢股东和所有利益相关者在公司转型和过渡时期的持续支持。我们信守承诺，勤奋努力，积极振兴 SDX，利用公司独特的地位为股东创造重大、可持续的价值。

业务回顾

摩洛哥
公司的摩洛哥土地（SDX 拥有 75% 的工作权益并担任运营商）包括摩洛哥北部 Rharb 盆地的三项石油协议：Sebou Central、Rharb Occidental 和 Lalla Mimouna Sud。Sebou

Central 石油协议是一份 105 平方公里的勘探许可证，其中包含多项开采特许权。根据塞布和塞布中央石油协议，仍然有效的开采特许权包括：
- Ksiri Central，有效期至 2025 年 1 月
- Sidi Al Harati Ouest，有效期至 2024 年 10 月
- Sidi Al Harati Nord，有效期至 2025 年 9 月
- Gaddari Nord，有效期至 2025 年 10 月
- Oulad N'Zala Central，有效期至 2025 年 5 月
- Ksiri Ouest，有效期

至 2026 年 10 月 2021 年 9 月，根据石油协议的规定，SDX 放弃了原塞布中央 25% 的土地，并签订了为期 2.5 年的勘探许可证延长期。2024 年 3 月，SDX 放弃了另外 10% 的许可证区域，并签订了为期 1.5 年的第二个延长期，有效期至 2025 年 9 月。

Rharb Occidental 石油协议是一份 806 平方公里的勘探许可证，现有的 3D 地震已经发现了许多勘探前景和线索。根据 Rharb Occidental 石油协议，目前仍有效的开采特许权包括：
- Beni Malek Sud-Est，有效期 2026 年 1 月
- Oulad Youssef Central，有效期 2025 年 8 月
- Gueddari Sud Ouest，有效期 2024 年 12 月
- Sidi Al Harati Sud，有效期 2024 年 12 月

该公司自 2019 年 2 月起持有 Lalla Mimouna Sud 许可证。能源部批准将 2.5 年的“初始期限”延长一年，该期限于 2022 年 9 月到期。SDX 已进入 2.5 年的“第一个延长期”，将于 2025 年 3 月到期。Lalla Mimouna Sud 特许权现在是一个 629.9 平方公里的许可证。

所有石油协议在相关石油协议授予的最后一份开采特许权到期之前仍然有效。

2019 年 2 月，公司获得了 Moulay Bouchta Ouest 勘探许可证，总期限为八年。能源部批准将许可证“初始期限”延长一年，但因不可抗力因素，该期限于 2023 年 9 月到期。能源部批准将该期限延长 6 个月，于 2024 年 3 月到期。我们未寻求进一步延期，因此特许权正在被放弃。2024

年上半年活动
2024 年 1 月，新 BMK-1 井的测试和完井工作已完成，同时成功连接了 ONHYM 管道，该管道将该井及其周边地区与我们现有的基础设施连接起来。BMK-1 于 2024 年 1 月底开始生产。

到 2024 年 4 月底，KSR-21 开始生产，BMK-2 井的总钻探深度已达到 1,412 米。 BMK-2 已暂时停用，并设置了塞子，以便在所需设备调动后将井侧钻至 1,265 米处的目标地层。2024 年上半年未进行任何修井作业。

截至 2024 年 6 月 30 日的六个月期间，摩洛哥总产量约为 4.07 亿立方英尺（68,000 桶油当量），平均 2.3 MMscf/d（2023 年上半年：5.81 亿立方英尺，平均 3.2 MMscf/d）。2024

年下半年展望
SDX 已确定两个新的钻井地点，目前正处于为每个地点获取土地许可的最后阶段。新处理的地震数据已整合到原始解释中，进一步降低了这两个勘探区（指定为 KSR-22 和 OLME-A）的风险。 SDX 计划于 2024 年第四季度开始下一次钻探活动。这些井中的天然气将供应我们现有的客户，满足他们日益增长的需求。

我们目前正在与 ONHYM 讨论未来的许可要求，其中包括在 2024 年底或 2025 年初开展新的 3D 地震工作。SDX

正在准备招标流程，以选择合作伙伴来获取超过 150 平方公里的 3D 地震数据。此次新地震采集活动选定的区域位于现有新合并地震勘测的西北部，地理位置优越，可让 SDX 与其现有的管道基础设施相结合，融入新合并的数据集，同时覆盖盆地更厚且更具前景的部分。 SDX 预计将于 2025 年第一季度完成招标并开始地震采集。该项目的环境影响评估于 7 月开始，预计将于 2024 年第四季度完成。

埃及（持有待售）
南迪苏克
South Disouq 是一块面积为 115 平方公里的特许地，位于尼罗河三角洲地区，距开罗以北 65 公里。它与阿布马迪组其他几个产量丰富的天然气田呈同向分布。South

Disouq（18 平方公里）、Ibn Yunus（24 平方公里）和 Ibn Yunus North（32 平方公里）已获得开发租约，所有开发租约均由 SDX 运营。目前，生产来自墨西拿期的 Abu Madi 和上新世的 Kafr El Sheikh 地层。此外，SDX 还运营修订特许协议区，这是一个面积为 41 平方公里的勘探许可证。

2022 年初，SDX 持有 South Disouq 和 Ibn Yunus 开发租约的 55% 权益，以及 Ibn Yunus North 开发租约的 100% 权益。其合作伙伴 IPR 持有 South Disouq 和 Ibn Yunus 开发租约的 45% 权益。2022 年 2 月，SDX 宣布将其在 South Disouq 特许权中持有权益的实体的 33% 股份出售给 Energy Flow Global（“EFG”），这是一家在埃及、中东和亚洲开展上游和油田服务业务的私营公司。2023 年 2 月，SDX 重新收购了这些股份，以换取 33% 的租约直接份额。此次交易后，SDX Energy 仍然拥有 South Disouq 和 Ibn Yunus 开发租约的 36.9% 有效工作权益以及 Ibn Yunus North 开发租约的 67.0% 工作权益。

2024 年上半年活动
Mohsen 的 MA-1X 勘探井分析已经完成，公司正在评估后续步骤。

West Gharib
West Gharib 面积为 22 平方公里，生产来自 Meseda 和 Rabul 油田的石油，这两个油田都包含在 Block-H 开发租约中。特许权由生产服务协议涵盖，这使得运营成本低于传统的合资结构。SDX 拥有该业务 50% 的工作权益，运营商都柏林国际石油公司持有剩余 50% 的工作权益。

Meseda 油田从 Rudeis 地层的优质中新世 Asl 砂岩中生产 18o API 石油。Rabul 油田从中新世的 Yusr 和 Bakr 砂岩中生产 16o API 石油，它们也是 Rudeis 地层的一部分。

2021 年，与 GPC 达成协议，将 Meseda 和 Rabul 的许可延长 10 年，延长至 2031 年 11 月 9 日。作为协议的一部分，承包商至少承诺在 2022 年 12 月 31 日前在 Rabul 钻探六口加密开发井（四口在 Meseda，两口在 Rabul）和一口注水井，并根据现行油价在特许权范围内再钻探六口井。然而，为了利用低钻井成本和当前的油价环境，该合作伙伴计划从 2022 年开始钻探 13 口加密开发井。2024

年上半年活动
加密活动在 2024 年继续进行。

现有油井的修井工作在 2024 年继续进行，以最大限度地提高 Meseda 和 Rabul 油田的产量和采收率。2024

年展望（埃及）
由于与货币管制和埃及镑持续贬值有关的问题，我们在 2023 年决定将资源集中在摩洛哥业务上会更好。因此，我们在 South Disouq 和 West Gharib 的权益得到了接受，到 2023 年 12 月 31 日，我们已经就这两项资产进行了深入谈判。2024

年 4 月 19 日，我们在 West Gharib 的权益出售已经完成，我们继续评估最大化 South Disouq 股东价值的方案，包括出售资产或潜在开发资产。作为 West Gharib 出售的一部分，我们对 Brentford Oil Tools 的投资也已出售。在截至 2024 年 6 月 30 日的六个月期间的账目中，与这些业务相关的所有收入和成本均被视为终止活动 - 资产负债表的影响是相关集团资产和集团负债已重新归类为持有待售。

环境、社会和治理 (“ESG”)
2024 年上半年 ESG 指标
- 2024 年上半年，公司运营资产的碳强度为 8.8 千克二氧化碳当量/桶油当量（2023 年上半年：4.5 千克二氧化碳当量/桶油当量）。
- 所有运营资产的范围 1 温室气体排放量为 4,800 吨二氧化碳当量（2023 年上半年：5,400 吨二氧化碳当量）。 摩洛哥的范围 3 温室气体排放量为 24,800 吨二氧化碳当量（2023 年上半年：30,100 吨二氧化碳当量），比使用替代重质燃料油少约 11,300 吨二氧化碳当量（2023 年上半年：13,800 吨二氧化碳当量）。
- 2024 年上半年，公司任何资产均未发生工时损失（2023 年上半年：无）。
- 摩洛哥或 South Disouq 均未向环境中排放任何生产水（100% 处理或蒸发）。
- 运营资产未发生碳氢化合物泄漏（2023 年上半年：无）。
- 公司继续通过遵守 QCA 公司治理准则来采用高标准治理。

财务回顾
终止活动
截至 2023 年 12 月 31 日，集团已承诺出售其埃及业务。这意味着集团已于 2024 年 4 月 19 日完成出售其在 Brentford Oil Tools 的 50% 股份和在 West Gharib 特许权中的权益，并承诺在 2024 年晚些时候或 2025 年出售其在 South Disouq 特许权中的权益。

实际上，这使得集团在埃及的全部业务于 2024 年 6 月 30 日停止，并要求其业绩在截至 2024 年 6 月 30 日的综合综合损益表和综合现金流量表中以及根据 IFRS 5“子公司、业务和非流动资产的处置”的相关比较中如此处理。

更多详细信息（包括这些停止运营的业绩）可在综合财务报表附注 23 中找到。

SDX Energy plc announces its unaudited interim results for the six months ended 30 June 2024.

The Consolidated Financial Statements of the Group for the six months ended 30 June 2024, containing full financial statements that comply with IFRS, is now available on the Company's website.

Chairman's Review
The first half of 2024 saw SDX continue to build on its strategy to be a best-in-class energy producer. With the sale of the Company's West Gharib assets in Egypt, the continuation of our trade-based financing and (post-period end) the re-negotiation of the convertible loan, we have taken large steps in turning the prospects of the business around.

The focus during 1H 2024 was predominantly the sale of the West Gharib assets, which represented a milestone in the execution of SDX's growth strategy in Morocco, where the Company is the sole independent gas producer. The Executive team and board of directors are focused on delivering long term sustainable value for shareholders.

Finance
In April 2024, SDX received the first instalment of the West Gharib sales proceeds and repaid in full the outstanding secured EBRD reserves-based lending facility amounting to $2.7 million.

The Company's syndicated unsecured convertible loan agreement with Aleph Finance Ltd (the "Lender") was amended in April 2024 to extend the draw down period. This granted the Company access to further gross funding of $0.75 million, which was drawn down in April 2024 to pay service providers in relation to Moroccan drilling activities and general corporate expenses. Post-period end, in September 2024, the Lender and the Company agreed to amend the terms of the existing convertible loan (the "Amended Facility Agreement").

Under the terms of the Amended Facility Agreement, the Lender will provide a term loan facility in the amount of up to $6,500,000, such total amount to be confirmed by the Lender (the "Loan"), to the Company to be repaid by 23 July 2025. Following repayment of the existing convertible loan, the Company intends to draw on approximately $2.0 million of the remaining balance of the Loan. Following the repayment of existing financial indebtedness owed by the Company to the Lender under the existing convertible loan and other agreements, the Company will apply the balance of the monies borrowed under the Amended Facility Agreement towards capital expenditure in Morocco and general corporate creditors. The Loan will be secured against the Company's shares in SDX Energy Morocco (Jersey) Ltd and Sea Dragon Energy (Nile) B.V. and a debenture over the Company, including assignment of intercompany loans and security over HSBC bank accounts in England and various receivables. On 14 October 2024, the Company plans to convene a general meeting to ask shareholders to vote on the Amended Facility Agreement (the "General Meeting"). The completion of the Amended Facility Agreement is conditional upon the Company's shareholders voting in favour of the resolutions at the General Meeting.

Additionally, CITIC Dicastal subsidiary, DIKA MOROCCO AFRICA ("DMA"), continued to prepay each quarter for gas deliveries during Q1, Q2 and Q3 in Morocco.

Operations
During the first half of 2024, in Morocco, the Company produced approximately 407 million cubic feet (68,000 barrels of oil equivalent), averaging 2.3 MMscf/d (1H 2023: 581 million cubic feet averaging 3.2 MMscf/d).

In January 2024, we tied-in the Ksiri-21 ("KSR-21") well in Sebou Central of the Gharb Basin, Morocco and, in April 2024, we received the necessary approvals to commence production of gas. In April 2024, we also commenced drilling the Beni Malek-2 well ("BMK-2") in the Rharb Basin, Morocco, approximately 1.5 km from the BMK-1 discovery well. In May 2024, we completed operations at BMK-2, encountering a 9-metre interval that demonstrated strong gas shows of up to approximately 100 times background gas readings. The well has been left temporarily suspended with a plug set to allow the well to be sidetracked.

Despite challenging capital market conditions and the Board's focus on completing complex transactions, SDX has successfully delivered on the aims of its drilling campaign, with a new well, KSR-21, entering production at the beginning of the year and a new well at BMK-2. The Company is making solid progress towards its goal of transitioning into a hybrid energy producer and infrastructure operator, providing gas to a region with an urgent need to fuel its continued growth.

The Atlantic Free Zone and Kenitra industrial region are of strategic importance not only for SDX, but also for Morocco's long-term growth plans. As the sole independent gas producer in Morocco, and the operator of local pipeline infrastructure, the Board believes SDX is uniquely positioned to power a region that has experienced double-digit growth year-on-year and a commensurate increase in energy demand. We continue to work closely with our partners in the region, including CITIC Dicastal's Moroccan subsidiary, part of a trillion-dollar global group.

To conclude, we thank our shareholders and all our stakeholders for their continued support over this period of transformation and transition for the Company. We maintain our promise to work diligently and energetically to revitalise SDX and leverage the unique position in which the Company finds itself to create significant, sustainable value for our shareholders.

Review of operations

MOROCCO
The Company's Moroccan acreage (where SDX has a 75% working interest and is operator) consists of three petroleum agreements in the Rharb Basin in northern Morocco: Sebou Central, Rharb Occidental and Lalla Mimouna Sud.

The Sebou Central petroleum agreement is a 105 km2 exploration permit with several exploitation concessions contained within it. The exploitation concessions that remain active under the Sebou and Sebou Central petroleum agreement are:
- Ksiri Central, expiry January 2025
- Sidi Al Harati Ouest, expiry October 2024
- Sidi Al Harati Nord, expiry September 2025
- Gaddari Nord, expiry October 2025
- Oulad N'Zala Central, expiry May 2025
- Ksiri Ouest, expiry October 2026

In September 2021, according to the regulations governing petroleum agreements, SDX relinquished 25% of the original Sebou Central acreage and entered into a 2.5 year extension period of the exploration permit. In March 2024, SDX relinquished an additional 10% of the permit area and entered into a Second Extension Period of 1.5 years with expiry in September 2025.

The Rharb Occidental petroleum agreement is an 806 km2 exploration permit with numerous prospects and leads already identified on the existing 3D seismic. The exploitation concessions that remain active under the Rharb Occidental petroleum agreement are:
- Beni Malek Sud-Est, expiry January 2026
- Oulad Youssef Central, expiry August 2025
- Gueddari Sud Ouest, expiry December 2024
- Sidi Al Harati Sud, expiry December 2024

The Company has held the Lalla Mimouna Sud permit since February 2019. A one year force majeure extension to the "Initial Period" of 2.5 years was granted by the Ministry of Energy, which expired in September 2022. SDX has entered into the "First Extension Period" of 2.5 years, expiring in March 2025. The Lalla Mimouna Sud concession is now a 629.9 km2 permit.

All of the Petroleum Agreements remain valid until expiration of the last exploitation concession granted under the relevant Petroleum Agreement.

The Company was awarded the Moulay Bouchta Ouest exploration permit in February 2019 for a total period of eight years. A one-year force majeure extension to the "Initial Period" of the permit was granted by the Ministry of Energy, which expired in September 2023. An extension of 6 months to this period was granted by the Ministry of Energy, which expired in March 2024. We have not sought a further extension and therefore the concession is in process of being relinquished.

1H 2024 Activity
Testing and completion was concluded on the new BMK-1 well in January 2024, combined with the successful connection of the ONHYM pipeline, which connects this well and the surrounding area to our existing infrastructure. BMK-1 commenced production in late January 2024.

By late April 2024, KSR-21 commenced production and the BMK-2 well had been drilled to its total depth of 1,412 metres. BMK-2 has been left temporarily suspended with a plug set to allow the well to be sidetracked, to the target formation at 1,265 metres, once the required equipment has been mobilised. No workovers were conducted in 1H 2024.

For the six months period ended 30 June 2024, Morocco gross production was approximately 407 million cubic feet (68,000 barrels of oil equivalent), averaging 2.3 MMscf/d (1H 2023: 581 million cubic feet averaging 3.2 MMscf/d).

2H 2024 Outlook
SDX has identified two new drilling locations and is in the final stages of securing land permits for each. The newly processed seismic data has been integrated into the original interpretations, further de-risking both prospects, designated as KSR-22 and OLME-A. SDX plans to commence its next drilling campaign during Q4 2024. Gas from these wells will supply our existing customers to serve their expanding needs.

We are currently in discussion with ONHYM in relation to agreeing future permit requirements, which include undertaking new 3D seismic work either in late 2024 or early 2025.

SDX is preparing a tender process to select a partner for the acquisition of over 150 km2 of 3D seismic data. The area selected for this new seismic acquisition campaign is to the north-west of the existing newly merged seismic surveys and has been strategically placed to allow SDX to tie-in to its existing pipeline infrastructure, merge into the newly merged data set while covering a thicker and prospective portion of the basin. SDX anticipates finalising the tender and commencing the seismic acquisition in Q1 2025. The EIA for this project commenced in July and is expected to be completed during Q4 2024.

EGYPT (HELD FOR SALE)
South Disouq
South Disouq is a 115 km2 concession located 65 km north of Cairo in the Nile Delta region. It is on trend with several other prolific gas fields in the Abu Madi Formation.

Development leases have been granted for South Disouq (18 km2), Ibn Yunus (24 km2), and Ibn Yunus North (32 km2), and all development leases are operated by SDX. Production is currently from the Messinian-aged Abu Madi and Pliocene-aged Kafr El Sheikh formations. In addition, SDX operates the Amendment Concession Agreement Area, which is an exploration permit of 41 km2.

At the beginning of 2022, SDX held a 55% interest in the South Disouq and Ibn Yunus development leases and a 100% interest in the Ibn Yunus North development lease. Its partner, IPR, holds a 45% interest in the South Disouq and Ibn Yunus development leases. In February 2022, it was announced that SDX sold 33% of the shares in the entity that holds its interests across its South Disouq concession to Energy Flow Global ("EFG"), a private company with upstream and oilfield services activities in Egypt, the Middle East and Asia. In February 2023, SDX re-acquired these shares in exchange for a 33% direct share of the leases. After this transaction, SDX Energy still has an effective 36.9% working interest in the South Disouq and Ibn Yunus development leases and a 67.0% working interest in the Ibn Yunus North development lease.

1H 2024 Activity
Analysis of the exploration MA-1X well on Mohsen has been completed and the Company is evaluating next steps.

West Gharib
West Gharib is 22 km2 in area and is producing from the Meseda and Rabul fields, both of which are included in the Block-H development lease. The concession is covered by a production service agreement, which allows for lower cost operations than the traditional joint venture structure. SDX had a 50% working interest in the operation, with Dublin International Petroleum, the operator, holding the remaining 50% working interest.

The Meseda field produces 18o API oil from the high-quality Miocene-aged Asl sands of the Rudeis formation. The Rabul field produces 16o API oil from the Miocene-aged Yusr and Bakr sands, which are also part of the Rudeis formation.

In 2021, a 10-year extension for both Meseda and Rabul was agreed with GPC, extending the licence to 9 November 2031. As part of the agreement, the contractors have a minimum commitment to drill six infill development wells (four in Meseda and two in Rabul) and one water-injection well in Rabul by 31 December 2022, and up to another six wells across the concession depending on the prevailing oil price. To take advantage of low drilling costs and the current oil price environment, however, the partnership planned to drill 13 infill development wells from 2022 onwards.

1H 2024 Activity
The infill campaign has continued in 2024.

Workovers of the existing wells have continued in 2024 to maximise production and recovery from the Meseda and Rabul Fields.

2024 Outlook (EGYPT)
Due to issues in relation to currency controls and ongoing devaluations of the Egyptian Pound, it was determined during 2023 that it would be better to focus our resources on our Morocco operations. Therefore, offers for our interests in South Disouq and West Gharib were entertained, and by 31 December 2023 we had entered into advanced negotiations on both assets.

On 19 April 2024, the sale of our interest in West Gharib had been finalised, and we continue to evaluate options to maximise shareholder value for South Disouq, including a sale of the asset or potentially developing it. As part of the West Gharib sale, our investment in Brentford Oil Tools has also been sold. All revenues and costs in relation to these operations have been treated as discontinuing activities in the accounts for the six months period ended 30 June 2024 - the Balance Sheet impact is that the relevant Group Assets and Group liabilities have been reclassified as being Held for Sale.

Environmental, Social and Governance ("ESG")
1H 2024 ESG METRICS
- The Company's operated assets recorded a carbon intensity of 8.8kg CO2e/boe in 1H 2024 (1H 2023: 4.5kg CO2e/boe).
- Scope 1 greenhouse gas emissions from all operated assets were 4,800 tons of CO2e (1H 2023: 5,400 tons of CO2e). Scope 3 greenhouse gas emissions in Morocco were 24,800 tons of CO2e (1H 2023: 30,100 tons of CO2e), which is approximately 11,300 tons of CO2e (1H 2023: 13,800 tons of CO2e) less than using alternative heavy fuel oil.
- There were no Lost Time Injuries at any of the Company's assets during 1H 2024 (1H 2023: none).
- No produced water was discharged into the environment in Morocco or at South Disouq (100% processed or evaporated).
- There were no hydrocarbon spills at operated assets (1H 2023: nil).
- The Company continues to adopt high standards of Governance through its adherence to the QCA Code on Corporate Governance.

Financial Review
Discontinued activities
As at 31 December 2023, the Group had committed itself to the sale of its Egyptian operations. This has translated into the completion of the sale of its 50% holding in Brentford Oil Tools and its interest in the West Gharib concession on 19 April 2024 and a commitment to sell its interest in the South Disouq concession later in 2024 or 2025.

In effect, this renders the Group's entire Egyptian operations as discontinued as at 30 June 2024, and requires their results to be treated as such in the Consolidated Statement of Comprehensive Income and the Consolidated Statement of Cash Flows for the period ending 30 June 2024 and related comparatives under IFRS 5 "Disposal of subsidiaries, business and non-current assets".

Further details, including the results of these discontinued operations, can be found in note 23 to the Consolidated Financial Statements.