REG - Sintana Energy Inc - Portfolio Update – Walvis Basin Expansion

Sintana EnergyAnnouncement

21/01/2026 07:00

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RNS Number : 6739P  Sintana Energy Inc  21 January 2026

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.

 

21 January 2026

 

 

Sintana Energy, Inc.

("Sintana" or "the Company")

Portfolio Update - Walvis Basin Expansion

 

Sintana Energy, Inc (TSXV:SEI, AIM:SEI, OTCQX:SEUSF) is pleased to announce
that it has entered into a Letter of Intent ("LOI") providing for a period of
exclusivity in relation to an investment providing for an indirect interest in
PEL 37 in the Walvis Basin, offshore Namibia.

 

PEL 37

 

PEL 37 is located in the heart of the Walvis Basin, offshore Namibia,
immediately to the north of PEL 82 currently operated by an affiliate of
Chevron Corporation ("Chevron") and where Custos Energy (Pty) Ltd ("Custos"),
an indirect affiliate of Sintana, is a working interest owner. Chevron has
previously announced its intention to accelerate exploration activities on PEL
82 including drilling an exploration well. Custos is carried for the initial
operations.

PEL 37 is currently held 100% and operated by Paragon Oil and Gas Pty Ltd
("Paragon"), a local Namibian company. PEL 37 covers an area of 17,295km², in
relatively shallow water (100 - 1500m), with identified prospects at water
depths between 300 and 600m, and with multiple large fans directly overlying a
proven, mature oil-prone Aptian source rock.

 

The LOI provides Sintana with a period of exclusivity, initially through to
30(th) April 2026, to undertake technical, commercial and legal due diligence
on Paragon and PEL 37, and to negotiate appropriate terms and documentation
for contribution of capital by Sintana to enable work obligations to be
satisfied, and which would result in Sintana becoming a shareholder of Paragon
and thus an indirect holder of an interest in PEL 37.

 

Sintana will pay a deposit of $1 million to secure the exclusivity, of which
1/3 is non-refundable in the event that Sintana, for any reason, elects not to
proceed.

 

Robert Bose, CEO of Sintana, said: "The LOI we have entered into provides, at
low cost, exclusivity over a material indirect interest in PEL 37, which is a
high-impact block at the heart of the Walvis Basin. In particular, PEL 37 is
immediately adjacent to PEL 82, where we already have an interest and where an
initial exploration well is expected over the coming quarters. Investing for a
material stake in PEL 37 would thus afford additional optionality associated
with upcoming activity in our existing portfolio. In the coming months, and
with the benefit of the exclusivity secured, we will undertake the work needed
to assess whether we wish to pursue this strategic expansion of our core
portfolio - further announcements will be made in due course".

 

For further information, please contact:

 

 Sintana Energy Inc                                Tel: +1 212 201 4125

 Robert Bose, Chief Executive Officer

 Eytan Uliel, President

 Zeus - Nomad and Joint Broker                     Tel: +44 (0) 20 3829 5000

 Antonio Bossi / Darshan Patel / George Duxberry

 Simon Johnson (Broking)

 Cavendish Capital Markets Limited - Joint Broker  Tel: +44 (0) 20 3493 8000

 Neil McDonald / Derrick Lee / Pearl Kellie

 Jonathan Paterson - Investor Relations            Tel: +1 475 477 9401
 jonathan.paterson@harbor-access.com
 (mailto:jonathan.paterson@harbor-access.com)
 CAMARCO - Financial PR                            Tel: +44 (0) 20 3757 4980
 Billy Clegg / Georgia Edmonds / Sam Morris

 

 

About Sintana

 

Sintana, the Canadian parent company of a group of companies, is focused on
the acquisition, exploration, potential development, and ultimately the
monetisation of a diverse portfolio of interests in high-impact assets with
significant hydrocarbon resource potential in emerging "frontier" geographies.
Specifically, this includes interests in eight licences in two countries,
Namibia and Uruguay, as well as pending indirect interests in additional
licences in Namibia and Angola (and legacy assets in Colombia and The
Bahamas), providing exposure to a range of geologic plays, basins, operators,
regulators, jurisdictions and geopolitical regimes.

 

https://www.sintanaenergy.com (https://www.sintanaenergy.com)

 

Forward-looking statements

Certain statements in this announcement are, or may be deemed to be, forward
looking statements. Forward looking statements are identified by their use of
terms and phrases such as ''believe'', ''could'', "should" ''envisage'',
''estimate'', ''intend'', ''may'', ''plan'', ''will'' or the negative of
those, variations or comparable expressions, including references to
assumptions. These forward-looking statements are not based on historical
facts but rather on the Directors' current expectations and assumptions
regarding the Company's future growth, results of operations, performance,
future capital and other expenditures (including the amount, nature and
sources of funding thereof), competitive advantages, business prospects and
opportunities. Such forward looking statements reflect the Directors' current
beliefs and assumptions and are based on information currently available to
the Directors. Several factors could cause actual results to differ materially
from the results discussed in the forward-looking statements including risks
associated with the potential acquisition of PEL 37 (including risks
associated with diligence or failure to obtain regulatory approval or satisfy
other conditions of the proposed acquisition), vulnerability to general
economic and business conditions, competition, environmental and other
regulatory changes, actions by governmental authorities, the availability of
capital markets, reliance on key personnel, uninsured and underinsured losses
and other factors, many of which are beyond the control of the Company.
Although any forward-looking statements contained in this announcement are
based upon what the Directors believe to be reasonable assumptions, the
Company cannot assure investors that actual results will be consistent with
such forward looking statements.

 

 

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