REG - Sintana Energy Inc - Portfolio Updates

Sintana EnergyAnnouncement

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RNS Number : 5362Y  Sintana Energy Inc  30 March 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.

30 March 2026

 

Sintana Energy, Inc.
("Sintana" or "the Company")

Portfolio Updates

 

LONDON, MARCH 30, 2026 - Sintana Energy Inc. (TSX-V: SEI, AIM: SEI, OTCQX:
SEUSF) , the Atlantic-margin focused oil and gas company, is pleased to
provide the following update on developments across its portfolio of
high-impact assets.

 

Highlights

·    57% increase to Mopane 3C contingent resource - Sintana net interest
now ~67 mmboe

·    AREA OFF-1 Uruguay seismic underway, with 22% of planned season one
acquisition completed

·    Strong regional momentum in Uruguay continues, with Chevron and
QatarEnergy farming-in to multiple offshore blocks adjacent to the Company's
AREA OFF-3 block

·    $3m cash received from ExxonMobil as first instalment of agreed
Colombia settlement

 

Robert Bose, CEO of Sintana, said: "Over the past two weeks, it has been
extremely encouraging to see a number of positive catalysts unfold across our
portfolio. In Namibia, as the holder of a carried 4.9% indirect interest in
PEL 83, we benefit from a substantial 57% increase in the Mopane contingent
resource base, taking our interest to 67 mmboe. This comes ahead of a three
well drilling campaign that TotalEnergies is planning to commence later this
year and which we expect should further expand what is already a world-scale
project, as it progresses toward FID in 2028 and first oil in 2032.

 

"In Uruguay, the 3D seismic acquisition is now well underway on our AREA OFF-1
block, and the news that Chevron and QatarEnergy have farmed-in to multiple
offshore blocks adds to the strong regional momentum we are seeing, and
reinforces the excitement we feel about the country. Meanwhile, we have
received the first instalment of settlement proceeds relating to our exit from
Colombia, strengthening our balance sheet and demonstrating our ability to
successfully monetize non-core assets at the appropriate time. We look forward
to sharing more updates with shareholders as the year progresses."

 

Namibia - Mopane Resource Upgrade

On 23 March 2026, Galp Energia released its Integrated Management Report 2025,
detailing a significant upgrade to 3C contingent resources within the Mopane
complex on PEL 83, offshore Namibia. The  previously reported 3C contingent
resource of 875 mmboe (gross) has been upgraded to 1.38 bnboe (gross), marking
a substantial 57% increase following the success of Galp Energia's exploration
and appraisal drilling and highlighting the significant resource potential of
Mopane and the broader PEL 83.

Galp Energia is currently operator of PEL 83, with TotalEnergies in the
process of farming-in and assuming operatorship, ahead of a planned three-well
drilling campaign commencing in H2 2026, with a target FID expected in 2028,
and target first oil in 2032. TotalEnergies has indicated the potential for
significant further resource growth emanating from a possible inboard
extension of Mopane in addition to the presence of two newly identified large
prospects, Quiver and Sobreiro. The Company is fully carried on the costs of
the upcoming well drilling program by TotalEnergies and Galp Energia.

 

Sintana holds an indirect carried interest of 4.9% in PEL 83. Based on the
upgraded contingent resource as detailed in Galp Energia's Integrated
Management Report 2025, Sintana's net indirect interest is approximately 67
mmboe.

 

Uruguay - Additional Regional Farm-In Activity and Seismic Acquisition Update

 

On 25 March 2026, ANCAP, the Uruguayan state-owned oil company and industry
regulator, advised that QatarEnergy has farmed-in to Uruguay offshore blocks
AREA OFF-2 (30%) and AREA OFF-7 (30%) (both operated by Shell), and Chevron
has farmed-in to AREA OFF-7 (30%) - in each case, as non-operating partners.
AREA OFF-2 is the block immediately adjacent to Sintana's AREA OFF-3, and AREA
OFF-7 is the block immediately outboard of AREA OFF-3.

 

This farm-in activity expands Chevron's presence in Uruguay to two blocks
including Sintana's AREA OFF-1 block, where Chevron holds a 60% interest and
is operator following a farm-in in 2025. It also represents a new country
entry for QatarEnergy, increasing the roster of major global oil and gas
businesses now present in Uruguay to Chevron, Shell, APA, YPF, ENI and
QatarEnergy.  Sintana is the only junior company with exposure to this
rapidly emerging exploration hotspot.

 

As announced by the Company on 3 March 2026, 3D seismic acquisition on AREA
OFF-1 is underway. As of 25 March 2026, approximately 564km(2) of seismic data
has been acquired, which represents 22% of planned acquisition for the first
season ending April 2026. Most acquisition relevant to the key prospects
identified on AREA OFF-1 is expected to be completed in the first season, with
fast-track results  expected in Q4 2026, and full PSDM results from the first
season expected in Q2 2027. The Company is carried for the costs of this
seismic acquisition program by Chevron.

 

Colombia - Receipt of Initial Installment Payment from ExxonMobil

 

On 4 February 2026, the Company announced it had reached agreement to resolve
an arbitration with ExxonMobil relating to the VMM-37 block in Colombia,
whereby the parties had agreed to dismiss the arbitration; the Company had
agreed to conditionally assign all its interests in VMM-37 to ExxonMobil; and
ExxonMobil had agreed to make a total of $9 million in cash payments to the
Company: an initial payment of $3 million within 60 days, and a second $6
million payment contingent on Colombian governmental  approval. Subsequently,
the arbitration has been dismissed as agreed, and the Company has now received
the first payment of $3 million from ExxonMobil. The parties are working
collaboratively in relation to securing the requisite governmental approvals,
and presently expect payment of the second instalment prior to year end 2026.

 

For further information, please contact:

 Sintana Energy Inc                                Tel: +44 (0)7 747 845 987

 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)

                                                   Tel: +44 (0) 20 3757 4980

 CAMARCO - Financial PR
 Georgia Edmonds / Billy Clegg / Sam Morris

 

About Sintana Energy

Sintana Energy is an Atlantic Margin-focused oil and gas company, holding
interests in a diverse portfolio of high-impact assets that spans the Southern
Atlantic conjugate margin. The Company's current portfolio is strategically
positioned in the emerging frontier geographies of Namibia, Uruguay and
Angola, with additional legacy assets in Colombia and The Bahamas. Led by an
experienced team, Sintana Energy is partnered with major industry players, and
benefits from significant carry support, on key licenses across multiple
jurisdictions. Sintana Energy is listed on the TSX-V in Canada under the
symbol "SEI", in the United Kingdom on the LSE-AIM under the symbol "SEI" and
in the U.S. on the OTCQX under the symbol "SEUSF".

For further information, please visit sintanaenergy.com
(https://www.sintanaenergy.com/)

 

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