# Sintana Energy begins trading on AIM following London admission

- Link: https://www.directorstalkinterviews.com/sintana-energy-begins-trading-on-aim-following-london-admission/4121232029
- Published: 2025-12-24T07:32:00+00:00
- Author: Amilia Stone

**Sintana Energy Inc.** (LON:SEI, TSX-V: SEI, OTCQX: SEUSF) has announced the admission
of its common shares represented by depositary interests (“Common Shares”) to trading
on the AIM market of the London Stock Exchange plc.

Dealings commenced at 8:00amGMT on Tuesday 23 December 2025, under the ticker “SEI”(
ISIN: CA82938H1073) and with an expected market capitalization of circa. £128 million.

The Admission Document was published on 18 December 2025 and is available to view
on the Company’s website at: https://sintanaenergy.com/

The Common Shares will continue to be listed and traded on the TSX Venture Exchange(“
TSXV”) in Canada under the symbol “SEI”, and on the OTCQX market in the United States
of America under the symbol “SEUSF”.

> **Robert Bose, CEO of Sintana Energy, stated:** _“Today’s admission to the AIM
> market of the London Stock Exchange is not only the culmination of our transformational
> acquisition of [Challenger Energy Group](https://www.directorstalkinterviews.com/company/challenger-energy-group/ceg.l)
> and our related commitment to provide local liquidity to AIM based shareholders,
> but also the setting of a new foundation for the combined group. With listings
> and high-impact exploration interests on both sides of the Atlantic, the enlarged
> Sintana is positioned to attract and deliver for a wider range of shareholders
> going forward. Many thanks to all who were involved in assistance and guiding 
> us to this key milestone.”_

**Information on Sintana**

The Sintana Group holds a portfolio of direct and indirect interests in high-impact
assets in multiple jurisdictions and basins. Specifically, this includes interests
in eight licences in two countries, Namibia and Uruguay, as well as a pending indirect
interest in a licence in Angola (and legacy assets in Colombia and The Bahamas),
thus providing diversified exposure to a range of geologic plays, basins, operators,
regulators, jurisdictions and geopolitical regimes. The portfolio is anchored by
an indirect interest in the significant discoveries at Mopane (contained in petroleum
exploration licence (“PEL”) 83 in the Orange Basin, Namibia), together with additional
high-impact exploration catalysts across multiple other assets.

The Board believes that the Sintana Group’s portfolio of interests has the following
attributes:

**_A diversified portfolio_**

 * Interests in eight licences in two countries, Namibia and Uruguay, as well as
   a pending interest in a licence in Angola (and legacy assets in Colombia and 
   The Bahamas), thus providing diversified exposure to a range of geologic plays,
   basins, operators, regulators, jurisdictions and geopolitical regimes. The portfolio
   is anchored by an interest in the significant discoveries at Mopane (PEL 83, 
   Orange Basin, Namibia), together with additional high-impact exploration catalysts
   across multiple other assets.

**_Exposure to near-term high value activity_**

 * The Sintana Group’s portfolio is currently focussed on Namibia and Uruguay – 
   both jurisdictions considered to be global exploration “hot spots”, where significant
   exploration activity, including seismic campaigns and well drilling, is expected
   to continue over the next 24 months.

**_Established partnerships in place_**

 * In Namibia, the Sintana Group holds interests in licences benefitting from established
   partnerships with well-regarded operators including Chevron, Galp, Pancontinental
   and NAMCOR. In Uruguay, the Sintana Group is partnered with Chevron on the AREA
   OFF-1 block and in Angola, the Sintana Group will be partnered with Corcel plc
   on the KON-16 block (subject to completion of the transaction to acquire an interest
   in that block).

**_Reduced capital exposure through carries_**

 * The Sintana Group’s strategy is to create and maintain a portfolio of its interests
   that are predominantly carried through exploration, appraisal and development
   by experienced, international operators, thereby providing the Sintana Group’s
   shareholders with exposure to projects and prospects where comparatively limited
   capital is required from Sintana. Currently, the Sintana Group benefits from 
   full or partial carried interest positions in relation to four of its five offshore
   licence interests in Namibia (including on PEL 83 where the Mopane discoveries
   have been made), as well as on AREA OFF-1 in Uruguay.

**_Execution capability_**

 * The Sintana Group considers that it has strong technical and commercial capabilities
   that can be brought to bear on managing its portfolio and ultimately creating
   significant returns. In particular, Sintana has a board and management team with
   deep sector experience and expertise.

**_Scale and funding efficiency_**

 * Sintana’s market capitalisation on Admission is expected to be approximately 
   £128 million, offering a scaled, differentiated player in the “small-cap” exploration
   space, with significant carry support on key licences, cash and liquid resources
   in excess of US$10 million, and an improved capacity to access funding as and
   when required or opportune to fully exploit its existing portfolio and strategically
   grow its business.

**_Potential realisation opportunities_**

 * The Sintana Group’s portfolio provides exposure to highly prospective exploration
   prospects and, in the case of Mopane, discoveries of significant scale. The resulting
   ability to potentially realise multiple value uplifts from prospect to discovery
   via monetisation (including sale or divestment of key assets) significantly enhances
   the opportunities for shareholder returns.

**Summary Portfolio**

Sintana Group’s portfolio currently comprises of:

 * indirect interests in four large, highly prospective PELs in the Orange Basin,
   offshore Namibia, including an indirect carried interest in PEL 83, home of the
   Mopane discoveries that were made in 2023 and 2024, as well as indirect interests
   in PELs 79, 87 and 90;
 * an indirect interest in one PEL offshore Namibia in the Walvis Basin (PEL 82),
   and one PEL onshore Namibia in the Waterberg Basin (PEL 103);
 * direct interests in two offshore blocks in Uruguay, being AREA OFF-1 in the Punta
   del Este Basin and AREA OFF-3 in the Pelotas Basin (these interests having become
   part of the Sintana Group’s portfolio on completion of the acquisition of the
   Challenger Group on 16 December 2025;
 * an indirect interest in the KON-16 licence in the onshore Kwanza Basin in Angola(
   subject to completion of the transaction to acquire that interest, which was 
   entered into by Sintana in May 2025, with completion expected in H1 2026); and
 * legacy assets onshore in the Middle Magdalena Basin, Colombia, and offshore The
   Bahamas.

**Facility Agreement**

In connection with the closing of the Acquisition, Sintana and Charlestown Energy
Partners, LLC, a shareholder in Sintana and Challenger, entered into a facility 
agreement dated 9 October 2025 pursuant to which Charlestown has agreed to provide
Sintana with a working capital facility of up to US$4 million. The Facility is unsecured
and available from 9 October 2025 until 30 June 2028.

As at the date hereof, the Facility has not been drawn and is intended to operate
solely as a “stand-by” source of funding, affording access to additional capital
to support working capital needs as and when it may be required by Sintana. Drawdowns
are solely at the election of Sintana, and the Loan Agreement can be terminated 
by Sintana at any time by giving not less than 20 business days’ prior written notice
to Charlestown. Should Sintana elect to draw on the Facility, each drawdown must
be a minimum of US$250,000, and interest accrues at a rate of 5% above the secured
overnight financing rate published by the Federal Reserve Bank of New York. Default
interest accrues at an additional 2%.

Charlestown may accelerate and/or cancel the Facility upon typical events of default.
Charlestown may also elect to set off any liability of Sintana against any liability
of Charlestown to Sintana regardless of whether the liability arises under the Loan
Agreement, the amounts are due at different times, or the amounts are in different
currencies.

As consideration for providing the Facility, Charlestown will be paid an arrangement
fee of US$80,000, payable on the earlier of 30 June 2028 or the date that the Loan
Agreement is terminated in accordance with its terms, as well as an availability
fee of US$80,000 per annum, accruing daily and payable on the earlier of 30 June
2028 or the date that the Loan Agreement is terminated in accordance with its terms.
No bonus, equity issuance, or other non-cash considerations are payable under the
terms of the Loan Agreement.

The Loan Agreement constitutes a “related party transaction” under Multilateral 
Instrument 61-101 – _Protection of Minority Security Holders in Special Transactions_(“**
MI 61-101**”) as Robert Bose, Sintana’s Chief Executive Officer, is a related party
by virtue of being the CEO and director of Sintana, and a principal of Charlestown.
Together, Mr. Bose and Charlestown hold (directly and indirectly) an aggregate of
27,578,415 common shares in the capital of Sintana as at Admission (representing
approximately 5.4% of all issued and outstanding common shares of Sintana). Other
than the facts that (i) Charlestown is a Non-Arm’s Length Party (as defined in the
TSXV policy manual (“**TSXV Policies**“)) for the purposes of TSXV Policy 1.1 (as
a result of sharing a common director with Sintana), and (ii) the Facility is subject
to TSXV Policy 5.1 disclosures, the Loan Agreement does not constitute a Non-Arm’s
Length Party transaction (as defined in TSXV Policies) under the categories contemplated
in TSXV Policies.

Despite being a “related party transaction” (as defined in MI 61-101), the Loan 
Agreement is exempt from formal valuation and minority shareholder approval under
MI 61-101 by the application of the exemption under Section 5.7(1)(f), as the Loan
Agreement is on reasonable commercial terms that are not less advantageous to Sintana
than if the Facility were obtained from a person dealing at arm’s length with Sintana,
and the Facility is not convertible or repayable (in principal or interest), directly
or indirectly, into equity or voting securities of Sintana nor any of its subsidiaries.

The TSXV has provided a non-objection letter with respect to the Loan Agreement,
and final approval remains subject to the filing and dissemination of this comprehensive
news release.

**Shares for Severance**

Sintana also announces that in connection with the Acquisition, it has issued an
aggregate of 2,512,943 common shares in the capital of the Company (the “**Severance
Shares**“) at a deemed issue price of CDN$0.52 to the below directors and officers
of the Company (the “**Recipients**“) in lieu of all or part of severance payments
totalling CDN$1,417,030 owing to same as a result of their loss of office or directorship
in connection with the Acquisition.

| **Name** | **Common Shares** | **Severance Amount (CDN$)** | 
| Keith Spickelmier | 327,500 | 280,600 | 
| Doug Manner | 620,558 | 322,690 | 
| Eytan Uliel | 1,564,885 | 813,750 |

The Severance Shares were issued pursuant to applicable prospectus exemptions under
Canadian securities laws, and outside of the Company’s equity incentive plan as 
a one-time inducement and/or severance payment paid in accordance with the terms
of Section 6.4 of TSXV Policy 4.4. – _Security Based Compensation_. The Severance
Shares are subject to a hold period of four months and one day from the date of 
issuance, expiring on 24 April 2026, pursuant to the policies of the TSXV and Canadian
securities laws.

Since each Recipient other than Mr. Uliel is a “related party” of the Company within
the meaning of MI 61-101 by virtue of their previous roles as executive chairman(
Keith Spickelmier) and director (Doug Manner) of Sintana, the issuance of the Severance
Shares constitutes a “related party transaction” (as defined in MI 61-101). Despite
being a “related party transaction” (as defined in MI 61-101), the issuance of the
Severance Shares is exempt from formal valuation and minority shareholder approval
under MI 61-101 by the application of the exemptions under Sections 5.5(b) and 5.7(
1)(a) of MI 61-101 as the fair market value of the Severance Shares (and the consideration
therefor), insofar as it involves interested parties, does not exceed 25% of the
Company’s market capitalisation.

The issuance of the Severance Shares is not a Non-Arm’s Length Party Transaction
under the policies of the TSXV.

The TSXV has conditionally approved the issuance of the Severance Shares. Final 
approval remains subject to the filing and dissemination of this comprehensive news
release.

**Total Voting Rights**

Following Admission and the rounding of fractional entitlements pursuant to the 
Acquisition, the Company’s issued and outstanding share capital will comprise of
510,356,240 Common Shares each with voting rights, and this number may be used by
shareholders in the Company as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or a change in 
their interest in, the share capital of the Company under the FCA’s Disclosure Guidance
and Transparency Rules. The Company does not hold any shares in treasury.

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