Sintana Energy reports strong Q1 progress across key offshore assets

Sintana Energy Inc. (LON:SEI, TSX-V: SEI, OTCQX: SEUSF) has announced that it has filed its interim financial statements for the three months ended 31 March 2026 and the accompanying Management’s Discussion and Analysis.

The following should be read in conjunction with the complete unaudited unreviewed interim financial statements and the accompanying MD&A for the three months ended 31 March 2026, which are available on the Canadian System for Electronic Document Analysis and Retrieval at www.sedarplus.ca  and on Sintana’s website at https://sintanaenergy.com

Q1 2026 Operational and Financial Highlights

·      Completion of the all-share acquisition of Challenger Energy Group Plc and admission to trading on AIM (both effective December 2025), with integration progressing smoothly during Q1 2026.

·      Galp Energia announced a 57% upgrade to 3C contingent resources at the Mopane discovery (PEL 83, offshore Namibia), from 875 mmboe to 1.38 billion boe (gross); TotalEnergies confirmed an FID target of 2028 and first oil in 2032.

·      Letter of Intent signed securing exclusivity over a potential indirect interest in PEL 37, Walvis Basin, offshore Namibia; definitive documentation expected in Q2 2026 and completion in H2 2026.

·      3D seismic acquisition commenced over AREA OFF-1, offshore Uruguay, with circa 1,600 km² acquired in the first season and fast-track results expected in Q4 2026.

·      Settlement reached with ExxonMobil resolving the VMM-37 arbitration for total cash payments of $9 million ($3 million received, $6 million expected before year-end 2026); net loss reduced to $1.1 million (Q1 2025: $2.3 million); cash of $8.2 million at period end.

·      Net loss for Q1 2026 of $1.1 million, a reduction from $2.3 million in the comparative period in 2025, primarily reflecting the receipt of $2.3 million of net proceeds from the VMM-37 settlement, partially offset by higher general and administrative expenses.

·      As at 31 March 2026, the Company had total assets of $60.5 million (2025: $62.1 million), including cash of $8.2 million (2025: $10.3 million).