Sintana Energy Inc. Announces Publication of Admission Document

Executive Summary

• Sintana Energy Inc. announced that its common shares will be admitted to trading on the London Stock Exchange’s AIM market, with dealings expected to commence at 08:00 a.m. on 23 December 2025.
• The admission expands Sintana’s dual‑listing (TSX‑V and OTCQX) and is projected to give the company a market capitalisation of approximately £107 million on AIM.
• The Company also proposed issuing 2,512,943 common shares at a deemed price of C$0.52 as severance consideration to three former directors/officers, subject to TSXV conditional approval.

Key Details

• Admission Timing: Expected start of trading on AIM – 08:00 a.m., Tuesday 23 December 2025.
• Dual Listings Post‑Admission: Shares will continue to trade on TSX‑V (ticker “SEI”) and OTCQX (ticker “SEUSF”).
• Advisors/Nominated Adviser: Zeus Capital Limited appointed as Nominated Adviser and Joint Broker; Cavendish Capital Markets Limited appointed as Joint Broker.
• Projected AIM Market Cap: Approximately £107 million based on admission pricing.
• Cash & Liquidity Position: Cash and liquid resources in excess of US$10 million post‑admission.
• Severance Share Issuance (Proposed):
• Total shares to be issued: 2,512,943 common shares.
• Deemed issue price: C$0.52 per share.
• Recipients & corresponding severance amounts:
  • Keith Spickelmier – 327,500 shares (C$280,600)
  • Doug Manner – 620,558 shares (C$322,690)
  • Eytan Uliel – 1,564,885 shares (C$813,750)
• Hold Period: Shares subject to a lock‑up of four months and one day, expiring on 24 April 2026.
• Regulatory Treatment: Issuance expected to qualify for prospectus exemptions under Canadian securities law; considered a related‑party transaction but exempt from formal valuation and minority shareholder approval (exceeds neither 25 % of market cap nor triggers non‑arm’s length rules).
• TSXV Status: Conditional approval received; final issuance pending comprehensive news release.
• Uruguay Legal Update: On 10 December 2025 the Uruguayan Ministry of Environment issued seismic permits; on 17 December 2025 a legal action was filed by two environmental groups seeking an injunction against offshore O&G activities, including Sintana’s licences. The court ordered industry responses due 26 December 2025; Sintana is cooperating with ANCAP and Chevron and considers the proceedings without merit.
• Strategic Context: Admission follows the “transformational acquisition of Challenger Energy Group” (completed 16 December 2025) and supports liquidity for AIM‑based shareholders.

Notable Quotes

“Following the scheme becoming effective in relation to our transformational acquisition of Challenger Energy Group and our related commitment to provide local liquidity to AIM based shareholders, we will have arrived at a key milestone.” – Robert Bose, CEO, Sintana Energy Inc.