Interim Results For The Three Months Ended March 31, 2026

• Sintana Energy reported Q1 2026 interim results with a reduced net loss of $1.1 million, down from $2.3 million in Q1 2025.
• The company confirmed receipt of $3 million from an ExxonMobil settlement regarding the VMM-37 arbitration, with $6 million expected before year-end 2026.
• Operational progress includes integration of Challenger Energy Group (completed Dec 2025) and commencement of 3D seismic acquisition in Uruguay.
• Namibia portfolio saw a significant resource upgrade at Mopane (PEL 83), with Galp Energia increasing contingent resources by 57% to 1.38 billion boe gross.
• TotalEnergies confirmed a Final Investment Decision (FID) target of 2028 and first oil in 2032 for the Mopane area.

• The ExxonMobil settlement provides critical liquidity ($9 million total), effectively doubling the company's cash position relative to its Q1 ending balance of $8.2 million.
• While the settlement terms were previously announced (Feb/March 2026 news), this financial statement confirmation solidifies the asset value and reduces uncertainty regarding the second payment tranche.
• The reduction in net loss ($1.1M vs $2.3M) indicates improved cost management or lower burn rates post-Challenger integration, though still negative cash flow.
• Resource upgrades are positive for long-term valuation but do not impact immediate financials given the 2028 FID timeline.
• The news is largely consistent with prior expectations set in March and April releases; therefore, it lacks the "unexpected" element required for a Material - Game Changer rating.

• Sintana Energy Inc. is an offshore exploration company with a portfolio spanning Namibia, Uruguay, Colombia, and legacy assets in the Bahamas.
• Flagship Project: Mopane Complex (PEL 83) in Namibia's Walvis Basin, where Galp Energia and TotalEnergies are partners.
• Secondary Focus: Uruguay Offshore blocks (AREA OFF-1), acquired via Challenger Energy Group integration, operated by Chevron affiliate.
• The company operates as a non-operated partner with carried interests in most active exploration licenses.