Result of Fundraise

• Sintana Energy conditionally raised US$11.5 million through a placing and subscription on May 18, 2026.
• The fundraise was conducted at a 13.5% discount to the closing middle market price on AIM as of May 14, 2026.
• Proceeds are earmarked for drilling at the Nabba-1 exploration well (PEL 90), acquisitions in the Walvis Basin and Angolan Kwanza basin, and operational activities scheduled for 2026-2027.
• Total new shares issued: 38,001,253 shares at an issue price of 22.5 pence per share on AIM; C$0.41 per share on TSXV.
• Director participation includes CEO Robert Bose and President Eytan Uliel investing US$250,000 each.
• Post-admission capital structure will total 554,582,493 common shares in issue.
• AIM admission is expected to become effective with trading commencing on or around May 27, 2026.

• The financing confirms the execution of the offering announced on May 15, 2026; therefore, it is not unexpected market-moving news but rather a confirmation of known capital raising plans.
• Liquidity position improves significantly: combining existing cash ($8.2M), pending Exxon settlement ($6M expected by year-end), and new proceeds ($11.5M) provides over $25M in available funds for operations.
• Dilution is moderate at approximately 7% increase to the share count (38M new shares vs ~516M pre-fundraise base).
• Management skin-in-the-game ($500k total investment by CEO and President) signals confidence but is small relative to the raise size.
• The discount of 13.5% is standard for junior exploration financings but represents a slight immediate value transfer from existing shareholders to new investors.
• Use of proceeds targets high-priority drilling (Nabba-1) and acquisitions, which are necessary catalysts for valuation growth rather than just survival.

• Sintana Energy Inc. is an oil and gas exploration company focused on the South Atlantic margin, specifically Namibia and Uruguay.
• Flagship Project: Mopane Discovery (PEL 83, Namibia) with a Galp Energia announced resource upgrade to 1.38 billion barrels of oil equivalent (gross).
• Secondary Projects: Nabba-1 Exploration Well (PEL 90), Uruguay Offshore AREA OFF-1 (Chevron operated), and legacy assets in Colombia (VMM-37 settlement) and Bahamas.
• Corporate Structure: Dual-listed on TSX-V (SEI) and LSE-AIM (SEI); acquired Challenger Energy Group PLC in December 2025 to expand portfolio into Uruguay.