Closing of Fundraise

• Fundraising Completion: Sintana Energy Inc. successfully closed a previously announced fundraise on May 28, 2026, raising US$11.5 million in aggregate gross proceeds.
• Share Issuance: The company issued 38,001,253 new common shares at C$0.41 per share (TSXV) and 22.5 pence per share (AIM).
• Insider Participation: CEO Robert Bose and President Eytan Uliel subscribed for a combined US$500,000 worth of shares (826,105 shares each), signaling management confidence in the capital allocation plan.
• Use of Proceeds: Funds are earmarked for drilling at the Chevron-operated Nabba-1 exploration well (PEL 90), acquisitions in the Walvis Basin and Angolan Kwanza basin, and operational activities through 2027.
• Regulatory Status: Issued under Listed Issuer Financing Exemption; securities are not subject to a hold period under Canadian securities laws.

• Execution of Capital Plan: The closing confirms the company's ability to execute its financing strategy, which was announced on May 15 and conditionally raised on May 18. This removes uncertainty regarding liquidity for the upcoming Nabba-1 drilling campaign.
• Insider Alignment: The $500,000 insider subscription is a positive signal of confidence but is relatively small compared to the total raise (approx. 4% of proceeds). It mitigates some risk but does not constitute a "Game Changer" investment by external strategic shareholders like Sprott or Lundin.
• Dilution Impact: The issuance of ~38 million shares increases the share count from approximately 516 million to 554 million (per May 18 news), representing roughly a 7-8% dilution. This is standard for exploration financing but reduces per-share value in the short term unless capital efficiency improves significantly.
• Pricing: The issue price of C$0.41 was slightly below the market close of $0.42 on May 27, indicating a modest discount to attract investors, which is typical for private placements and suggests no immediate upside premium from the pricing itself.
• Transcript Discrepancy Warning: The provided transcript context references "Solaris Energy Infrastructure" with Q1 revenue of $196 million and EBITDA of $84 million. This contradicts Sintana's reported Q1 2026 net loss of $1.1 million and exploration-focused business model. This data mismatch must be flagged as a critical risk; the transcript cannot be used to validate Sintana's financials or projections.

• Core Business: Sintana Energy Inc. is an independent oil and gas exploration company focused on the South Atlantic margin (Namibia, Uruguay) with legacy assets in Colombia and Bahamas.
• Flagship Project: The Mopane discovery in Namibia (PEL 83) remains a key asset, where partner Galp Energia announced a 57% resource upgrade to 1.38 billion barrels of oil equivalent (gross). Sintana holds an indirect carried interest.
• Exploration Focus: Current priority is the Nabba-1 exploration well in PEL 90 (Chevron-operated) and seismic acquisition on AREA OFF-1 in Uruguay (Chevron partner).
• Recent M&A: Completed the acquisition of Challenger Energy Group PLC in December 2025, adding Uruguay offshore licenses to the portfolio.