Sintana Energy increases 3C resources at Mopane

Executive Summary

• Sintana Energy reported a 57% increase in the Mopane 3C contingent resource in Namibia, raising its net indirect interest to approximately 67 million barrels of oil equivalent (BOE) ahead of TotalEnergies' planned drilling campaign.
• The company received the first $3 million installment of a $9 million settlement from ExxonMobil regarding the exit from its Colombia assets, with the final $6 million expected prior to year-end 2026.
• Seismic acquisition is underway on Sintana’s Area Off-1 block in Uruguay (22% complete), while major majors Chevron and QatarEnergy have farmed into adjacent blocks, reinforcing regional momentum.

Key Details

• Namibia (Mopane Resource Upgrade):

  • Galp Energia upgraded the 3C contingent resource for the Mopane complex on PEL 83 from 875 million BOE (gross) to 1.38 billion BOE (gross), a 57% increase.
  • Sintana holds an indirect carried interest of 4.9% in PEL 83 (operator: Galp Energia, with TotalEnergies farming in to assume operatorship).
  • Sintana’s net indirect interest is now approximately 67 million BOE.
  • TotalEnergies plans a three-well drilling campaign in the second half of 2026, targeting Final Investment Decision (FID) in 2028 and first oil in 2032.
  • Potential for further resource growth exists from inboard extensions of Mopane and two new prospects: Quiver and Sobreiro.
  • Sintana is fully carried on the costs of the coming well drilling program by TotalEnergies and Galp Energia.

• Uruguay (Seismic and Farm-in Activity):

  • Seismic: 3-D seismic acquisition on Area Off-1 is ongoing. As of March 25, 2026, 564 square kilometers (22% of Season 1) have been acquired. Fast-track results expected Q4 2026; full PSDM results expected Q2 2027. Sintana is carried for these costs by Chevron.
  • Farm-ins: ANCAP announced that QatarEnergy farmed into Area Off-2 (30%) and Area Off-7 (30%), and Chevron farmed into Area Off-7 (30%).
  • Area Off-2 is adjacent to Sintana’s Area Off-3; Area Off-7 is outboard of Area Off-3.
  • Chevron holds a 60% interest and is operator of Sintana’s Area Off-1 block.
  • Major players now present in Uruguay include Chevron, Shell, APA, YPF, ENI, and QatarEnergy.

• Colombia (ExxonMobil Settlement):

  • Sintana received the first $3 million installment of a $9 million cash settlement from ExxonMobil.
  • The settlement resolves arbitration regarding the VMM-37 block, involving the conditional assignment of Sintana’s interests to ExxonMobil.
  • The second payment of $6 million is contingent on Colombian governmental approval, expected prior to year-end 2026.

Notable Quotes

• "Over the past two weeks, it has been extremely encouraging to see a number of positive catalysts unfold across our portfolio... This comes ahead of a three-well drilling campaign that TotalEnergies is planning to commence later this year and which we expect should further expand what is already a world-scale project as it progresses toward FID [final investment decision] in 2028 and first oil in 2032." — Robert Bose, CEO
• "In Uruguay, the 3-D seismic acquisition is now well under way on our Area Off-1 block, and the news that Chevron and QatarEnergy have farmed in to multiple offshore blocks adds to the strong regional momentum we are seeing and reinforces the excitement we feel about the country." — Robert Bose, CEO
• "Meanwhile, we have received the first instalment of settlement proceeds relating to our exit from Colombia, strengthening our balance sheet and demonstrating our ability to successfully monetize non-core assets at the appropriate time." — Robert Bose, CEO