Sintana shares admitted to trade on AIM

Executive Summary

• Sintana Energy Inc. announced the admission of its common shares (represented by depositary interests) to trading on the Alternative Investment Market (AIM) of the London Stock Exchange, with dealings commencing on December 23, 2025, under the ticker SEI.
• The company completed the acquisition of Challenger Energy Group on December 16, 2025, which added direct interests in two offshore blocks in Uruguay (AREA OFF-1 and AREA OFF-3) to its portfolio.
• In connection with the acquisition and listing, Sintana entered into a $4 million unsecured working capital facility with Charlestown Energy Partners and issued approximately 2.51 million shares to directors and officers in lieu of severance payments.

Key Details

• Listing Details:
  • Admission to the Alternative Investment Market (AIM) of the London Stock Exchange PLC.
  • Dealings commenced at 8 a.m. GMT on Tuesday, Dec. 23, 2025.
  • Ticker: SEI (ISIN: CA82938H1073).
  • Expected market capitalization: Circa £128 million.
  • Shares continue to trade on the TSX Venture Exchange (SEI) and OTCQX (SEUSF).
• Financing (Working Capital Facility):
  • Entered into a facility agreement with Charlestown Energy Partners, LLC on Oct. 9, 2025.
  • Facility size: Up to $4 million (U.S.).
  • Terms: Unsecured, available until June 30, 2028.
  • Interest rate: 5% above the secured overnight financing rate (SOFR); default interest is an additional 2%.
  • Fees: $80,000 arrangement fee (payable June 30, 2028, or upon termination) and $80,000 per annum availability fee.
  • Status: Undrawn as of the release date; intended as a standby source of funding.
  • Related Party: Charlestown is a related party; Robert Bose (CEO) is a principal of Charlestown. The transaction is exempt from formal valuation and minority shareholder approval under MI 61-101 as it is on reasonable commercial terms.
• M&A (Challenger Energy Group Acquisition):
  • Completed on December 16, 2025.
  • Added direct interests in AREA OFF-1 (Punta del Este Basin) and AREA OFF-3 (Pelotas Basin) in Uruguay.
• Share Issuance (Severance):
  • Issued 2,512,943 common shares to directors and officers in lieu of severance payments totaling $1,417,030.
  • Deemed issue price: 52 cents per share.
  • Hold period: Four months and one day from issuance (expiring April 24, 2026).
  • Recipients include Robert Bose, Keith Spickelmier (former Executive Chairman), and Doug Manner (Director).
  • Issuance exempt from formal valuation and minority shareholder approval under MI 61-101 as the fair market value does not exceed 25% of market capitalization.
• Portfolio Overview:
  • Namibia: Indirect interests in four PELs in the Orange basin (PEL 83 - Mopane discoveries; PELs 79, 87, 90), one PEL in the Walvis basin (PEL 82), and one onshore PEL in the Waterberg basin (PEL 103).
  • Uruguay: Direct interests in AREA OFF-1 and AREA OFF-3.
  • Angola: Pending indirect interest in KON-16 licence (Kwanza basin); completion expected H1 2026.
  • Legacy Assets: Onshore Middle Magdalena basin (Colombia) and offshore Bahamas.
  • Partnerships: Chevron, Galp, Pancontinental, NAMCOR (Namibia); Chevron (Uruguay); Corcel PLC (Angola).
  • Capital Strategy: Predominantly carried interests in exploration/appraisal to reduce capital exposure.
• Share Capital:
  • Total issued and outstanding shares post-admission: 510,356,240 common shares.

Notable Quotes

• "Today's admission to the AIM market of the London Stock Exchange is not only the culmination of our transformational acquisition of Challenger Energy Group and our related commitment to provide local liquidity to AIM-based shareholders, but also the setting of a new foundation for the combined group. With listings and high-impact exploration interests on both sides of the Atlantic, the enlarged Sintana is positioned to attract and deliver for a wider range of shareholders going forward." — Robert Bose, Chief Executive Officer