Sintana's Challenger acquisition becomes effective

Mr. Robert Bose reports SINTANA ENERGY INC. ANNOUNCES SCHEME OF ARRANGEMENT BECOMES EFFECTIVE Sintana Energy Inc. has provided the following update. On Dec. 12, 2025, Challenger announced that the recommended acquisition by Sintana of the entire issued and to be issued ordinary share capital of Challenger to be implemented by way of a court-sanctioned scheme of arrangement under Part IV (Section 152) of the Isle of Man Companies Act 1931 as amended from time to time, which was announced by Challenger and Sintana on Oct. 9, 2025, had been sanctioned by the court on Dec. 12, 2025. Challenger and Sintana are pleased to announce that, earlier today, an office copy of the court order sanctioning the scheme was delivered to the Isle of Man Companies Registry. All of the conditions set out in the circular in relation to the scheme, which was sent to Challenger shareholders on Nov. 3, 2025, have been satisfied or (if capable of waiver) waived, and, accordingly, the scheme has become effective in accordance with its terms, and the entire issued ordinary share capital of Challenger is owned by Sintana. All references to times in this announcement are to London, United Kingdom, times unless stated otherwise. Consideration A scheme shareholder on the register of members at the scheme record time, being 6 p.m. on Dec. 15, 2025, will be entitled to receive 0.4705 new Sintana share for each Challenger share held. In the case of scheme shareholders who held their scheme shares in certificated form immediately prior to the scheme record time, Sintana shall procure that the entitlement to new Sintana shares shall be effected by the dispatch of direct registration system statements by the transfer agent representing the new Sintana shares to which the relevant scheme shareholder is entitled. In the case of scheme shareholders who held their scheme shares in uncertificated form, through CREST (directly or through a broker or other nominee with a CREST account), immediately prior to the scheme record time and provided a dual listing has occurred, they will not be issued new Sintana shares, but, following the dual listing, Sintana shall procure that Computershare as DI depositary is issued the new Sintana shares to which such scheme shareholders are entitled and Computershare shall credit the appropriate stock accounts in CREST of the relevant scheme shareholder with Sintana depositary interests representing the new Sintana shares to which each such scheme shareholder is entitled. Sintana reserves the right to settle all or part of such consideration in the manner set out in the preceding paragraph if, for reasons outside of its reasonable control, it is not able to effect settlement in accordance with this paragraph, including where the dual listing has not occurred or to do so would incur material additional costs. In each case, settlement of the consideration will occur as soon as practicable and in any event not later than 14 days after the date of this announcement, being Dec. 30, 2025. Cancellation of admission of Challenger shares on the Alternative Investment Market, listing of new Sintana shares on the TSX Venture Exchange and Sintana AIM admission Admission to trading of Challenger shares on AIM will be cancelled by no later than 8 a.m. on Dec. 17, 2025. As a result of the scheme becoming effective, share certificates in respect of Challenger shares have ceased to be valid, and entitlements to Challenger shares held in uncertificated form in CREST will be cancelled by no later than 8 a.m. on Dec. 17, 2025. It is expected that admission will become effective and dealings for normal settlement in the new Sintana shares on the TSX-V will commence at or shortly after 8 a.m. Toronto time on or around Dec. 23, 2025. As part of the acquisition, Sintana will apply for admission of the Sintana shares (including the new Sintana shares) to trading on AIM as soon as practicable after the effective date, and it is expected that admission will become effective and dealings for normal settlement in the Sintana shares (including the new Sintana shares) on AIM will commence on or around Dec. 23, 2025. Board and constitutional changes Iain McKendrick, Simon Potter and Stephen Bizzell have resigned as directors of Challenger with effect from the scheme becoming effective, and Eytan Uliel and Robert Bose will remain as directors of Challenger, now a wholly owned subsidiary of Sintana. In connection with the acquisition, Mr. McKendrick and Mr. Uliel have joined the Sintana board. Existing Sintana executive chairman, Keith Spickelmier, has become non-executive chairman, and existing Sintana non-executive directors Bruno Maruzzo and Dean Gendron have resigned from their positions. Current Sintana chief executive officer Robert Bose and current Sintana non-executive directors Doug Manner and Knowledge Katti will continue in their roles with Sintana. Consequently, the board of Sintana consists of six members: Mr. Spickelmier (non-executive chairman), Mr. Bose (chief executive officer and executive director), Mr. Uliel (president and executive director), Mr. McKendrick (senior independent non-executive director), Mr. Manner (non-executive director) and Mr. Katti (non-executive director). We seek Safe Harbor.