Mid-Year Operational and Corporate Update

Executive Summary

• Sintana Energy provided a mid-year operational update for the six-month period ending June 30, 2026, highlighting significant milestones across its Namibia, Uruguay, and Angola portfolios, including resource upgrades, farm-in agreements, and seismic completion.
• The Company reported a strong balance sheet with approximately $16.1 million in cash as of June 30, 2026, driven by a successful equity capital raise and a significant cash settlement from the exit of legacy Colombian interests with ExxonMobil.
• Key strategic developments include a TotalEnergies farm-in for PEL 83 in Namibia, a 57% resource upgrade for the Mopane project, and the completion of the Challenger Energy acquisition.

Key Details

• Namibia - PEL 83 (Orange Basin):
  • TotalEnergies farm-in announced; TotalEnergies will assume operatorship and undertake a fully carried three-well exploration and appraisal campaign expected to commence in 2H 2026.
  • Target for Final Investment Decision (FID) is 2028, with first oil targeted for 2032.
  • Galp Energia announced a 57% resource upgrade for the Mopane project.
  • Previously reported 3C contingent resource of 875 mmboe (gross) upgraded to 1.38 bnboe (gross).
  • Sintana holds a 4.9% indirect interest (~67 mmboe).
• Namibia - PEL 90 (Orange Basin):
  • Chevron (operator) intends to commence drilling a high-impact exploration well by end of 2026.
  • Sintana is fully funded for its share of anticipated costs.
• Namibia - PEL 82 (Walvis Basin):
  • Chevron (operator) indicated a high-impact exploration well will likely be drilled during 2027.
  • Sintana is fully carried for its share of costs.
• Namibia - PEL 37 (Walvis Basin):
  • Sintana entered into a Letter of Intent for exclusivity to acquire a significant position in PEL 37 at modest cost.
  • Transaction expected to complete in the near-term.
• Namibia - Adjacent Blocks:
  • Continued drilling success by Shell and Rhino on adjacent blocks.
  • BP farmed-in to blocks adjacent to PEL 37.
• Uruguay - AREA OFF-1:
  • First season of 3D seismic acquisition completed.
  • Initial fast-track results expected in 2H 2026.
  • Second season of seismic acquisition on track to commence in Q4 2026.
  • Sintana is fully carried by Chevron (operator) for all anticipated costs.
• Uruguay - AREA OFF-3:
  • Farm-out process ongoing with interest from multiple international oil companies.
  • Major IOCs entered adjacent acreage: QatarEnergy (two blocks), Chevron (one block), and ENI (new country entry).
• Angola - KON-16:
  • 2D seismic program completed.
  • Farm-out process initiated; acquisition of interest expected to finalize in the near-term.
• Corporate & Financials:
  • Acquisition of Challenger Energy completed and integrated.
  • Settlement reached with ExxonMobil regarding exit from legacy Colombian interests, resulting in a significant cash receipt.
  • Cash balance as of June 30, 2026: ~$16.1 million (includes $700,000 restricted cash for Uruguay work programs).
  • Expected gross cash inflows in coming six months: ~$6.75 million ($6M from remainder of Colombian settlement, $750k from deferred proceeds from Trinidad legacy assets).
  • Company states it is fully funded through the upcoming period of catalysts.

Notable Quotes

• "The first half of 2026 has been a period of substantial delivery across every pillar of our business. From the TotalEnergies farm-in and resource upgrade at PEL 83 in Namibia, to the completion of the first season of 3D seismic acquisition at AREA OFF-1 in Uruguay, to the corporate housekeeping that leaves us fully funded and operationally ready, we are doing exactly what we said we would do." — Robert Bose, Chief Executive Officer