Portfolio Update

• Sintana released a portfolio update on March 30, 2026, highlighting three key developments across its Namibia, Uruguay, and Colombia assets.
• Namibia Mopane Complex (PEL 83): Galp Energia’s 2025 Integrated Management Report upgraded gross 3C contingent resources from 875 mmboe to 1.38 bn boe. Sintana’s indirect carried interest is 4.9%, translating to approximately 67 mmboe net. TotalEnergies plans a three-well appraisal campaign in H2 2026, targeting FID in 2028 and first oil in 2032.
• Uruguay AREA OFF-1: 3D seismic acquisition is 22% complete (~564 km² acquired), with season one expected to finish by April 2026. Fast-track results are scheduled for Q4 2026, and full PSDM processing for Q2 2027.
• Colombia Settlement: Sintana received a $3 million cash instalment from ExxonMobil, representing the first payment under a February 4, 2026 arbitration settlement. The remaining $6 million is pending Colombian government approval, expected before year-end 2026.

• The news is positive but largely expected and incremental. The Mopane resource upgrade is a standard reporting cycle outcome from Galp, and Sintana’s 4.9% indirect stake significantly dilutes the headline 1.38 bn boe figure. The company is fully carried, meaning it captures upside without near-term capital outlay, but also lacks operational control.
• The $3 million settlement payment improves short-term liquidity but was contractually agreed upon in early February. The remaining $6 million remains contingent on regulatory approval, introducing execution uncertainty.
• Uruguay seismic progress aligns precisely with the March 3, 2026 commencement announcement. No acceleration or delay was reported.
• Overall, the update confirms strategic execution but does not introduce new, market-moving catalysts. The stock’s recent consolidation reflects this expected trajectory.

• Sintana Energy is a junior exploration company focused on high-impact, frontier offshore hydrocarbon plays. The portfolio was significantly expanded in December 2025 through the all-share acquisition of Challenger Energy Group plc.
• Flagship Project: Indirect 4.9% carried interest in the Mopane complex (PEL 83), Namibia. The asset is operated by TotalEnergies, with Galp as a major partner. It is a world-class deepwater discovery in the Orange Basin, targeting commercialization by 2032.
• Secondary Core Asset: 40% non-operated working interest in AREA OFF-1, offshore Uruguay, operated by Chevron (60%). The block is part of the South Atlantic conjugate margin, with seismic acquisition underway to de-risk exploration targets.