Sintana Energy Inc. Provides Portfolio Update - Walvis Basin Expansion

Executive Summary

• Sintana Energy entered into a non‑binding Letter of Intent granting exclusivity (until 30 April 2026) to evaluate and potentially acquire an indirect interest in the PEL 37 block, offshore Namibia.
• The company will deposit $1 million for exclusivity, with one‑third ($333,333) non‑refundable if the transaction is not pursued.
• PEL 37 sits adjacent to the already‑owned PEL 82 area, offering additional optionality tied to upcoming exploration activity by Chevron’s affiliate.

Key Details

• LOI Scope: Provides Sintana a period of exclusivity to conduct technical, commercial and legal due diligence on Paragon Oil and Gas Pty Ltd (operator) and negotiate terms for capital contribution that would make Sintana a shareholder of Paragon and an indirect holder of interest in PEL 37.
• Exclusivity Period: Until 30 April 2026.
• Deposit: $1 million total; $333,333 non‑refundable if Sintana elects not to proceed.
• PEL 37 Overview:
• Location: Walvis Basin, offshore Namibia, north of PEL 82 (currently held by Custos Energy, an indirect affiliate of Sintana).
• Size: 17,295 km²; water depth 100‑1,500 m (prospects at 300‑600 m).
• Geology: Multiple large fans over a mature, oil‑prone Aptian source rock.
• Operator: Paragon Oil and Gas Pty Ltd (local Namibian company) holds 100 % working interest and operates the block.
• Strategic Rationale (CEO Quote): “The LOI we have entered into provides, at low cost, exclusivity over a material indirect interest in PEL 37… Investing for a material stake in PEL 37 would thus afford additional optionality associated with upcoming activity in our existing portfolio.” – Robert Bose, CEO.
• Next Steps: Sintana will use the exclusivity period to assess technical and commercial merits; further announcements are expected as the evaluation progresses.

Notable Quotes

“In particular, PEL 37 is immediately adjacent to PEL 82, where we already have an interest and where an initial exploration well is expected over the coming quarters.” – Robert Bose, CEO, Sintana Energy Inc.