Proposed Offering of Common Shares

2026-05-15

TSX - Toronto Stock Exchange · Oil · Natural Gas · Natural Gas Liquids · Canada · Financing

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THIS ANNOUNCEMENT, INCLUDING APPENDIX I, IS FOR INFORMATION PURPOSES ONLY AND DOES NOT ITSELF CONSTITUTEA PROSPECTUS OR OFFERING MEMORANDUM OR CONTAIN ANY OFFER TO BUY, ACQUIRE OR SUBSCRIBE FOR (OR THE SOLICITATION OF AN OFFER TO BUY, ACQUIRE OR SUBSCRIBE FOR) COMMON SHARES TO ANY PERSON. IN PARTICULAR, THIS ANNOUNCEMENT, INCLUDING APPENDIX I, DOES NOT CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION OR OFFER TO ANY PERSON WITH A REGISTERED ADDRESS IN, LOCATED IN, OR WHO IS A RESIDENT OF, AUSTRALIA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH INVITATION, SOLICITATION OR OFFER WOULD BE UNLAWFUL OR CONTRAVENE ANY REGISTRATION OR QUALIFICATION REQUIREMENTS UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 AS IT FORMS PART OF THE DOMESTIC LAW OF THE UNITED KINGDOM BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (AS AMENDED) ("UK MAR"). IN ADDITION, MARKET SOUNDINGS (AS DEFINED IN UK MAR) WERE TAKEN IN RESPECT OF CERTAIN OF THE MATTERS CONTAINED IN THIS ANNOUNCEMENT, WITH THE RESULT THAT CERTAIN PERSONS BECAME AWARE OF SUCH INSIDE INFORMATION, AS PERMITTED BY UK MAR. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA THE REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO BE IN THE POSSESSION OF INSIDE INFORMATION.

TORONTO, ON / ACCESS Newswire/ May 15, 2026 / Sintana Energy, Inc. (TSXV:SEI)(AIM:SEI)(OTCQX:SEUSF), is pleased to announce that it proposes to complete a private placement ("Fundraise") pursuant to which it shall issue up to 49,565,690 new common shares of no par value in the Company ("Common Shares") (the "New Common Shares") at a price of C$0.41 per share (the "IssuePrice") (approximately 22.5 pence per share) to raise minimum aggregate gross proceeds of US$11.5 million (C$15.6 million, £8.6 million).

Key Highlights

Significant near-term catalysts over the next 24 months, with drilling activity including a fully carried three well drilling programme at Mopane (PEL 83) during 2026/2027 operated by TotalEnergies, a Chevron-operated exploration well on PEL 90 in late 2026/early 2027, and a carried basin-opening well on PEL 82 with Chevron as operator. In addition, ongoing seismic activity in Uruguay and Angola, farm-out activity across the portfolio and opportunities for portfolio expansion offer multiple wider value catalysts.

The Company intends to use the net proceeds of the Fundraise, alongside existing balance sheet cash and expected 2026 cash proceeds from the Exxon settlement in Colombia and other available funds, to fund: (i) its share of the Chevron-operated Nabba-1 exploration well in PEL 90 on the neighbouring block to Mopane; (ii) the cash proportion of consideration for the closing of the acquisition of an interest in PEL 37 in the Walvis Basin; (iii) the cash proportion of consideration for the closing of the acquisition of an interest in the KON-16 licence in the Angolan Kwanza basin, as well as the Company's share of work programme costs on that block; and (iv) for general corporate purposes.

Robert Bose and Eytan Uliel, CEO and President of the Company respectively, have indicated that they will subscribe for an aggregate amount of C$0.5 million in the Fundraise.

The Fundraise is being conducted as a placing on AIM and a listed issuer financing exemption ("LIFE") offering in Canada.

The Fundraise is subject to the terms and conditions set out in Appendix I to this Announcement (which forms part of this Announcement).

Stifel Nicolaus Europe Limited ("Stifel") is acting as sole bookrunner to the Company on the Fundraise, and Zeus Capital Limited ("Zeus") is acting as Nomad, joint broker and co-lead manager to the Company on the Fundraise (together, the "Banks"). Cavendish Capital Markets Limited ("Cavendish") is acting as joint broker and co-lead manager to the Company on the Fundraise.

The New Common Shares, when issued, will be credited as fully paid and will rank _pari passu_in all respects with the Existing Common Shares, including the right to receive all dividends and other distributions declared, made or paid on or in respect of such shares after the date of issue.

Application will be made for Admission of the New Common Shares and it is expected that Admission will take place at 8.00 ‎a.m. (BST) on or around 27 May 2026 (or such later time and/or date as may be agreed between the ‎Company and the Banks, being not later than 8.00 ‎a.m. (BST) on 30 June 2026). The Fundraise is conditional upon, inter alia, Admission ‎becoming effective. The Fundraise is also conditional upon the placing agreement entered into between the Company and the Banks on the date of this Announcement not otherwise being ‎terminated in accordance with its terms.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 - Prospectus Exemptions ("NI 45-106"), theNew Common Shares sold pursuant to the Fundraise will be issued pursuant to the Listed Issuer Financing Exemption under Part 5A of NI 45-106, and accordingly such securities will not be subject to a hold period pursuant to applicable Canadian securities laws. There is an offering document related to this Fundraise dated as of 15 May 2026, as may be amended from time to time (the "Offering Document") that can be accessed under the Company's profile at www.sedarplus.caand at https://sintanaenergy.com. Prospective investors should read this Offering Document before making an investment decision. The Fundraise remains subject to the approval of the TSX Venture Exchange.

The Announcement should be read in its entirety. In particular, you should read and understand the information provided in the "IMPORTANT NOTICES" section and the detailed terms and conditions described in Appendix I.

Capitalised terms used but not otherwise defined in this Announcement shall have the meanings ascribed to such terms in Appendix I of this Announcement, unless the context requires otherwise.

Further information:

| Sintana Energy Inc | Tel: +44 (0) 747 845 987 | | Robert Bose, Chief Executive Officer Eytan Uliel, President | | | | | | | | | Stifel Nicolaus Europe Limited (Sole Bookrunner) | Tel: +44 (0) 20 7710 7600 | | Callum Stewart / Simon Mensley / Ashton Clanfield | | | | | | Zeus (Nomad, Joint Broker and Co-Lead Manager) | Tel: +44 (0) 20 3829 5000 | | Antonio Bossi / Darshan Patel / George Duxberry Simon Johnson / Alex Bartram (Broking) | | | | | | | | | Cavendish Capital Markets Limited (Joint Broker and Co-Lead Manager) | Tel: +44 (0) 20 3493 8000 | | Neil McDonald / Derrick Lee / Pearl Kellie | | | | | | Jonathan Paterson - Investor Relations | Tel: +1 475 477 9401 | | jonathan.paterson@harbor-access.com | | | | | | CAMARCO - Financial PR Billy Clegg / Georgia Edmonds / Sam Morris | Tel: +44 (0) 20 3757 4980 |

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Background to the Company

Sintana holds a diversified portfolio of direct and indirect interests in high-impact assets with significant hydrocarbon resource potential in emerging "frontier" geographies. Sintana offers investors a unique, capital-efficient vehicle to gain exposure to high-potential blocks in Namibia, Uruguay, and Angola. The Company's business model is built on securing interests in major-operated assets where drilling and development costs are predominantly carried by industry-leading partners, with current partners including TotalEnergies, Chevron, and Galp Energia.

With a multi-well catalyst work programme throughout 2026-2027 and with significant carried exposure providing material upside with minimised cost exposure, Sintana is positioned for a potential step-change in valuation driven by exploration successes across three distinct regions.

The portfolio is anchored by an interest in the world-class Mopane complex on PEL 83 in Namibia's Orange Basin, an asset on track for final investment decision in 2028, with the value of Sintana's Mopane interest alone supporting the Company's current market capitalisation.

The Board believes that the Sintana portfolio provides diversified exposure to high-impact exploration, appraisal and development with asymmetric upside exposure:

1. Diversified portfolio with multiple upside opportunities, underpinned by Mopane

Sintana's portfolio comprises diversified exposure across ten direct, indirect and potential acquisition assets. This provides a large number of options for potential value creation, offering a highly diversified portfolio of exploration and appraisal assets in some of the most prospective basins globally. Importantly, Sintana's portfolio is underpinned by its 4.9% indirect interest in the Mopane complex discoveries on PEL 83, with the Company fully carried until first oil, three wells expected to be drilled between 2026 and 2027, and a final investment decision target indicated by TotalEnergies for 2028.

2. Exposure to near-term high value activity

Sintana's core portfolio in Namibia, Uruguay and Angola is located in key global exploration "hot spots", offering exposure to some of the most prospective acreage for new oil and gas discoveries globally. With a diversified portfolio across multiple assets and opportunities, the Sintana portfolio will see multiple catalysts in the coming 24 months including multi-well drilling programmes, seismic studies, potential farm-outs and acquisition opportunities.

3. Established partnerships with Tier-1 operators

Sintana has a proven track-record of partnering with leading industry participants on its licences. Today, Sintana partners with Chevron, TotalEnergies, Galp Energia, Qatar Energy, Pancontinental and NAMCOR in Namibia, Chevron on the AREA OFF-1 block in Uruguay and Corcel in Angola (subject to completion of the transaction to acquire an interest in the KON-16 block). These partnerships provide Tier-1 operating teams with significant resources and industry-leading capabilities, de-risking project execution.

4. Reduced capital exposure through carries

Sintana's strategy is to create and maintain a portfolio of interests with minimised capital exposure, protected downside, and asymmetric upside exposure. The Company's assets benefit from significant carried interest arrangements with full or partial carried interest positions in relation to four of its five offshore licence interests in Namibia and in AREA OFF-1 in Uruguay. In particular, Sintana's indirect exposure to the world-class Mopane complex via its interest in PEL 83 benefits from a full carry through to first oil, underpinning the Company's base value whilst offering significant upside potential on both PEL 83 and across the wider portfolio.

5. Potential realisation opportunities

Sintana's portfolio provides exposure to highly prospective exploration prospects and, in the case of Mopane, discoveries of significant scale. The resulting ability to potentially realise multiple value uplifts from prospect to discovery via monetisation (including sale or divestment of key assets) significantly enhances the opportunities for shareholder returns.

Sintana's portfolio comprises the following interests:

1. TotalEnergies is operator elect, subject to completion of Galp Energia's announced farm-out of a 40% interest and operatorship to TotalEnergies - transaction subject to regulatory approvals in Namibia.

2. Letter of intent has been entered into for exclusivity on the potential indirect investment in PEL 37, with the transaction pending due diligence, and formal documentation, formal entry into the transaction is expected in H1 2026 with completion expected to follow thereafter in H22026.

3. Heads of terms entered into for the acquisition of the interest in KON-16 in Angola, with the transaction pending formal documentation and completion, which is expected in H2 2026.

Note: the core portfolio set out above does not include legacy assets in Colombia (currently in the process of being monetized) and The Bahamas (both of which offer potential for value / monetisation)

1. Namibia: The Orange, Walvis and Waterberg Basins

PEL 83 (Mopane Discoveries)

Sintana holds a 4.9% indirect interest in PEL 83, which is operated by TotalEnergies (operator-elect). This flagship asset sits in the heart of the Orange Basin and is home to the world-class Mopane discoveries, where five successful wells have already confirmed a 1.4 billion boe (3C) resource. The asset provides a robust valuation floor for the Company, with the first phase of Mopane alone carrying an indicative value of US$1951- US$242 million2, effectively underpinning Sintana's entire market capitalisation. Sintana benefits from a full financial carry through the Final Investment Decision ("FID") and until first production, shielding the Company from development capital expenditures. Near-term catalysts include three well appraisal program in 2026/27 to define the full scale of the complex ahead of a targeted FID in 2028.

PEL 90

In PEL 90, to the west of PEL 83, Sintana maintains a 4.9% indirect interest. PEL 90 is operated by Chevron. This high-impact exploration block offers exposure to basin-floor fans which are believed to be analogous to the multi-billion-barrel Venus discovery to the south. Chevron is currently maturing targets for the Nabba-1 deepwater exploration well, planned for late 2026 or early 2027. This well represents a significant valuation catalyst, with an indicative success-case value to Sintana of approximately US$161 million3. The Company's current financial exposure is limited to an estimated investment of US$6 - US$9 million, offering investors highly asymmetric upside potential.

PEL 82

Sintana holds a 4.9% indirect interest in PEL 82, which is located in the Walvis Basin and operated by Chevron. Recognised as one of the most technically advanced opportunities in Namibia outside of the Orange Basin, PEL 82 features an active petroleum system confirmed by previous drilling. Chevron is evaluating drilling a potentially basin-opening exploration well - Gemsbok-1 - in 2027, which is expected would target resources with Mopane-scale potential. Sintana is fully carried on the drilling of this well, offering an indicative success-case value of US$149 million4net to the Company for nil investment.

PEL 87

Sintana retains a 7.35% indirect interest in PEL 87, which is operated by Pancontinental. PEL 87 contains the Saturn turbidite complex that spans approximately2,400 square km and has signiﬁcant oil potential. Sintana's interest is carried through final investment decision, providing Sintana with significant upside potential but limited near-term capital need. The operator is currently conducting a farm-out process seeking to bring in an additional partner, minimise cost exposure and accelerate the drilling of this high-potential asset.

PEL 79

Sintana holds a 16.17% indirect interest in PEL 79, where the national oil company NAMCOR is the operator. This asset further diversifies Sintana's exposure within the Orange Basin, providing additional scale in a region that has become the global focal point for offshore exploration.

PEL 103

Sintana holds a 13.23% indirect interest in PEL 103, located onshore North-East Namibia in the Waterberg Basin. Thick Permian Karoo Supergroup sediments are present in the Waterberg Basin, which provide a favourable setting for hydrocarbon exploration. Only a small portion of the basin has been drilled to date and more untested sub-basins are likely to exist.

PEL 37 (Potential Asset Interest)

Sintana announced on 21 January 2026, that it had entered into a Letter of Intent providing for a period of exclusivity in relation to a potential investment to secure an indirect 30% interest in PEL 37 in the Walvis Basin, offshore Namibia. PEL 37 is adjacent to the Chevron-operated PEL 82 licence, which is expected to see a basin-opening well drilled in 2027. Any success on PEL 82 would significantly increase the potential value of PEL 37 and is expected to positively position future farm-out discussions on PEL 37. The Letter of Intent contemplates an acquisition of a 30% interest from current operator Paragon Oil & Gas for total consideration of US$6 million, to be paid in a combination of cash and shares. The transaction is pending finalisation of due diligence and formal documentation; formal entry into the transaction is expected in H1 2026 with completion expected to follow thereafter in H2 2026.

2. Uruguay

AREA OFF-1

Sintana holds a 40% direct interest in AREA OFF-1, operated by Chevron. This block is offshore Uruguay and contains two primary prospects, Teru Teru and Anapero, with a combined Pmean prospective resource of approximately 1.3 billion barrels and upside potential of 2.8 billion barrels (P10 case). Sintana is fully carried through the current 3D seismic acquisition campaign being acquired by Chevron and benefits from a 50% carry on the first exploration well. The indicative success-case value for Sintana's interest in AREA OFF-1 is estimated at US$271 million5, assuming a future farm-down to a 10% interest in exchange for a full carry to first oil.

AREA OFF-3

Sintana maintains a 100% direct interest and acts as the operator for AREA OFF-3. This block features two primary prospects, Benteveo and Amalia, with a Pmean prospective resource of 418 million barrels and significant upside potential (955 MMbbls upside (P10) case). The Company is currently running an active farm-out process with a view to securing a major partner to progress exploration and appraisal activities on the licence. Value is expected to be unlocked in the near term through partner selection and read-across from drilling activities on the OFF-6 licence by APA, which is expected for 2027. It is noted that Qatar Energy and Chevron recently farmed into adjacent acreage on both sides of AREA OFF-3.

3. Angola: The Kwanza Basin

KON-16

Sintana is in the process of completing the acquisition of a 5% indirect interest in the KON-16 block, which is operated by Corcel. Located in the onshore Kwanza Basin, this asset offers offshore-scale upside potential in pre and post-salt reservoirs - estimated at up to 400 million barrels - but with the significantly lower cost structure typical of an onshore development. Corcel has recently completed a 2D seismic acquisition campaign and is expected will undertake a farm in process in late 2026, with a view to securing a partner for an initial exploration well in 2027. Sintana's interest in KON-16 provides a low-cost catalyst with an indicative success-case value of US$76 million (net to Sintana). Completion of this transaction is expected in the second half of 2026, further diversifying the Company's high-impact African portfolio.

Earlier from Saturn Oil & Gas Inc.

Interim Results For The Three Months Ended March 31, 2026 2026-05-15
Audited Annual Results for the Year Ended December 31, 2025 2026-04-30
Exercise of Options 2026-04-24

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