Sintana Energy Inc.

Trago Energy Pty Ltd, a wholly-owned subsidiary of Custos Energy (Pty) Ltd., has agreed to transfer its 10% participating interest in Petroleum Exploration License 90 offshore Namibia to Harmattan Energy Limited, an affiliate of Chevron Corporation, for $11MM in cash at completion plus contingent consideration tied to appraisal and production milestones. Sintana Energy Inc., which holds a 49% indirect interest in Trago, said the contingent consideration includes revenues from commercial production currently estimated at between 1.5 and 2.5 MM barrels of oil, depending on commodity price assumptions. The deal leaves Trago with continued exposure to PEL 90 prospectivity, including the Nabba-1X exploration well, while eliminating its funding and capital risk; after completion Trago will hold no participating interest in the licence and will have no obligation to fund its share of costs. Completion remains subject to governmental, regulatory and third-party approvals, and Sintana said any upfront consideration net of costs, fees and taxes will support its corporate activities. PEL 90 covers approximately 5,433 km² in the Orange Basin and is operated by Chevron; its participants, adjusted for a recently announced but uncompleted farm-out to Equinor and prior to Trago's interest exchange, are Chevron with 35.1%, Qatar Energy with 27.5%, Equinor with 17.4%, the National Petroleum Corporation of Namibia with 10% and Trago with 10%. Upon completion, Custos will contribute N$10 million to the University of Namibia Foundation toward construction of UNAM's new campus in Walvis Bay.

Sintana Energy Inc. has entered into definitive agreements to acquire an indirect 5% participating interest in Block KON-16 in Angola's onshore Kwanza Basin, first announced on 14 May 2025. The agreements comprise a share purchase agreement and a shareholders' agreement relating to Corcel KON-16 Limited, the Corcel Plc group company that will hold an 85% participating interest in the block. Sintana will also receive a net profit interest of 2.5% of Corcel's net proceeds from Block KON-16 after first oil until aggregate payments of US$50 million have been made, reducing to 1.5% thereafter. Aggregate consideration is US$2.5 million, comprising a US$500,000 initial payment already paid to Corcel and a US$2.0 million cash balance payable at completion, which remains subject to governmental, regulatory and third-party approvals, including in Angola, and AIM and TSX Venture Exchange requirements, expected to be finalized prior to year-end 2026. Corcel also said final PSTM seismic volumes for recently acquired 2D data have been received, a geomechanical program has been completed, NRG has been appointed for the next phase of engineering and well design, and it is targeting drilling of a pre-salt exploration well on Block KON-16 in 2027, subject to final technical selection, approvals, financing, rig availability and partner alignment.

Sintana Energy has extended the exploration timetable for its AREA OFF-1 block in Uruguay by one year after Chevron split its 3D seismic programme into two seasons to accommodate a government-mandated fishing break. The first season is complete and being processed, the second begins at year-end, with a well decision still expected around September 2027 and drilling targeted for 2028. In Argentina, the company has spent more than 18 months pursuing a private initiative to secure a licence over the CAN-200 offshore block, and a government decree has now opened the block to international tender, with Sintana holding a preferred position that gives it the right to match any competing bid. President Eytan Uliel also flagged strong farm-out momentum at AREA OFF-3, Sintana's 100%-held second Uruguay block, where a farm-out is expected to close by year-end, with QatarEnergy and Chevron active on adjacent acreage. Uliel described an active six to twelve months ahead across the company's Latin American portfolio, which also includes Namibia and Angola.

Zephyr Energy has expanded its Utah land position by adding another 2,294 acres in the Paradox Basin, bringing its total operated position to more than 72,000 gross acres. Sintana Energy is heading into a busy second half with multiple wells planned across its Namibia and Uruguay portfolio, while its Mopane resource has been upgraded 57% to 1.38 billion barrels of oil equivalent. Genel Energy has agreed to buy Capricorn Energy in a recommended cash deal valuing Capricorn at around $360 million, a 34% premium that adds Egyptian production to Genel's Kurdistan operations. Supermarket Income REIT has completed a £445 million refinancing, cutting borrowing costs and pushing out its average debt maturity to 3.8 years, with no debt maturing until June 2028.