Star Metro - Interim Results For The Three Months Ended March 31, 2026

The following should be read in conjunction with the complete unaudited unreviewed interim financial statements and the accompanying MD&A for the three months ended 31 March 2026, which are available on the Canadian System for Electronic Document Analysis and Retrieval ("SEDAR+") at www.sedarplus.ca and on Sintana's website at https://sintanaenergy.com

Q1 2026 Operational and Financial Highlights

• Completion of the all-share acquisition of Challenger Energy Group Plc and admission to trading on AIM (both effective December 2025), with integration progressing smoothly during Q1 2026.

• Galp Energia announced a 57% upgrade to 3C contingent resources at the Mopane discovery (PEL 83, offshore Namibia), from 875 mmboe to 1.38 billion boe (gross); TotalEnergies confirmed an FID target of 2028 and first oil in 2032.

• Letter of Intent signed securing exclusivity over a potential indirect interest in PEL 37, Walvis Basin, offshore Namibia; definitive documentation expected in Q2 2026 and completion in H2 2026.

• 3D seismic acquisition commenced over AREA OFF-1, offshore Uruguay, with circa 1,600 km² acquired in the first season and fast-track results expected in Q4 2026.

• Settlement reached with ExxonMobil resolving the VMM-37 arbitration for total cash payments of $9 million ($3 million received, $6 million expected before year-end 2026); net loss reduced to $1.1 million (Q1 2025: $2.3 million); cash of $8.2 million at period end.

• Net loss for Q1 2026 of $1.1 million, a reduction from $2.3 million in the comparative period in 2025, primarily reflecting the receipt of $2.3 million of net proceeds from the VMM-37 settlement, partially offset by higher general and administrative expenses.

• As at 31 March 2026, the Company had total assets of $60.5 million (2025: $62.1 million), including cash of $8.2 million (2025: $10.3 million).

For further information, please contact:

About Sintana Energy

Sintana Energy is an Atlantic Margin-focused oil and gas company, holding interests in a diverse portfolio of high-impact assets that spans the Southern Atlantic conjugate margin. The Company's current portfolio is strategically positioned in the emerging frontier geographies of Namibia, Uruguay and Angola, with additional legacy assets in Colombia and The Bahamas. Led by an experienced team, Sintana Energy is partnered with major industry players, and benefits from significant carry support, on key licenses across multiple jurisdictions. Sintana Energy is listed on the TSX-V in Canada under the symbol "SEI", in the United Kingdom on the LSE-AIM under the symbol "SEI" and in the U.S. on the OTCQX under the symbol "SEUSF".

For further information, please visit sintanaenergy.com

Forward-Looking Statements

The information provided in this announcement contains certain forward-looking statements and information (collectively, "forward-looking statements") within the meaning of applicable securities laws. Such forward-looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to assumptions, risks and uncertainties, many of which are beyond the control of Sintana. Forward-looking statements are predictive in nature, depend upon or refer to future events or conditions, or include words such as "expect", "plan", "anticipate", "believe", "intend", "maintain", "continue to", "pursue", "design", "result in", "sustain" "estimate", "potential", "growth", "near-term", "long-term", "forecast", "contingent" and similar expressions, or are events or conditions that "will", "would", "may", "could" or "should" occur or be achieved. The forward-looking statements contained in this announcement speak only as of the date hereof and are expressly qualified by this cautionary statement.

Forward-looking statements are based upon, among other things, factors, expectations and assumptions that Sintana has made as at the date of this announcement regarding, among other things, the receipt of all applicable regulatory approvals and the anticipated schedule for receipt of funds pursuant to the Settlement Agreement.

Undue reliance should not be placed on the forward-looking statements because no assurance can be given that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These risks include, but are not limited to, the ability of Sintana to receive all necessary regulatory approvals and third party satisfaction of all conditions of the Settlement Agreement.

Except as may be required by applicable securities laws, Sintana does not assume any obligation or intent to update publicly or revise any forward-looking statements made herein, whether as a result of new information, future events or otherwise.

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.

SOURCE: Sintana Energy Inc.

View the original press release on ACCESS Newswire

M.Anderson--SMC