Executive Summary

Sintana Energy Inc. (TSX-V: SEI; OTCQB: SEUSF) is a Canadian-based oil and gas exploration company with a strong focus on high-potential hydrocarbon plays, particularly in Namibia and Colombia. With an experienced management team and strategic partnerships, Sintana is positioned to capitalize on emerging energy opportunities in underexplored but highly prospective basins.

The year 2025 has been pivotal for the company, with significant operational updates, new discoveries, and financial developments shaping its trajectory. This report provides an in-depth analysis of Sintana Energy’s business model, asset portfolio, recent developments, financial performance, and future outlook.

Corporate Overview

Business Model & Strategic Focus

Sintana Energy’s primary business strategy revolves around acquiring, exploring, and developing high-quality oil and gas assets in geologically promising regions. The company emphasizes:

• Exploration of high-impact hydrocarbon basins: Focusing on the Orange Basin offshore Namibia and the Magdalena Basin in Colombia.

• Strategic partnerships: Collaborating with leading energy companies to de-risk and accelerate exploration efforts.

• Capital efficiency: Maintaining a disciplined approach to investment and financial management.

• Maximizing shareholder value: Through asset appreciation, farm-in agreements, and strategic exits when necessary.

Asset Portfolio

Namibia Operations

PEL 83 (Orange Basin)

Sintana holds an indirect interest in Petroleum Exploration License 83 (PEL 83) in Namibia’s Orange Basin. This area has seen increasing activity following major discoveries in the region. Notably:

• The Mopane 3-X well, drilled in early 2025, confirmed additional hydrocarbon reservoirs, strengthening the commercial potential of the block.

• These discoveries build on the 2023 and 2024 exploration successes, positioning PEL 83 as a significant frontier play.

PEL 87 (Orange Basin)

On March 17, 2025, Sintana announced that Woodside Energy (GOM) Inc. had opted not to exercise its farm-in option for PEL 87. Despite this setback, Sintana remains confident in the block’s potential and is actively seeking alternative partners to fund exploration drilling.

PEL 90 (Orange Basin)

Sintana also holds an interest in PEL 90, where the Kapana 1-X well was drilled in January 2025. While results remain under evaluation, initial indicators suggest promising reservoir characteristics.

Colombia Operations

VMM-37 Block (Magdalena Basin)

This block represents Sintana’s foothold in South America, with a focus on unconventional oil and gas plays. The company continues to evaluate development options, although its primary operational focus remains Namibia.

Recent Developments (2025)

Offshore Namibia – Orange Basin Progress

• February 25, 2025: Mopane 3-X well yielded additional discoveries, reinforcing the growing prospectivity of PEL 83.

• March 17, 2025: Woodside Energy opted not to farm into PEL 87, prompting Sintana to seek alternative funding for drilling.

• January 15, 2025: Progress update on PEL 90’s Kapana 1-X well.

Financial & Corporate Updates

• January 17, 2025: Sintana announced its SEDAR filing, reaffirming its commitment to transparency.

• January 16, 2025: The company was recognized in the 2025 TSX Venture 50™, underscoring its growth trajectory.

Financial Performance

Key Metrics (Projected & Historical)

Sintana has successfully grown its market capitalization over the past three years, with a 10x increase from 2022 to 2024, demonstrating strong investor confidence. Despite negative cash flow from operations, its asset value continues to appreciate, particularly in Namibia.

Future Outlook

Strategic Priorities for 2025-2026

1. Secure a farm-in partner for PEL 87 to advance exploration drilling.

2. Follow-up appraisal drilling on Mopane 3-X discoveries in PEL 83.

3. Optimize financial position through strategic partnerships and capital management.

4. Enhance investor communication to strengthen market confidence.

Risks & Challenges

• Exploration uncertainty: As with all frontier exploration, commercial success is not guaranteed.

• Funding requirements: Drilling campaigns require significant investment, necessitating strong financial partnerships.

• Regulatory landscape: Adapting to evolving energy policies and environmental regulations.

Conclusion

Sintana Energy Inc. remains a high-potential exploration company with a well-positioned asset base in Namibia’s Orange Basin. Despite setbacks such as Woodside Energy’s decision not to farm into PEL 87, Sintana’s recent discoveries at Mopane 3-X and its growing market valuation highlight its continued upward trajectory. The next 12-24 months will be crucial in unlocking the full potential of its portfolio, securing strategic partnerships, and advancing toward commercial production.

By maintaining a disciplined approach to capital allocation and leveraging its experienced management team, Sintana Energy is well-positioned to create substantial value for shareholders while contributing to the energy security of the regions in which it operates.

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