Sintana Energy (SEI) Oil & Gas Virtual Investor Conference summary

Portfolio Overview and Strategic Positioning

• Holds interests in high-potential oil and gas blocks in Namibia, Uruguay, and Angola, with a capital-efficient model leveraging carried exposure by partners like TotalEnergies and Chevron.

• Portfolio is anchored by the Mopane discovery in Namibia (PEL 83), now operated by TotalEnergies and progressing toward development.

• Recent merger added two Uruguay blocks, enhancing geological synergies and portfolio scale.

• Multi-well catalyst cycle expected in 2026-2027, predominantly funded by partners.

• Portfolio includes multiple exploration projects with defined drilling and seismic activity, offering several value catalysts.

Mopane Asset, Valuation, and Upside Potential

• Mopane resource estimated at 1.3 billion barrels, with potential up to 10 billion barrels; recent flow test yielded 14,000 barrels/day.

• TotalEnergies acquired a 40% stake and will lead a three-well appraisal campaign, targeting FID by 2028 and first oil by 2032-2033.

• Broker and NPV valuations of Mopane’s stake range from $195M–$242M, exceeding current market cap.

• Sintana is fully carried through development, with no expected CapEx exposure but full upside participation.

• Significant upside exists beyond Mopane Phase I, with expanded potential up to 1.5bn boe and additional prospects like Quiver and Sobreiro.

Exploration Portfolio, Catalysts, and Development Roadmap

• Six additional licenses in Namibia, including three in the Orange Basin and others in the Walvis Basin, with active seismic and drilling plans.

• Uruguay’s flagship block OFF-1 is partnered with Chevron, with ongoing 3D seismic and potential for drilling if results are positive.

• Angola KON-16 seismic interpretation and exploration well planned for 2026-2027.

• Multiple blocks are fully or partially carried, minimizing financial risk while maximizing upside.

• Three blocks are listed as “wells to watch” by Westwood, highlighting industry attention.