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

Portfolio and investment model

• Frontier exploration portfolio across Namibia, Uruguay and Angola, with seven Namibian assets, two Uruguayan blocks and an initial Angola position.

• Partner-led, capital-efficient model: industry operators fund much of the work while Sintana retains exposure to potential upside and can hold assets for the long term.

• Portfolio diversification across basins, resource types and operators reduces reliance on a single well or project outcome.

• Market update: ~560 million shares outstanding, market cap ~CAD 200 million (US$150 million), healthy cash and zero debt; partner funding covers much of the capital need.

Namibia and Mopane

• PEL 83 is operated by TotalEnergies, which acquired 40% from Galp and began a three-well appraisal and exploration program; FID is targeted by 2028, with first oil potentially in the early 2030s.

• Galp drilled five exploration wells with a 100% success rate; published figures cite 1.3 billion barrels of 3C resource, up to 10 billion barrels of oil in place and a test flow rate of 14,000 bbl/day.

• The 4.9% indirect PEL 83 interest is fully carried; TotalEnergies' stated development concept targets 200,000 bbl/day at under $20/barrel CapEx and OpEx.

• The rig is on site, with drilling underway; the exploration well is expected to reach target reservoirs around mid-December, targeting resource expansion.

• Chevron plans the Nabba 1X exploration well on PEL 90 before year-end; QatarEnergy and Equinor are partners. A transaction exchanged the prior interest for long-term cash payments and royalty exposure, with no further capital requirement.

Uruguay and near-term catalysts

• Chevron operates AREA OFF-1 with a 60% interest; a second season of 3D seismic acquisition is gearing up, with processed results expected before year-end.

• AREA OFF-3 is 100% owned, under technical evaluation and in an ongoing farm-out process; basin-floor fan leads may extend from a neighboring block, and unitization is permitted subject to regulatory process.

• Uruguay is fully licensed to majors and multinationals; APA and ENI plan an ultra-deepwater well toward the end of next year, the first new drilling in Uruguay since 2016.

• Management highlighted PEL 83 drilling and reserve enhancement, PEL 90 exploration drilling, and Uruguay seismic, drilling and corporate activity as leading value drivers over the coming 12 months.