Sintana Energy (SEI) Q1 2026 earnings summary

Executive summary

• Completed all-share acquisition of Challenger Energy Group Plc, with integration progressing smoothly in Q1 2026.

• Achieved admission to trading on AIM in December 2025.

• Signed Letter of Intent for exclusivity over a potential indirect interest in PEL 37, offshore Namibia.

Financial highlights

• Net loss for Q1 2026 was $1.1 million, reduced from $2.3 million in Q1 2025, mainly due to $2.3 million net proceeds from the VMM-37 settlement.

• Cash balance at March 31, 2026, was $8.2 million, compared to $10.3 million a year earlier.

• Total assets stood at $60.5 million as of March 31, 2026, versus $62.1 million in 2025.

Outlook and guidance

• Definitive documentation for PEL 37 interest expected in Q2 2026, with completion targeted for H2 2026.

• Fast-track results from 3D seismic acquisition in Uruguay anticipated in Q4 2026.

• TotalEnergies confirmed FID target of 2028 and first oil in 2032 for Mopane discovery.