Sintana Energy Share Chat (SEI)

This was the reason that the shereprice was not up after the merger.

I think that this placment is a good one and ita after 4.5 years after the last one = fair enough for a company without any income.

now i hope with a 3 -2 drills ahead on pel 83 with good chance of finding more hidrocarbons we will see 60-80c and if pel90 will be success we can move much bigger.

its a game of santiment and until the eod i think we will see 2-4 drills.

Sam - thanks for your post. I don’t advise on buying or selling of shares but would observe that your posts are usually super pragmatic concentrating on investment merits.

The Placing hasn’t changed the assets and it was known that Sintana needed to finance some commitments on non carried assets. It was possible they could have achieved it by, for example farm out of OFF-3 or selling more of OFF-1 than was originally envisaged but these are not guaranteed and arguably can be better negotiated from position of strength where Sintana aren’t over a barrel.

Have another look at Auctus - if the risk/ reward makes sense for you let that be a significant factor. History here is a great educating factor but arguably not paramount.

ATB!

LAMS - hear what you say about directors buying at the ‘ inviting ‘ price and that this can be disturbing to some. I believe in the investment case here and would have been pleased if Eytan would have included me in the Placing but unfortunately that’s not the way things work as they have to strictly control information in these scenarios.

Robert Bose and Eytan weren’t obliged to buy more shares but chose to do so. Those holdings are likely to not be traded in the short term because director dealings are revealed. This contrasts with my expectations for a good part of the rump, based on general experience of Placings. The fact that directors took part of the Placing doesn’t change the dilution so I’m not bothered about that - I prefer them to benefit than others I know less about.

Back in the day with Columbus/ CEG some of the more committed private investors participated in Placings such as Bigmj . He’s came over to Sintana and he might be able to shed more light on the the process and the discount for this particular offering if stimulated by this post!

@Sparkhawk, yes I see. Hmm, I wonder of it is insiders buying ,could be.

Lots of buys coming in at 24p, looking for it to rise from here back up to 30p , before we start drilling

As the saying goes, "You made your bed, so lie in it", and I am going to continue laying in "it" until I awake and find my Sintana shares have rise 5-10 fold ++.

Pointless selling now with such a long wait for success. The keys for me will be Uruguay and PEL37 as both have good feelings for me. And I like Eytan Uliel as well, I think he is trustable.

@in4cedros Well yes anyone would buy at an "inviting" price, I would have been much more impressed IF he/they had bought shares at Market price , to be honest. Anyway it is what it is, and the assets they have are still the same, so hopefully at some point soon the price will match the assets and the Management wont dilute further.

Placing now demonstrates strong management. BOD have strategically planned for future well in advance of the commitment dates - contrast with Bahamas drill debacle!

Fundamentals unchanged regarding potential of underlying assets, see Auctus report et al.

Mr Bose has showed he does not lack courage in pursuing this Placing now and personally buying more at the inviting Placing price ( along with Eytan ) despite being twice seller of his shares earlier this year.

Now then, what’s happened to in4cedros? He’s gone very quiet.

Any thoughts, brigsy?

I am glad Sintana have taken on PEL37 as that once one of several Blocks in Namibia I liked, and Pancontinental let it go. I think a mistake of theirs.

Note the word "Asymmetric" . I believe that is what Buying Sintana is.

OK I read more carefully myself now;

Robert Bose, CEO of Sintana, said: "I am delighted to announce that we have conditionally raised US$11.5 million and would like to thank our shareholders for their continued support and welcome new shareholders to the Company. Alongside our existing cash balances and the proceeds from the Exxon settlement in Colombia, this oversubscribed fundraise provides additional capital to pursue drilling on the Chevron-operated Nabba-1 exploration well in PEL 90, neighbouring Mopane, and the cash proportion of consideration for the closing of the acquisitions of interests in PEL 37 in the Walvis Basin and KON-16 in the Angolan Kwanza basin. In addition to these activities, Sintana has a significant amount of operational activity expected over 2026-2027, with three carried wells to be drilled by operator-elect TotalEnergies, a carried well on PEL 83, as well as seismic activities on OFF-1 and the potential for farm-outs across multiple blocks. Our approach is to build a portfolio with diversified exploration exposure, with minimised capital exposure, protected downside and asymmetric upside exposure. Following today's Fundraise, I look forward to updating the market over the course of this period as we deliver on catalysts across the Sintana portfolio.

>> Interestking , Importantly the RNS indicates further investments by SEI in new prospects <<

That could well be PEL 37 or even perhaps drilling of Uruguay ,if for example Seismic shows good targets. As long as cash raised does not go in salaries its fine.

Hi HAN

Completely agree. We had to raise at some point to fund Drills and this covers several.

Your point about position of strength is well made re negotiations for farmouts of which there may be several in coming 18 months.

Once the dust settles and folks properly digest the RNS then this should be seen as a positive and back to high 20's with proximity to several drills over 18 months an accelerant.

Importantly the RNS indicates further investments by SEI in new prospects so this is not just about paying the bills!

GLA

IK

@hereandnow Yes 100% concur. Often these share issuances catch out Day Traders or Short term traders as it traps them in to what, I for one am in, mdedium or long term investing. See Day traders cannot now get out without losing, whereas I would not have sold anyway. I have good feelings about Uruguay and just that alone will pay off very well.

Had better hope the well is good or he will have egg all over his face , when one has to pay for the drilling the stakes get to be real high ! Flying is fun but hard drops are disaster.

jmho

Buffin.

Me too. I was disappoimnted in the TO of Challenger, seeing more upside from OFF3 as a separate co. Stayed invested anyway . My confidence in Robert Bose is shredded.

Oh terrific. Not living up to Malcy's enthusiastic support at all. I stayed after the takeover expecting early action on OFF-3.

Well done me.

@stewart3250 Yes that may well be the case. Do you recall what the size was ? Perhaps that was an Insider ?. Very disappointing if it was. HOWEVER, sometimes one has to go 1 Step Back to go 5 Steps Forward and when you think of it, nothing has changed with the Projects they hold, and maybe soon we get news from Seismic in Uruguay. I am not too concerned with 10% down ,temporarily. I think overall I am still hopeful SINTANA *WILL* have its day/time.

I am sure the company stated recently that they had no reason to fund raise in the near future.

Looks like their statements can't be trusted.

Blatent insider trading on Friday and private investors get stuffed on Monday.

Looks like that large trade Friday was a sell even though it looked a buy, I have said before AIM is a gamble and I just hope this is not another one. Someone knew and sold, us private investors or gamblers knew what was going on.

I remember Bahamas and thought that was a distant memory, what's happened to the seismic was it not originally first quarter, and why raise anyway they had cash.

Watching this carefully now. Anymore issues and I will sell the lot.

The timing of that over 1 Million shares was ,either, very unfortunate OR possibly was "planned" ?. I asked Zeus Capital and they cannot shed ligjht, it was "XOFF" trade. I wlll ask London Stock Exchange. Given the price of 27 p and comparing to other trades it appears to be a BUY made late Friday, but I woant to be certain.

Late Friday

15-May-26 15:59:15 27.00 1,077,445 Unknown* 26.00 27.00 290.91k Says "Unknown" but at that price def must be a Buy .

A price of 22.5p with a discount of 13% to the low price of 26p Friday, appalling,

That is an awful kick in the teeth to private investors, disgraceful.

Same company,.rinse and repeat

Thanks. They have some good news in that and hopefully we will get rewarded for our patience. Ive learnt that nothing happens overnight in this "game" and long lead times but pay off will come in due course.

Https://uk.advfn.com/stock-market/london/sintana-energy-SEI/share-news/Sintana-Energy-Inc-Interim-Results-for-the-3-months-to-31-March-2026/98534793

@in4cedros Thanks for the info. You know, I am older than he is, and I am pretty good judge of character and I think he is one of the few genuine people you meet in business life,who speaks as he believes and means. I did email him inmy own name of course because legal consulting is what I am good at.

LAMS - he’s probably looking out for your contact now, as we speak - unusually for top management he has confided he does read this board and has a GSOH. In fact, he probably enjoys it more nowadays cos historically he’d be lambasted by multiple trolls after every initiative, good or bad, bit like modern day TDS !

With his shareholding he could sell up and live comfortably, pursuing his well documented publishing career but he’s in it to win it here with this exciting O&G Exploration play, ( mustn’t forget, with multiple carried interests! ) - hope we can all profit from his commitment.

In4cedros ,LOL .I like the guy though and liked what he said so lets hope things go well. Im actually going to ping him and email because I want to suggest

SINTANA use the Investor-State Dispute Settlement (ISDS) mechanism for the Bahamas matter.

LAMS- thanks for link. I mainly listened to it again today so I wasn’t watching- did his tongue actually emerge from his cheek when he was talking about doing due diligence on Chevron when they were waving their chequebook around?

That’d be like me insisting on due diligence if Sofia Vergara propositioned me late on a Saturday night!

I dont know if any/many of you have watched this specific video, as I hadnt until today. It is of course Pre Sintana taking over Challenger but I have to say I like the CEO of Challenger and if you watch the Video and listen see what he says. It is very reassuring as regards Uruguay.

https://www.malcysblog.com/2025/02/core-finance-ceo-interview-eytan-uliel-of-challenger-energy-group/

Bob - loved Partridge, had to refresh my memory about Bourdain and was led to the recent film review. Here’s a quote from The Guardian article:-

“ We hope this film serves as a reminder that every journey has a start, and that audiences see the beginnings of the man who taught us how to be better explorers on our own paths.”

I’m now taking that as an augur for Uruguay and The PELs - LOL!

I didn't realise he was an author, so I had to check out his website. More Alan Partridge than Anthony Bourdain if you ask me.......

https://eytanulielauthor.com

BlackBat- I did contemplate extending my rather understated praise of Auctus with the suggestion that the report will be a boon to those that enjoy a bit of provocative ramping from time to time ( guilty as charged m’lud ! ) but you’ve made my point for me !

Will see Sintana at Conference on 12th to 14th May in London. Should be interesting conference.

From the Auctus report: Sintana is entering a highly active and potentially transformational

two-year period, with up to 10 high-impact E&A wells expected across the portfolio. Our unrisked

value for these wells is NAV is -£4.90/sh.

Oleo & Buffin - thanks for sharing links. Very professional production from Auctus - a comfort blanket for existing investors who understand delayed gratification but like to check in on enormity/progress once in a while!

Https://sintanaenergy.com/app/uploads/2026/05/Auctus-on-Sintana-05.05.26.pdf

Plenty of projects we are involved in but needs a decent catalyst, perhaps seismic currently going on will help.

I said before AIM is a real gamble, got caught with eme, let's hope this is a winner.

I was in the camp of CEG especially with Chevron, hope all goes well, thee are The Pels

I totally agree Sintana has been missed by the market. At least they are attempting to get the message out.

FYI other companies with limited downside and significant potential within 24 months: Eco Atlantic (Jo and Jethro in Guyana and numerous other triggers), Seascape energy Asia (PSAs in Malaysia), Orcadian Energy (Pilot project and numerous others in North Sea), Borders and Southern (Darwin Falklands)

You're right, I invested in Sintana in early '22 when no one was looking at it, at ridiculous prices. Later, I sold my entire large position for a significant profit before the Mopane drilling.

Following the results and prior to the option conversions, the public was foolish enough to drive the price down to 0.38, so I re-entered with a smaller position and rode it back up to $1+. After selling that, I bought Challenger in 2024 following the massive drop after the Chevron deal with Area 1; the downside at that point was limited as it was trading at the cash value it was expected to receive from Chevron, while the upside could have been astronomical if the merger hadn't happened.

I invested there because I believe in the region and think Challenger secured an incredible position in an area where no other investable company offers prices anywhere near that level. It turns out Charlestown shared my view, entering first as an investment and later through the merger between Sintana and Challenger.

Due to the merger and the low valuation of Sintana with Challenger, I became an investor there again and even increased my position in Sintana this year. I believe Sintana is undervalued based solely on its position in Mopane—an asset on the path to FID with TotalEnergies as the operator. The market isn't pricing in any upside for the potential in the rest of that block, its other licenses in the Orange or Walvis Basins, or the potentially dramatic developments in Uruguay given the large percentages they hold there.

Ultimately, I believe in Sintana. I think what’s missing is for small institutional bodies, hedge funds, or an anchor investor to take a position; that would change the entire picture. In my opinion, it is trading at a discount and fails to price in its potential, which is rare for a company with multiple positions in one of the world's hottest basins (the Orange Basin) and exposure to the Mopane discovery, which could be larger than Venus.

@learning_a_lot. Myself, I believe that Uruguay (1 and 3) will become the "jewels in the crown" for Sintana . I bought some more this morning altho now at near capacity. Stamper is my other love.

Long read so have used AI to summarise. DYOR

Key points

Cash position: $10.3m cash at 31 Dec 2025, plus $3m already received from Exxon after year-end, with another $6m expected before end-2026 if approvals complete.

Working capital: $5.0m at year-end, down from $11.5m in 2024. That looks weaker, but partly reflects Challenger acquisition liabilities and integration costs.

Burn / overhead: Management says ongoing G&A is about $4m per year, but 2025 G&A was much higher at $10.3m, mainly due to share-based compensation, salaries, professional fees, and transaction-related reshaping.

Going concern warning: Auditor flags material uncertainty because Sintana has no revenue, made a $10.2m loss, and had negative operating cash flow of $3.66m.

Challenger acquisition: Completed in Dec 2025. Added Uruguay AREA OFF-1 and AREA OFF-3, but also increased shares outstanding to over 510m at year-end and 514.8m by MD&A date.

Major positive asset update: Galp’s Mopane 3C resource increased from 875 mmboe to 1.38bn boe gross, implying around 67m boe net indirect exposure to Sintana’s 4.9% carried interest.

PEL 83 remains the jewel: TotalEnergies farm-in/operatorship, up to three wells planned, FID target 2028, first oil target 2032, with Sintana carried through development on its indirect position.

Uruguay is now a proper catalyst stream: Chevron-led AREA OFF-1 3D seismic is underway. Fast-track first-season results expected Q4 2026, full PSDM expected Q2 2027.

AREA OFF-3 is the swing asset: Sintana owns 100%, no carry, farm-out process ongoing. This is potentially valuable but also more funding-sensitive.

PEL 90 funding risk: Important hidden sting. Sintana says it is not carried for further exploration drilling on PEL 90, and its share of a future exploration well could be $6m–$7m. That is material relative to cash.

Options / RSUs / dilution: There are still 21.9m options and 11.45m RSUs outstanding after year-end

No dividend: Expected

For me Uruguay could be massive for Sintana. OK they (shareholders) may have to stump up some cash for drilling with Chevron, but if it reaches that stage then Chevron wont be wasting time ,they will have seen something good on Seismic. Also I am excited about AREA OFF-3 as well ,as Sintana have 100% and the area is "Hot" at present so if any of surrounding blocks find a good target and start drilling then it will be even more in demand for farm in.

Well I bought a few more today ,dont show up on LSE as trades yet strangely but may be soon ?. Anyway only a few more but will keep buying more as dont think will stay this low for long.

I was pleasantly surprised to see Sintana up 7% or so on TSX yesterday and will be interesting to see if up on LSE today. It is only a matter of time before the forum becomes full of people claiming how good Sintana is, having shunned it for years lol. I poredict before end of 2026 we see major shift upwards. Today I also read that Hormuz is to remain closed for a long time !!

@Crazych38 Of course that is what most people are looking for ,say 10% downside risk and 500% upside potential. As ive said, ive been invested in Sintana for years and their shares have been shunned by the investors, YET watch this space because watch them all come piling in when Chevron produce some good seismic in Uruguay . That will be a game changer for me.

At the current stage of the Orange Basin in Namibia, I’m less interested in speculative bets and more focused on a proper risk–reward balance—meaning limited downside risk with solid upside potential.

In Sintana, because of Mopane, that balance makes sense to me. Total is expected to drill there already this year, which could increase the current valuation of the asset.

In addition, BW Energy holds 95% of the Kudu block, which is adjacent to the Mopane discovery. They have a lot of “meat on the bone” for a farm-out, and in my opinion, they are trading below the value of their expected activity by 2028, which targets production of 90,000 barrels per day.

I also think that if the story in their Namibia block develops beyond what is currently known—1.3 Tcf of dry gas at Kudu—it could become very interesting. After all, this is the closest block to Mopane, and we don’t yet know whether there are additional leads there connected to Mopane.

@Crazych38 I noted your interests in Namibia which is good and similar to myself for long time now. STAMPER for me is a bit of a "wild card" and have invested as they have some good blocks very close to PEL 104 (although I didn't really note that until 104 was announced as very large prospect. All in all I think STAMPER has reasonable farm in chances now.

@Crazych38 100% correct ,it just shows how many ,less than experienced, investors there are ,who do not really understand that dnamics of oil exploration stocks, or even stocks generally. Watch in May when PEL 87 RNS comes out then we should see some more interest. And the one I really am waiting for is the Chevron Seismic of Uruguay. If that turns out good then imagine the value of 003 block which Sintana have 100% of !! Ive been invested for years of TSX but have bought more recently.

It’s embarrassing that investors are getting worked up over 600k options. It’s absolutely nothing in terms of money... If the stock drops because of this, it just means there are still 'weak hands' to shake out. That’s fine, I’ve got patience.

African Energy Conference coming up in early May https://www.africaenergiessummit.com/

Robert Bose of Sintana confirmed speaker

Hi Stew

Worth bearing in mind that these options were probably issued in lieu of fees e.g. legals: "The options are being exercised by a consultant to the Company."

This is often a way of paying for services in business as a way of saving cash for day to day capex.

The "Consultant" may just be taking his fees and profits as normal business activity rather than making a trading investment decision.

GL

IK

@Stewart it is no biggee in the course of things . Yes they made "a" profit but not massive. Just wait until May 2026 and the RNS from PEL 87

I note the RzNS today with the issue of 625000 shares at very low prices !!

I remember a trade not long ago for 625000 and assumed it was a buy, was that forward selling.

If the trade and today's RNS are linked they made some profit. Correct me if my assumption is incorrect .

Zzzz

Almost a full load

I think my hunch of STAMPER is good. Look at their holdings in LUDERITZ and ORANGE Basins (and Walvis) Namibia and I bet it goes up rapidly on opening, given the PEL 104 announcement.

PEL 107 (32.9% Working Interest) - Orange Basin (2712A)

PEL 106 (5% Carried Interest, Two Blocks) - Walvis Basin (2011B/2111A)

PEL 102 (20% Carried Interest) - Lüderitz Basin (2614B)

PEL 98 (5% Carried Interest) - Walvis Basin (2213)

DYOR

I just cannot for life of me understand that investors seem to hate Sintana ?. It is NOT logical. They have holding in PEL 87 which is next door to PEL 104 in which was big announcement.

Https://www.upstreamonline.com/exploration/it-doesnt-get-better-than-that-totalenergies-and-petrobras-namibia-frontier-prospect-has-huge-potential/2-1-1979262

This has implications for all the surrounding Blocks