Sintana Energy first-quarter loss narrows, volatility persists

(Alliance News) - Sintana Energy Inc on Friday reported a narrower loss in its first quarter, whilst acknowledging more volatile market conditions.

The oil and gas company targeting Angola, Namibia and Uruguay, with offices in London and Toronto, booked an attributable net loss of USD1.1 million for the three months ended March 31, narrowed from USD2.3 million a year prior.

Exploration and evaluation costs multiplied to USD233,273 from USD9,000, while general and administrative expenses ticked up to USD2.9 million from USD2.3 million. Sintana's cash balance stood at USD8.2 million as of March 31, down from USD11.6 million a year earlier.

"All of the locations in which the company holds assets are considered frontier jurisdictions for oil and gas activity. Financial and commodities markets in general, and the global market for oil and gas in particular, have been and are likely to remain volatile for the foreseeable future, reflecting ongoing conflicts in the Middle East and Ukraine and broader geo‑political developments in the Americas, the Middle East and Africa," Sintana said.

Nonetheless, the company said the integration of Challenger Energy Group PLC is "progressing smoothly", following Sintana's acquisition of Challenger in December. It noted an upgrade to the contingent resource estimate for the Mopane licence, and signing of exclusivity on potential interest in the Walvis Basin, both located offshore Namibia, with TotalEnergies SA targeting first oil from Mopane in 2032.

Sintana also noted an arbitration settlement with US peer ExxonMobil Corp. Thus far, Sintana's subsidiaries have received USD3 million of the USD9 million owed by ExxonMobil, with the balance expected in 2026.

Sintana's Patriot Energy Oil and Gas Inc and Patriot Energy Sucursal Colombia had been involved in arbitration against subsidiaries of ExxonMobil, tied to the VMM-37 block located in Colombia's Middle Magdalena Valley Basin. Patriot agreed to conditionally assign rights and interests associated with VMM-37 to ExxonMobil in exchange for cash.

Sintana shares were up 0.4% at 26.11 pence each on Friday afternoon in London.

By Holly Munks, Alliance News reporter

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