Member Info for SamManbi

you have a fair point. of course they didn't know about uruguay at the time, so keeping the company was a better cash cow for them.

i just find it difficult to comprehend why bizzell doesn't have any more skin in the game. if the company is as good as the board is making out, then surely bizzell would still be involved? as it stands, at today's share price, (21 p / 9.88 p) bizzell and family are down on their investment.

finally, at the time of the recent acquisition, bizzell capital owned 9.51% of challenger energy, meaning that after the acquisition it would have owned around 2.4%. when one looks at the list of major shareholders in sintana, bizzell are nowhere to be seen, indicating that they have liquidated their (at a higher price than today's price).

is indicates that 'friends & family' don't believe in sintana enough to have held on to their holdings.

i would love somebody to tell me if i have missed anything here, and tell me why bizzell have jumped ship?

robert bose: 26,827,368 shares (~4.82% - 5.23%) (this includes shares held personally, as well as indirect beneficial holdings via entities like charlestown energy partners llc and cp sintana llc).

perga capital partners lp: 25,195,842 shares (~4.53%)charlestown energy partners llc: 23,787,760 shares (~4.28%)

knowledge raymond katti: 22,490,001 shares (~4.04%) (held directly and beneficially via grisham assets corp.)

avila energy corp.: 21,840,001 shares (~4.25%)

eytan uliel: 10,492,001 shares (~2.03%)

sean austin: 8,575,000 shares (~1.66%)

keith spickelmier: 6,752,501 shares (~1.31%)

fmr llc: 6,609,028 shares (~1.28%)

avanza fonder ab: 5,582,496 shares (~1.08%)douglas manner: 5,195,558 shares (~1.01%)

bizzell capital - 3 margaritas, 2 crates of 'ace of spades', 240 cans of fosters, drinking ****tails on the beach with leo koot

you have a fair point. of course they didn't know about uruguay at the time, so keeping the company was a better cash cow for them.

i just find it difficult to comprehend why bizzell doesn't have any more skin in the game. if the company is as good as the board is making out, then surely bizzell would still be involved? as it stands, at today's share price, (21 p / 9.88 p) bizzell and family are down on their investment.

finally, at the time of the recent acquisition, bizzell capital owned 9.51% of challenger energy, meaning that after the acquisition it would have owned around 2.4%. when one looks at the list of major shareholders in sintana, bizzell are nowhere to be seen, indicating that they have liquidated their (at a higher price than today's price).

is indicates that 'friends & family' don't believe in sintana enough to have held on to their holdings.

i would love somebody to tell me if i have missed anything here, and tell me why bizzell have jumped ship?

robert bose: 26,827,368 shares (~4.82% - 5.23%) (this includes shares held personally, as well as indirect beneficial holdings via entities like charlestown energy partners llc and cp sintana llc).

perga capital partners lp: 25,195,842 shares (~4.53%)charlestown energy partners llc: 23,787,760 shares (~4.28%)

knowledge raymond katti: 22,490,001 shares (~4.04%) (held directly and beneficially via grisham assets corp.)

avila energy corp.: 21,840,001 shares (~4.25%)

eytan uliel: 10,492,001 shares (~2.03%)

sean austin: 8,575,000 shares (~1.66%)

keith spickelmier: 6,752,501 shares (~1.31%)

fmr llc: 6,609,028 shares (~1.28%)

avanza fonder ab: 5,582,496 shares (~1.08%)douglas manner: 5,195,558 shares (~1.01%)

bizzell capital - 3 margaritas, 2 crates of 'ace of spades', 240 cans of fosters, drinking ****tails on the beach with leo koot

Interestingly, they could have let BPC go into administration and then bought the whole thing for peanuts from the administrators, yet they decided to save BPC.

With all of the current shenanigans, Bizzell is getting screwed as well. That's precisely what I don't understand. He saved the company yet he is getting shafted.

So, we are in a position where the share price continues to fall, despite all of the promises. This is an exact copy of what happened with Bahamas Petroleum, ultimately leading to the farcical fundraising for P1.

After that event, Eyyan and his Australian friends, invested heavily in Challenger Energy, giving me a level of confidence as I thought that Eyyan would not screw his own friends.

Today we are in a position where salaries are getting paid to Ulliel and Bose, who keep diluting the company and buying cheap shares themselves. Some people are happy with this, others are not. We can take it or leave it.

What I would like to know is what has happened to Stephen Bizzel l who owns less than 1% of Sintana now? Why has he not been involved in any of the 'friends and family' cheap share extravaganza? What does he know which the rest of us don't?

I'm sorry, but I disagree.

Before Charleston/Robert Bose became involved, Challenger’s share price was 14p (29p in today’s equivalent after consolidation), and the company had sufficient cash reserves to continue operations for another couple of years.

Today, the shares are trading at around 23p — roughly 20% lower.

There has been no materially negative news regarding Challenger’s assets since Charleston became involved, and the change in the Uruguayan government has not had any apparent impact. On that basis, one could reasonably argue that Challenger’s share price may still have been around 29p today without the merger. In fact, given the significant increase in oil prices, there is also an argument that the share price could potentially have been higher.

Sintana’s share price, however, has been declining for a long time, and its performance is weighing on Challenger’s valuation.

Ultimately, it was Eytan’s decision to agree to the merger/takeover, so responsibility for the resulting erosion in shareholder value must also sit with leadership.

A company’s track record is a reflection of its leadership and strategy, and since P1, Challenger has not outperformed any of the major indices.

Many people are simply repeating the company narrative, so I am offering a different perspective and encouraging new investors to do their homework properly.

And in case anyone thinks I have an agenda, my track record over the last 10+ years speaks for itself. I simply want new investors to understand that many long-term shareholders wish they had never become involved.

One point to consider: phrases like “many long-term shareholders wish they had never become involved” are stronger if you can back them up with evidence, otherwise some readers may dismiss the post as emotional rather than analytical.

So the dilution game continues. Sintana didn't have enough cash, so they bought Challenger by offering shares to acquire Challenger's cash (which was also a dilution). Of course, the more they dilute, the more shares they will print for the managers so that their percentage holdings remain the same. I've been reasonably positive for the last 15 years, but if I had invested my money in the DOW, NASDAQ, or FTSE, it would have been worth 1,000 times the value of my BPC holdings. Not only has this company not provided an average return, but it has also been excellent at losing shareholder value. Sintana's share graph is similar to Challenger's, so there's nothing to cheer me up there. As people say, 'If you're not happy, sell up and leave,' to which I reply, 'I am.'

Today's price of 24p = 11.3p in old bunny for Challenger holders, equivalent to a 10% gain and the last five years after the P1 fiasco. I would have found some more money by leaving the cash in my bank account

Robert Bose also paid 16 p for his Challenger shares, so he is down by more than 25%.

So what's going on, you later ask? The answer is that the board seemed to be making money here by printing shares for themselves.

There has been no update on the Farmout or the 3D acquisition in Uruguay, but here is a reminder of the provided timelines.

2025

September

AREA OFF-3 farm-out data room opens and formal process launches.

Final environmental permits expected for AREA OFF-1 seismic acquisition.

October–December

Initial farm-out offers for AREA OFF-3 to be received by year-end.

AREA OFF-1 3D seismic acquisition scheduled to commence (exact start pending permitting).

2026

January–March

Selection of AREA OFF-3 farm-out partner(s) targeted for Q1.

I believe this is a good alternative in Canada, but I'm guessing that this will get going on time.

https://stockhouse.com/companies/quote?symbol=v.sei

Yesterday morning I managed to buy 15,000 shares, but the market seemed to have been closed for the rest of the day (although the usual small trades did go through).

Does anyone have any explanation as to why nobody could trade this after the first couple of hours?

Sintana Energy to begin trading on London’s AIM https://share.google/kb6TAN7n199YK2YdK

IN BRIEF: Sintana Energy to debut Tuesday on AIM after Challenger buy2025-12-18T14:17:44+0000

Sintana Energy Inc - Calgary, Alberta-registered oil explorer in Namibia and Uruguay - Sets date for its AIM listing after completing its acquisition of Challenger Energy Group PLC, which brought with it assets offshore Uruguay. Sintana, which already is listed in Canada and the US, will trade additionally on AIM, starting from Tuesday next week. It has appointed Zeus Capital Ltd as its nominated adviser and both Zeus and Cavendish Capital Markets Ltd as its brokers.

Sintana has indirect interests in four petroleum exploration licences offshore Namibia, one onshore Namibia, and the two offshore Uruguay from Challenger. Sintana also has a pending interest onshore Angola, as well as legacy assets onshore Colombia and offshore The Bahamas.

‘Following the scheme becoming effective in relation to our transformational acquisition of Challenger Energy Group and our related commitment to provide local liquidity to AIM-based shareholders, we will have arrived at a key milestone,’ Sintana Chief Executive Officer Robert Bose says.

Sintana says its market capitalisation on AIM is expected to be about £107 million. Its current market cap in Toronto is C$145.9 million, about £78.8 million. The company completed its £45 million all-share takeover of AIM-listed Challenger Energy earlier this month.

Sorry. Let's try again.

https://stockhouse.com/companies/bullboard?symbol=v.sei

It doesn't work it could be because one needs to register on their website.

It's one of the better forums which I managed to track down which discusses Sinthana.

thanks for the comprehensive reply, and appreciating that i'm not a ramper or /deramper.

i believe that most investors in the bahamas and uruguay were there for a punt and were aware of the risks. previously bpc was 'de-risked' via leo koot selling them a lennon called columbus. now it seems that the lennon of sintana was sold by robert bose. (see what sintana d shareholders think (https://stockhouse.com/companies/bullboard?symbol=v.sei)

sintana's share price speaks volumes about robert bose, and must have known about the galp deal.

sintana is short of cash and this deal was just another dilution (in all but name) for them to get their hands on ceg's cash. possibly they won't even be around by this time next year.

finally, i want to know why simon potter, afterr receiving an annual salary of $1 million during his tenure, has been rewarded? he failed and should have resigned and left with a bit of honour years ago.

on the other hand, randy his**** should have been rewarded, as without him there would be no ceg.

i hope that i am m wrong and that sintana is gold, but i have my doubts now

The value of Challenger shares were shot 13p when did deal with announce.

Now each share is worth roughly 9.7 p.

The only positive thing here is that it's not as big of a Dog's Dinner as the P1 funding fiasco.

Italy's Eni establishes Uruguay offshore presence

Published: Tuesday, November 25, 2025

Italy’s national oil company Eni has agreed to acquire 50% and operatorship of an offshore Uruguay exploration license from Argentine counterpart YPF.

Under the deal, which requires final approval from Uruguayan authorities, Eni will take the reins of deepwater area OFF-5, which covers approximately 17,000km².

"Block OFF-5 represents a highly prospective area that further strengthens Eni’s exploration portfolio that combines a large and robust set of near-field and infrastructure-led exploration prospects with diversified selected high-impact opportunities, on which to apply Eni’s proprietary technologies to expedite and maximize value," Eni said in a statement.

All of Uruguay’s seven offshore exploration blocks have active contracts.

YPF signed an agreement with Uruguay in 2023. The committed exploration program includes geological evaluation, assessment of prospective resources, and 3D inversion modeling of magnetic and gravimetric data.

Other firms with offshore interests in Uruguay are Challenger Energy, Shell and APA Corporation.

Canadian upstream firm Sintana Energy recently agreed to acquire Isle of Man-registered Challenger.

Oil and gas shows have been reported offshore Uruguay in previous exploration phases, but no commercial discoveries have been made.

Uruguay and Argentina, as well as a company targeting acreage off the Falkland Islands, have said discoveries offshore West Africa were made in geological formations similar to those found off the South American coast.

In Argentina, Eni is working with YPF on a liquefied natural gas (LNG) export project.

Eni said the Uruguay agreement “further strengthens the collaboration between Eni and YPF.”

The LNG project – the third phase of Argentina LNG – involves deploying two YPF LNG vessels with combined capacity of around 12Mt/y.

Eni is YPF’s strategic partner. United Arab Emirates-based Adnoc recently joined the project.

I didn't expect to find the video useful and thought that's by watching it I would waste one hour of my life, which I would never get back.

It is very good, albeit slow. It covers the deal from the perspective of a Sintana shareholder, and he draws attention to a number of issues which had crossed my mind, including the 'shadiness' off the current deal. (Has anybody seen Leo Koot recently?), and the financial reasons (cash flow) why the deal is taking place.

There are a couple of points which I disagree with him on, but those are my own reasons and I will not discuss them on here. Suffice to say that I expect some positive news on sections which he does not.

The worrying message about the video though was that Eytan is a much better negotiator than Robert when it comes to deals., so I hope that Eytan doesn't become the junior partner in the new company and continues to get the quality deals which he has managed to get so far.

As for myself, I don't think I would invest in the new company if I was a new shareholder. I was here for the Bahamas and not for Namibia (risks of doing business in Africa).Having said that, I have lost so much money over the years that I am hoping to get some of it back in the future from Challenger's current assets.

In summary, the video is worth watching if you haven't bothered going through the recent presentations with a fine tooth comb.

Since I originally posted this, some naughty people who missed the deadline of filing an RNS last week have filed theirs since.

In the post last week I estimated that the people listed owned between 55 to 60% of the company. With the additional RNSs published since then (including the big American one today), the figure has increased to the 70%.,meaning that Eytan has reached his target of 'sophisticated' shareholding.

After the take over, however, he may be back to square one, as my internet search has shown that Sintana's share ownership demographic is a very much scewed towards smaller investors, with a few large holders (Knowledge Katti is one name which came up).

I have no idea if this is relevant or not, butI would like to hear from Robert Bose and Eytan whether this is something which they want to address in the future, as their decision will probably affect us lesser mortals.

It seems that even though everybody is equal on this platform, in reality some people are more equal than others.

Searching through some of the names I noticed that RAB Capital and William Richards are linked, for example.

With your 2.92%, and assuming that there is no double counting, that list includes between 55 and 60% of the company.

Possibly some omissions on top of the emissions 😄

Based on the company's own website and the recent disclosures here is a list of the Major shareholders (≥ ~1%) of Challenger Energy.

Treat the list with caution as there may be double counting and emissions, but it's an indication of whose word is going to be important over the next few weeks.

# Shareholder / Discloser Date of Disclosure (if RNS) Shares / Interests % of Issued Capital Source / Notes

1 Hargreaves Lansdown Asset Management Ltd. — 27,325,179 ~11.12 % Company IR / Marketscreener (as of 25 Sep 2025)

2 Morgan Stanley — 22,424,873 ~8.99 % Company IR / Marketscreener

3 Choice Investments Pty Ltd (Wesley Jon Maas) 23–24 Oct 2025 16,740,000 ~6.71 % Form 8.3 RNS / Marketscreener

4 Eytan M Uliel — 15,122,432 ~6.15 % Company IR / Marketscreener

5 Interactive Investor — — ~5.26 % Company IR (25 Sep 2025)

6 Mark Carnegie — 11,200,000 ~4.49 % Company IR / Marketscreener

7 Fitzpatrick Family — — ~4.44 % Company IR (25 Sep 2025)

8 Rookharp Capital Pty Ltd. — 10,560,000 ~4.24 % Company IR / Marketscreener

9 Charlestown Energy Partners LLC — 9,000,000 ~3.61 % Company IR / Marketscreener

10 William Philip Richards 22 Oct 2025 8,618,000 ~3.46 % Form 8.3 RNS

11 Merseyside Pension Fund (Wirral Borough Council) 20–21 Oct 2025 8,347,000 ~3.35 % Form 8.3 RNS

12 Bektash Manavi 22–23 Oct 2025 2,303,495 Ord + 5,900,000 Derivatives = 8,203,495 ~3.29 % Form 8.3 RNS

13 RAB Capital — — ~3.58 % Company IR (25 Sep 2025)

14 Goldman Sachs International — — ~3.31 % Company IR (25 Sep 2025)

15 Avanza (Avanza Bank Holding AB) 9–13 Oct 2025 3 shares 0.0000012 % Form 8.3 RNS