Sintana Energy Inc. Provides Portfolio Update - Walvis Basin Expansion

Core Viewpoint - Sintana Energy Inc. has entered into a Letter of Intent (LOI) for an exclusive investment opportunity in PEL 37, located in the Walvis Basin offshore Namibia, which is adjacent to PEL 82 operated by Chevron [1][2][5] Group 1: Investment Details - The LOI grants Sintana a period of exclusivity until April 30, 2026, to conduct due diligence on Paragon Oil and Gas Pty Ltd and PEL 37, and to negotiate terms for capital contribution [3][5] - Sintana will pay a deposit of $1 million to secure this exclusivity, with one-third of the deposit being non-refundable if Sintana decides not to proceed [4] Group 2: PEL 37 Overview - PEL 37 is 100% held and operated by Paragon, covering an area of 17,295 km² in relatively shallow waters (100 - 1500m), with identified prospects at depths between 300 and 600m [3] - The block is situated over a proven, mature oil-prone Aptian source rock, indicating significant hydrocarbon resource potential [3] Group 3: Strategic Importance - The investment in PEL 37 is seen as a strategic expansion of Sintana's core portfolio, providing additional options linked to upcoming exploration activities in the adjacent PEL 82 [5] - CEO Robert Bose emphasized the low-cost exclusivity over a material indirect interest in PEL 37, highlighting its high-impact potential [5]