Sintana Energy (SEI) Oil & Gas Virtual Investor Conference summary

Portfolio Overview and Strategic Positioning

• Holds interests in high-potential oil and gas blocks in Namibia, Uruguay, and Angola, with a capital-efficient, partner-funded model leveraging industry leaders like TotalEnergies and Chevron.

• Portfolio is anchored by the Mopane discovery in Namibia (PEL 83), now operated by TotalEnergies and progressing toward development.

• Recent merger added two Uruguay blocks, further diversifying the portfolio.

• Portfolio includes multiple exploration projects with defined drilling and seismic activity planned, and exposure to three active regions at complementary stages.

• Multi-well catalyst cycle expected in 2026-2027, predominantly funded by partners.

Flagship Asset: Mopane (PEL 83)

• Mopane is a world-scale discovery with an estimated 1.3 billion barrels of resources and potential for up to 10 billion barrels.

• TotalEnergies acquired a 40% interest and will lead a three-well appraisal campaign starting later this year.

• Project targets 200,000 barrels/day production, with FID expected by 2028 and first oil by 2032-2033.

• Sintana is fully carried through development, with no expected CapEx exposure but full upside participation.

• Broker and NPV valuations of Sintana’s stake in Mopane range from $195M–$242M, exceeding current market cap.

Exploration and Growth Catalysts

• Six additional licenses in Namibia, including three in the Orange Basin and others in the Walvis Basin, with active seismic and drilling plans.

• Uruguay portfolio includes Area OFF-1 (Chevron partnership, 3D seismic underway) and OFF-3 (farm-out process ongoing).

• Angola interest (CON-16/KON-16) is progressing toward drilling after recent seismic work, with exploration well planned for 2026-2027.

• Multiple blocks are fully or partially carried, limiting financial risk while maximizing upside.

• Three blocks featured in Westwood’s “wells to watch,” highlighting industry interest.