Offers Made for Stake in Oil Exploration License
Research Report

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Disclosures for Auctus Advisors, Sintana Energy Inc., July 21, 2025

Sintana Energy Inc (“Sintana” or the “Company”) is a corporate client of Auctus Advisors LLP (“Auctus”). Auctus receives, and has received in the past 12 months, compensation for providing corporate broking and/or investment banking services to the Company, including the publication and dissemination of marketing material from time to time. MiFID II Disclosures This document, being paid for by a corporate issuer, is believed by Auctus to be an ‘acceptable minor non-monetary benefit’ as set out in Article 12 (3) of the Commission Delegated Act C(2016) 2031 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. It is produced solely in support of our corporate broking and corporate finance business. Auctus does not offer a secondary execution service in the UK. This note is a marketing communication and NOT independent research. 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Sintana Energy Inc.'s (SEI:TSX.V; SEUSF:OTCQX) partner, Galp Energia of Portugal, operating in offshore Namibia in the Orange Basin, received multiple nonbinding offers from reputable parties for a stake in petroleum exploration license 83 (PEL 83), home of the Mopane discovery, reported Auctus Advisors Analyst Stephane Foucaud in a July 21 research note. Sintana is a Canadian oil and gas oil explorer.

"Any announced transaction would provide meaningful readthrough for Sintana's 4.9% carried interest in PEL 83, which we currently value at CA$1.19 per share (CA$1.19/share)," Foucaud wrote.

186% Upside Suggested

Auctus Advisors maintained its CA$1.80/share target price on Sintana, trading at the time of Foucaud's report at about CA$0.61/share, noted the analyst.

Given these prices, the target implies a potential return for investors of 186%.

Various License Updates

Looking for a partner to drill PEL 83, Galp is in active discussions with several counterparties with strong operating credentials and a strategic focus on Namibia, Foucaud explained. These prospects intend to fully explore PEL 83 at a pace that is value enhancing for Galp. Galp is looking to announce a farm-in partner by year-end.

As for PEL 79, in which Sintana owns a 16.5% interest, it was extended for a year to July 2026. In the Orange Basin, PEL 79 is adjacent to PEL 85, where Rhino Resources Ltd. and Azule Energy made a light oil discovery at Capricornus-1X and where a third well is expected to be spud in Q3/25. PEL 79 also is next to PEL 3, where BW Energy is expected to launch an exploration and appraisal campaign in H2/25. Auctus Advisors' unrisked net asset value (NAV) of PEL 79 is CA$0.24/share, noted Foucaud.

According to Pancontinental Energy NL, operator of PEL 87, also in the Orange Basin, provided an update on three-dimensional seismic data, noted Foucaud. Sintana has an indirect ownership of PEL 87, as it owns a 49% interest in Custos Energy, and Custos owns 15% of PEL 87. Quantitative interpretation of the data supports a high-quality reservoir system with a high net to gross of productive reservoir rocks. Hydrocarbon fluid effects in conjunction with identified amplitude versus onset anomalies further suggest this is the case.

Basin modeling confirms that the Kudu source rock is ubiquitous throughout PEL 87. There's a mature source rock "kitchen" beneath and northeast of the Saturn complex that is generating hydrocarbons with a low gas oil ratio. Modeling also indicates that generative capacity exceeds 20,000,000,000 barrels feeding directly into Saturn. Auctus Advisors' unrisked NAV of PEL 87 is CA$1.77/share.

Upcoming Events

Foucaud reported two potential catalysts in the near term for Sintana Energy. The soonest, expected to start in late 2025-early 2026, is drilling at PEL 90, in the Orange Basin. Trago Energy owns 10% of PEL 90, Custos owns Trago and Sintana owns a 49% interest in Custos. Chevron owns 52.5% of PEL 90. Auctus Advisors' unrisked NAV of PEL 90 is CA$0.79/share.

Drilling of a carried well at PEL 82 in the Walvis Basin, north of the Orange Basin, is slated for early 2026, noted Foucaud. Custos owns 10% of PEL 82, and Sintana holds a 49% stake in Custos. Chevron owns 80% of PEL 82. Auctus Advisors' unrisked NAV of PEL 82 is an estimated CA$0.24/share.