Mr. Robert Bose reports

CHALLENGER ENERGY GROUP PLC ACQUISITION UPDATE

Sintana Energy Inc. has provided the following update in regard to the previously announced intention to complete an acquisition of Challenger Energy Group PLC by way of an all-share acquisition pursuant to which Sintana will acquire all of the issued and to-be-issued ordinary share capital of Challenger.

Further to announcements made by the Sintana and Challenger on Oct. 9, 2025, in relation to the proposed recommended offer, the board of Challenger confirmed that it filed today a claim form in the High Court of Justice of the Isle of Man, civil division, Chancery procedure, for an order under Part IV (Section 152) of the Isle of Man Companies Act 1931, to convene, on Nov. 26, 2025, at 12 p.m. local time, a meeting of the holders of Challenger's ordinary shares for the purpose of considering and if thought fit approving (with or without modification) the scheme proposed to be made between the Challenger and the holders of its shares to give effect to the offer. Further details regarding the scheme are set out in the aforementioned announcements made by each of Sintana and Challenger on Oct. 9, 2025.

If the court makes an order that the court meeting be convened and if at the court meeting a majority in number of the scheme shareholders present and voting, either in person or by proxy, representing at least 75 per cent in value of the shares held by those scheme shareholders present and voting, agree to the proposed arrangements, the court may under Section 152 of the Isle of Man Companies Act 1931 sanction the proposed scheme.

A hearing of the claim is listed for Oct. 29, 2025, at 10:30 a.m. local time. The convening hearing is to be held at the Isle of Man Courts of Justice Deemsters Walk, Bucks Rd., Douglas, IM1 3AR. Scheme shareholders are entitled to attend or be represented at both the convening hearing and the hearing of the court at which Challenger will seek an order sanctioning the scheme, which is expected to be held on Dec. 9, 2025, at 10:30 a.m. local time.

Subject to the order being granted, a scheme document in relation to the proposed scheme will be published in due course, and a further announcement will be made at that time.

As previously announced, the independent directors of the board of Challenger intend to recommend unanimously that Challenger shareholders vote in favour of the acquisition, and Sintana has received irrevocable undertakings from certain of Challenger's shareholders (including directors) to vote their Challenger shares in favour of the acquisition representing, in aggregate, approximately 34.2 per cent of Challenger's issued ordinary share capital as of Oct. 8, 2025.

Additionally, a special committee of the board of directors of Sintana constituted by disinterested directors, having received a fairness opinion from Pareto Securities AS in its capacity as a financial adviser to Sintana, recommended the acquisition to the board of Sintana. The acquisition received unanimous support from voting directors, which did not include Robert Bose, who abstained from voting due to his roles as a director and/or officer with each of Sintana and Challenger.

Completion of the acquisition is subject to customary regulatory, stock exchange and Challenger shareholder approvals, and is expected to close by the end of the fourth quarter of 2025.

About Sintana Energy Inc.

The company is engaged in petroleum and natural gas exploration and development activities in five large, highly prospective, onshore and offshore petroleum exploration licences in Namibia, as well as in Colombia's Magdalena basin. Sintana's exploration strategy is to acquire, explore, develop and produce superior-quality assets with substantial value-added potential.

We seek Safe Harbor.