Mr. Robert Bose reports

PORTFOLIO UPDATE

Sintana Energy Inc. has provided the following update on developments across its portfolio of high-impact assets.

Highlights:

• 57-per-cent increase to Mopane 3C contingent resource -- Sintana net interest now approximately 67 million barrels of oil equivalent;
• Area Off-1 Uruguay seismic under way, with 22 per cent of planned season 1 acquisition completed;
• Strong regional momentum in Uruguay continues, with Chevron and QatarEnergy farming in to multiple offshore blocks adjacent to the company's Area Off-3 block;
• $3-million cash received from ExxonMobil as first instalment of agreed Colombia settlement.

Robert Bose, chief executive officer of Sintana, said: "Over the past two weeks, it has been extremely encouraging to see a number of positive catalysts unfold across our portfolio. In Namibia, as the holder of a carried 4.9-per-cent indirect interest in PEL 83, we benefit from a substantial 57-per-cent increase in the Mopane contingent resource base, taking our interest to 67 million barrels of oil equivalent. This comes ahead of a three-well drilling campaign that TotalEnergies is planning to commence later this year and which we expect should further expand what is already a world-scale project as it progresses toward FID [final investment decision] in 2028 and first oil in 2032.

"In Uruguay, the 3-D seismic acquisition is now well under way on our Area Off-1 block, and the news that Chevron and QatarEnergy have farmed in to multiple offshore blocks adds to the strong regional momentum we are seeing and reinforces the excitement we feel about the country. Meanwhile, we have received the first instalment of settlement proceeds relating to our exit from Colombia, strengthening our balance sheet and demonstrating our ability to successfully monetize non-core assets at the appropriate time. We look forward to sharing more updates with shareholders as the year progresses."

Namibia -- Mopane resource upgrade

On March 23, 2026, Galp Energia released its Integrated Management Report 2025, detailing a significant upgrade to 3C contingent resources within the Mopane complex on PEL 83, offshore Namibia. The previously reported 3C contingent resource of 875 million barrels of oil equivalent (gross) has been upgraded to 1.38 billion barrels of oil equivalent (gross), marking a substantial 57-per-cent increase following the success of Galp Energia's exploration and appraisal drilling and highlighting the significant resource potential of Mopane and the broader PEL 83.

Galp Energia is currently operator of PEL 83, with TotalEnergies in the process of farming in and assuming operatorship, ahead of a planned three-well drilling campaign commencing in the second half of 2026, with a target FID expected in 2028 and target first oil in 2032. TotalEnergies has indicated the potential for significant further resource growth emanating from a possible inboard extension of Mopane in addition to the presence of two newly identified large prospects, Quiver and Sobreiro. The company is fully carried on the costs of the coming well drilling program by TotalEnergies and Galp Energia.

Sintana holds an indirect carried interest of 4.9 per cent in PEL 83. Based on the upgraded contingent resource as detailed in Galp Energia's Integrated Management Report 2025, Sintana's net indirect interest is approximately 67 million barrels of oil equivalent.

Uruguay -- additional regional farm-in activity and seismic acquisition update

On March 25, 2026, ANCAP, the Uruguayan state-owned oil company and industry regulator, advised that QatarEnergy has farmed in to Uruguay offshore blocks Area Off-2 (30 per cent) and Area Off-7 (30 per cent) (both operated by Shell), and Chevron has farmed in to Area Off-7 (30 per cent) -- in each case, as non-operating partners. Area Off-2 is the block immediately adjacent to Sintana's Area Off-3, and Area Off-7 is the block immediately outboard of Area Off-3.

This farm-in activity expands Chevron's presence in Uruguay to two blocks including Sintana's Area Off-1 block, where Chevron holds a 60-per-cent interest and is operator following a farm-in in 2025. It also represents a new country entry for QatarEnergy, increasing the roster of major global oil and gas businesses now present in Uruguay to Chevron, Shell, APA, YPF, ENI and QatarEnergy. Sintana is the only junior company with exposure to this rapidly emerging exploration hot spot.

As announced by the company on March 3, 2026, 3-D seismic acquisition on Area Off-1 is under way. As of March 25, 2026, approximately 564 square kilometres of seismic data have been acquired, which represents 22 per cent of planned acquisition for the first season ending April, 2026. Most acquisition relevant to the key prospects identified on Area Off-1 is expected to be completed in the first season, with fast-track results expected in Q4 2026 and full PSDM (prestack depth migration) results from the first season expected in Q2 2027. The company is carried for the costs of this seismic acquisition program by Chevron.

Colombia -- receipt of initial instalment payment from ExxonMobil

On Feb. 4, 2026, the company announced it had reached agreement to resolve an arbitration with ExxonMobil relating to the VMM-37 block in Colombia, whereby the parties had agreed to dismiss the arbitration; the company had agreed to conditionally assign all its interests in VMM-37 to ExxonMobil; and ExxonMobil had agreed to make a total of $9-million in cash payments to the company: an initial payment of $3-million within 60 days and a second $6-million payment contingent on Colombian governmental approval. Subsequently, the arbitration has been dismissed as agreed, and the company has now received the first payment of $3-million from ExxonMobil. The parties are working collaboratively in relation to securing the requisite governmental approvals and presently expect payment of the second instalment prior to year-end 2026.

About Sintana Energy Inc.

Sintana Energy is an Atlantic Margin-focused oil and gas company, holding interests in a diverse portfolio of high-impact assets that spans the Southern Atlantic conjugate margin. The company's current portfolio is strategically positioned in the emerging frontier geographies of Namibia, Uruguay and Angola, with additional legacy assets in Colombia and the Bahamas. Led by an experienced team, Sintana Energy is partnered with major industry players and benefits from significant carry support on key licences across multiple jurisdictions. Sintana Energy is listed on the TSX Venture Exchange in Canada under the symbol SEI, in the United Kingdom on the London Stock Exchange's Alternative Investment Market under the symbol SEI and in the United States on the OTCQX under the symbol SEUSF.

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