Mr. Robert Bose reports

PORTFOLIO UPDATE - STRATEGIC INVESTMENT IN MARAVILLA OIL AND GAS

Further to Sintana Energy Inc.'s previous announcement dated Jan. 20, 2026, definitive documentation providing for the acquisition of a 44-per-cent interest in Maravilla Oil and Gas Pty. Ltd., a privately held Namibian company focused on high-impact opportunities in West Africa, has been entered into. Maravilla is indirectly controlled by Knowledge Katti, a non-executive director of the company.

Maravilla has assets in Namibia and is exploring additional opportunities in emerging frontier geographies regionally. It is the owner of an 80-per-cent controlling shareholding in Paragon Oil and Gas Pty. Ltd., also a privately held, Namibian company which in turn owns a 100-per-cent operated interest in petroleum exploration licence 37 located in the Walvis basin, offshore Namibia. Sintana's investment in Maravilla provides an indirect 35-per-cent interest in PEL 37.

Key investment highlights:

• Strategic partnership with Maravilla opens access and creates shared resources:
  • Sintana's investment in Maravilla provides resources to further develop, mature and refine opportunities including an inventory of prospects on PEL 37.
  • Additionally, the partnership provides a platform for both parties to work together to continue identifying and evaluating capital-efficient, high-impact opportunities in West Africa more broadly.
• PEL 37 is a large, highly prospective licence with significant seismic coverage:
  • PEL 37 covers an area of 17,295 square kilometres in relatively shallow waters (100 to 1,500 metres), with identified prospects at water depths between 300 and 600 m, and with multiple large fans directly overlying a proven, mature oil-prone Aptian source rock.
  • PEL 37 benefits from an extensive technical database already in place, including 2,813 square kilometres (2014) of 3-D seismic data, approximately 1,000 line km of 2-D seismic data (2014) and historical drilling activity (Cormorant-1 (2018) and Sasoil (1995)).
• PEL 37 is positioned to benefit from coming offset exploration activities:
  • PEL 37 sits north and easterly inboard of petroleum exploration licence 82 operated by an affiliate of Chevron Corp. and in which Sintana's Namibian affiliate Custos Energy Pty. Ltd. maintains a 10-per-cent interest (Sintana holds a 49-per-cent shareholding in Custos).
  • PEL 82 is approximately 70 per cent covered in 3-D seismic, and is home to the Murumbe-1 and Wingat-1 wells previously drilled by HRT Participacoes em Petroleo SA, which intersected underlying source rock and from which light oil was brought to surface.
  • Chevron has indicated an expectation of exploration activities, including a potential inaugural exploration well in 2027.
  • Given the geographic and technical setting of PEL 37 relative to PEL 82, the outcomes of future drilling on PEL 82 could have significant read-through implications for PEL 37.
• PEL 37 offers expanded exposure to the next phase of Namibian offshore:
  • A successful opening of the Walvis basin would represent the next major phase of the expansion of the broader Namibian offshore environment, following the enormous discovery successes in the Orange basin to the south.
  • In addition to coming activities on PEL 82 led by Chevron, in April, 2026, Eco (Atlantic) Oil & Gas Ltd. announced the farm-down of interests in three of its licences in the Walvis basin (adjacent to PEL 82 and PEL 37) to BP PLC, and is expecting to conduct significant activities on these licences over the coming 12 to 24 months. This includes seismic acquisition, reprocessing and potential exploration well decisions.

In conjunction with Sintana's investment, Maravilla will make a $1-million (Namibian) donation to the communities in the Erongo region to be distributed in co-ordination with the Office of the Governor, Dr. Natalia Igoagoses, and the Knowledge Foundation, led by Mr. Katti.

Robert Bose, chief executive officer of Sintana, said: "Expanding our platform though an investment in Maravilla is the continuing demonstration of our ability to secure cost-effective exposure to high-impact exploration licences in emerging basins. The expansion of our Walvis basin footprint positions us to participate in the next chapter of Namibia's offshore success. We look forward to providing updates on progress in the coming quarters."

Transaction details

The total consideration for the acquisition is $6.5-million (U.S.), composed of a $500,000 (U.S.) deposit (paid by Sintana in January, 2026, at the time of signing of the letter of intent), $3.0-million (U.S.) in cash at signing and closing, $500,000 (U.S.) in prefinanced expenses associated with continuing technical and commercial work on PEL 37, and $2.5-million (U.S.) in newly issued Sintana common shares at a price of 30 U.S. cents per common share.

Closing is subject to, among other things, regulatory approvals and other standard transactional closing conditions. The company will issue further announcements at the appropriate time, including in relation to the closing of the acquisition.

Related-party transaction

Mr. Katti is a related party of the company for the purposes of the Alternative Investment Market Rules for Companies by virtue of being a director of the company. Accordingly, his participation in the acquisition constitutes a related-party transaction pursuant to AIM Rule 13. The independent directors of the company (excluding Mr. Katti), having consulted with Zeus Capital Ltd., the company's nominated adviser, consider that the terms of the acquisition are fair and reasonable insofar as the company's shareholders are concerned. Expenditures by Maravilla, excluding acquisition costs, over the preceding 12 months have been immaterial within the context of Sintana's operations.

About Sintana Energy Inc.

Sintana, the Canadian parent company of a group of companies, is focused on the acquisition, exploration, potential development and, ultimately, the monetization of a diverse portfolio of interests in high-impact assets with significant hydrocarbon resource potential in emerging frontier geographies. Specifically, this includes interests in eight licences in two countries, Namibia and Uruguay, as well as pending indirect interests in additional licences in Namibia and Angola (and legacy assets in Colombia and the Bahamas), providing exposure to a range of geologic plays, basins, operators, regulators, jurisdictions and geopolitical regimes.

We seek Safe Harbor.