Mr. Robert Bose reports

KON-16, ANGOLA: EXECUTION OF DEFINITIVE TRANSACTION DOCUMENTATION

Sintana Energy Inc. has entered into definitive agreements for the acquisition of an interest in Block KON-16 in the onshore Kwanza basin in Angola, first announced on May 14, 2025.

The agreements comprise a share purchase agreement (SPA) and a shareholder agreement relating to Corcel KON-16 Ltd. (CorKon), the Corcel PLC group company that will hold an 85-per-cent participating interest in Block KON-16. The agreements provide for Sintana's acquisition of an indirect 5-per-cent participating interest in Block KON-16, through the purchase of shares in CorKon, and establish the governance, financing and transfer arrangements applicable to CorKon following completion.

In addition to the 5-per-cent indirect participating interest, the agreements also provide for Sintana to receive a net profit interest of 2.5 per cent of Corcel's net proceeds from Block KON-16 after first oil until aggregate payments of $50-million (U.S.) have been made, reducing to 1.5 per cent thereafter.

Completion of the transaction remains conditional upon governmental, regulatory and third party approvals, including those required in Angola, as well as applicable AIM (Alternative Investment Market) and TSX Venture Exchange requirements. These are expected to be finalized prior to year-end 2026. Aggregate consideration for the acquisition is $2.5-million (U.S.), comprising a $500,000 (U.S.) initial payment previously paid to Corcel and a $2-million (U.S.) cash balance payable at completion.

Corcel has also provided an operational update in relation to Block KON-16, the highlights of which are as follows:

• Final PSTM (prestack time migration) seismic volumes for recently acquired 2-D has been received. This data set materially enhances imaging and structural definition across the block and is being incorporated into the continuing prospect maturation, well location selection and partner technical review processes.
• A geomechanical program has been completed, providing the technical basis for detailed drilling engineering and well design.
• NRG has been appointed for the next phase of engineering and well design for the Block KON-16 exploration drilling campaign.
• Corcel has confirmed it is targeting drilling of a presalt exploration well on Block KON-16 in 2027, subject to final technical selection, approvals, financing, rig availability and partner alignment.

Robert Bose, chief executive officer of Sintana Energy, said: "We are very pleased to reach this milestone with our partners at Corcel. The continuing progress and emergence of the opportunity on KON-16 positions us to realize on this offshore-scaled resource with an onshore cost. We look forward to providing further updates over the coming quarters."

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.

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