Interim Results For The Three Months Ended March 31, 2026
Rhea-AI Summary
Sintana Energy (OTCQX:SEUSF) reported interim Q1 2026 results and operational updates. The company highlighted completion of the all-share acquisition of Challenger Energy and admission to trading on AIM, with integration progressing through the quarter.
Key items include a $9 million VMM-37 arbitration settlement with ExxonMobil ($3 million received, $6 million expected by year-end 2026), a Q1 2026 net loss of $1.1 million versus $2.3 million in Q1 2025, and period-end cash of $8.2 million. Total assets were $60.5 million compared with $62.1 million a year earlier.
Operationally, Galp announced a 57% upgrade in 3C contingent resources at the Mopane discovery to 1.38 billion boe (gross), a letter of intent secured exclusivity over a potential indirect interest in PEL 37 offshore Namibia, and 3D seismic acquisition began over AREA OFF-1 offshore Uruguay.
AI-generated analysis. Not financial advice.
Positive
- VMM-37 arbitration settlement totals $9 million, with $3 million received and $6 million expected by end-2026
- Q1 2026 net loss reduced to $1.1 million from $2.3 million in Q1 2025
- Completion of all-share acquisition of Challenger Energy Group and AIM listing effective December 2025
- Galp Energia announced a 57% upgrade to Mopane 3C contingent resources to 1.38 billion boe (gross)
- 3D seismic acquisition started over AREA OFF-1 offshore Uruguay with about 1,600 km² acquired
Negative
- Company remains loss-making with a Q1 2026 net loss of $1.1 million
- Cash decreased to $8.2 million at 31 March 2026 from $10.3 million a year earlier
- Total assets declined to $60.5 million from $62.1 million year-on-year
- Higher general and administrative expenses partially offset the benefit from VMM-37 settlement proceeds
News Market Reaction – SEUSF
On the day this news was published, SEUSF declined 5.19%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
TORONTO, ON / ACCESS Newswire / May 15, 2026 / Sintana Energy Inc. (TSX-V:SEI)(AIM:SEI)(OTCQX:SEUSF) ("Sintana" or the "Company") announces that it has filed its interim financial statements for the three months ended 31 March 2026 ("Q1 2026") and the accompanying Management's Discussion and Analysis ("MD&A").
The following should be read in conjunction with the complete unaudited unreviewed interim financial statements and the accompanying MD&A for the three months ended 31 March 2026, which are available on the Canadian System for Electronic Document Analysis and Retrieval ("SEDAR+") at www.sedarplus.ca and on Sintana's website at https://sintanaenergy.com
Q1 2026 Operational and Financial Highlights
Completion of the all-share acquisition of Challenger Energy Group Plc and admission to trading on AIM (both effective December 2025), with integration progressing smoothly during Q1 2026.
Galp Energia announced a
57% upgrade to 3C contingent resources at the Mopane discovery (PEL 83, offshore Namibia), from 875 mmboe to 1.38 billion boe (gross); TotalEnergies confirmed an FID target of 2028 and first oil in 2032.Letter of Intent signed securing exclusivity over a potential indirect interest in PEL 37, Walvis Basin, offshore Namibia; definitive documentation expected in Q2 2026 and completion in H2 2026.
3D seismic acquisition commenced over AREA OFF-1, offshore Uruguay, with circa 1,600 km² acquired in the first season and fast-track results expected in Q4 2026.
Settlement reached with ExxonMobil resolving the VMM-37 arbitration for total cash payments of
$9 million ($3 million received,$6 million expected before year-end 2026); net loss reduced to$1.1 million (Q1 2025:$2.3 million ); cash of$8.2 million at period end.Net loss for Q1 2026 of
$1.1 million , a reduction from$2.3 million in the comparative period in 2025, primarily reflecting the receipt of$2.3 million of net proceeds from the VMM-37 settlement, partially offset by higher general and administrative expenses.As at 31 March 2026, the Company had total assets of
$60.5 million (2025:$62.1 million ), including cash of$8.2 million (2025:$10.3 million ).
For further information, please contact:
Sintana Energy Inc Robert Bose, Chief Executive Officer | Tel: +44 (0)7 747 845 987 |
Zeus - Nomad and Joint Broker Antonio Bossi / Darshan Patel / George Duxberry | Tel: +44 (0) 20 3829 5000 |
Cavendish Capital Markets Limited - Joint Broker Neil McDonald / Derrick Lee / Pearl Kellie | Tel: +44 (0) 20 3493 8000 |
Jonathan Paterson - Investor Relations | Tel: +1 475 477 9401 |
CAMARCO - Financial PR | Tel: +44 (0) 20 3757 4980 |
About Sintana Energy
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 licenses across multiple jurisdictions. Sintana Energy is listed on the TSX-V in Canada under the symbol "SEI", in the United Kingdom on the LSE-AIM under the symbol "SEI" and in the U.S. on the OTCQX under the symbol "SEUSF".
For further information, please visit sintanaenergy.com
Forward-Looking Statements
The information provided in this announcement contains certain forward-looking statements and information (collectively, "forward-looking statements") within the meaning of applicable securities laws. Such forward-looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to assumptions, risks and uncertainties, many of which are beyond the control of Sintana. Forward-looking statements are predictive in nature, depend upon or refer to future events or conditions, or include words such as "expect", "plan", "anticipate", "believe", "intend", "maintain", "continue to", "pursue", "design", "result in", "sustain" "estimate", "potential", "growth", "near-term", "long-term", "forecast", "contingent" and similar expressions, or are events or conditions that "will", "would", "may", "could" or "should" occur or be achieved. The forward-looking statements contained in this announcement speak only as of the date hereof and are expressly qualified by this cautionary statement.
Forward-looking statements are based upon, among other things, factors, expectations and assumptions that Sintana has made as at the date of this announcement regarding, among other things, the receipt of all applicable regulatory approvals and the anticipated schedule for receipt of funds pursuant to the Settlement Agreement.
Undue reliance should not be placed on the forward-looking statements because no assurance can be given that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These risks include, but are not limited to, the ability of Sintana to receive all necessary regulatory approvals and third party satisfaction of all conditions of the Settlement Agreement.
Except as may be required by applicable securities laws, Sintana does not assume any obligation or intent to update publicly or revise any forward-looking statements made herein, whether as a result of new information, future events or otherwise.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE: Sintana Energy Inc.
View the original press release on ACCESS Newswire