Equity Capital Markets and Advisory Business, Auctus Advisors

Auctus Advisors

Equity Capital Markets and Advisory Business

Auctus Advisors is a specialist Equity Capital Markets and Advisory business with a focus in the Energy Sector. The partners have complementary skill sets, with decades of experience across Equity Capital Markets, Investment Banking and the Energy industry. We have worked at Société Générale, Canaccord Capital, BMO Capital Markets and Schlumberger. Most recently we have worked together for many years at GMP FirstEnergy. Auctus has been set up at the beginning of a new decade in which we see significant opportunities in the Energy space. Globally, demand for energy is at record levels and continues to grow. Conversely, investment in traditional energy sources has been severely constrained. We believe this imbalance creates opportunities for both companies and investors. Auctus provides Corporate Broking, Equity Research and Investment Banking services.

Equity Bottom-Up

<ul>
<li>Sintana is entering a highly active and potentially transformational two‑year period, with up to 10 high‑impact E&amp;A wells expected across the portfolio.</li>
<li>Our unrisked value for these wells is NAV is ~£4.90/sh.</li>
<li>The company already holds 67 mmboe of 3C contingent resources in Namibia, implying an EV/boe of ~US$3.8 to the discovered volumes.</li>
</ul>


Sintana is entering a highly active and potentially transformational two‑year period, with up to 10 high‑impact E&amp;A wells expected across the portfolio.
Our unrisked value for these wells is NAV is ~£4.90/sh.
The company already holds 67 mmboe of 3C contingent resources in Namibia, implying an EV/boe of ~US$3.8 to the discovered volumes.


Sintana Energy Inc. (TSX-V: SEI): 24 months that could redefine Sintana

Thematic (Sector/Industry)

<ul><li>AUCTUS PUBLICATIONS ________________________________________ Criterium Energy (CEQ CN)C; Target price of C$0.40 per share: Facility sharing contract signed – Criterium has signed a facility sharing agreement with Jindi, granting access to the 30 mmcf/d TRGP and 60 km pipeline to the Sekernan gas sales point.</li><li>This represents the last commercial hurdle to reach first gas.</li><li> Corcel (CRCL LN)C; Target price of 1.40p per share: Angola approves increased position in KON-16.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ Criterium Energy (CEQ CN)C; Target price of C$0.40 per share: Facility sharing contract signed – Criterium has signed a facility sharing agreement with Jindi, granting access to the 30 mmcf/d TRGP and 60 km pipeline to the Sekernan gas sales point.This represents the last commercial hurdle to reach first gas. Corcel (CRCL LN)C; Target price of 1.40p per share: Angola approves increased position in KON-16.

<ul>
<li>Galp’s latest 3C contingent resource estimate for Mopane equates to ~67 mmboe net to Sintana’s 4.9% indirect carried interest.</li>
<li>TotalEnergies plans a three‑well appraisal programme on the Mopane licence (PEL 83) commencing in 2H26 to further grow the resource base.</li>
<li>FID is targeted for 2028, with first oil expected in 2032.</li>
</ul>


Galp’s latest 3C contingent resource estimate for Mopane equates to ~67 mmboe net to Sintana’s 4.9% indirect carried interest.
TotalEnergies plans a three‑well appraisal programme on the Mopane licence (PEL 83) commencing in 2H26 to further grow the resource base.
FID is targeted for 2028, with first oil expected in 2032.


Sintana Energy Inc. (TSX-V: SEI): QatarEnergy Enters Uruguay.

<ul>
<li>Galp’s FY25 annual report estimates 1.1 bnboe of 3C contingent resources at Mopane net to its 80% WI, equivalent to 1.38 bnboe gross.</li>
<li>This represents a 57% increase versus the YE24 estimate (~0.7 bnboe net / 0.88 bnboe gross) and reflects the success of the 2025 appraisal campaign.</li>
<li>Mopane now represents ~67 mmboe of 3C contingent resources net to Sintana’s 4.9% carried interest.</li>
</ul>


Galp’s FY25 annual report estimates 1.1 bnboe of 3C contingent resources at Mopane net to its 80% WI, equivalent to 1.38 bnboe gross.
This represents a 57% increase versus the YE24 estimate (~0.7 bnboe net / 0.88 bnboe gross) and reflects the success of the 2025 appraisal campaign.
Mopane now represents ~67 mmboe of 3C contingent resources net to Sintana’s 4.9% carried interest.


Sintana Energy Inc. (TSX-V: SEI): Galp Increases the Contingent Resources Estimates at Mopane

<ul>
<li>• Sintana has reached a settlement with ExxonMobil regarding the arbitration related to the VMM‑37 block in Colombia.</li>
<li>Under the agreement, Sintana will receive a total of US$9 million in cash, including an initial US$3 mm payment due within 60 days of execution (we assume receipt in April).</li>
<li>• The remaining US$6 mm payment is contingent on regulatory approval in Colombia.</li>
</ul>


• Sintana has reached a settlement with ExxonMobil regarding the arbitration related to the VMM‑37 block in Colombia.
Under the agreement, Sintana will receive a total of US$9 million in cash, including an initial US$3 mm payment due within 60 days of execution (we assume receipt in April).
• The remaining US$6 mm payment is contingent on regulatory approval in Colombia.


Sintana Energy Inc. (TSX-V: SEI): Resolution of Colombia Arbitration ...

Canada

Sintana Energy Inc. produces and distributes petroleum products. The Company acquires, develops, explores, and produces oil and gas. Sintana Energy serves customers in North and South America.

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Sintana Energy (SEI CN)

Sintana Energy Inc. (TSX-V: SEI): 24 months that could redefine Sintana

Sintana is entering a highly active and potentially transformational two‑year period, with up to 10 high‑impact E&A wells expected across the...

Auctus Advisors

AUCTUS ON FRIDAY - 11.09.2026

AUCTUS PUBLICATIONS ________________________________________ Criterium Energy (CEQ CN)C; Target price of C$0.40 per share: Facility sharing...

Auctus Advisors

Sintana Energy Inc. (TSX-V: SEI): QatarEnergy Enters Uruguay.

Galp’s latest 3C contingent resource estimate for Mopane equates to ~67 mmboe net to Sintana’s 4.9% indirect carried interest.

Auctus Advisors

Sintana Energy Inc. (TSX-V: SEI): Galp Increases the Contingent Resources Estimates at Mopane

Galp’s FY25 annual report estimates 1.1 bnboe of 3C contingent resources at Mopane net to its 80% WI, equivalent to 1.38 bnboe gross.

Auctus Advisors

Sintana Energy Inc. (TSX-V: SEI): Resolution of Colombia Arbitration ...

Under the agreement, Sintana will receive a total of US$9 million in cash, including an initial US$3 mm payment due within 60 days of execution (we...

Auctus Advisors

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Sintana Energy Inc. (TSX-V: SEI): 24 months that could redefine Sintana

Sintana is entering a highly active and potentially transformational two‑year period, with up to 10 high‑impact E&A wells expected across the...

Auctus Advisors

AUCTUS ON FRIDAY - 11.09.2026

AUCTUS PUBLICATIONS ________________________________________ Criterium Energy (CEQ CN)C; Target price of C$0.40 per share: Facility sharing...

Auctus Advisors

Sintana Energy Inc. (TSX-V: SEI): QatarEnergy Enters Uruguay.

Galp’s latest 3C contingent resource estimate for Mopane equates to ~67 mmboe net to Sintana’s 4.9% indirect carried interest.

Auctus Advisors

Sintana Energy Inc. (TSX-V: SEI): Galp Increases the Contingent Resources Estimates at Mopane

Galp’s FY25 annual report estimates 1.1 bnboe of 3C contingent resources at Mopane net to its 80% WI, equivalent to 1.38 bnboe gross.

Auctus Advisors

Sintana Energy Inc. (TSX-V: SEI): Resolution of Colombia Arbitration ...

Under the agreement, Sintana will receive a total of US$9 million in cash, including an initial US$3 mm payment due within 60 days of execution (we...

Auctus Advisors

Galp’s latest 3C contingent resource estimate for Mopane equates to ~67 mmboe net to Sintana’s 4.9% indirect carried interest.

Galp’s FY25 annual report estimates 1.1 bnboe of 3C contingent resources at Mopane net to its 80% WI, equivalent to 1.38 bnboe gross.

Under the agreement, Sintana will receive a total of US$9 million in cash, including an initial US$3 mm payment due within 60 days of execution (we...