Corcel PLC

Sintana Energy Inc. has entered into definitive agreements to acquire an indirect 5% participating interest in Block KON-16 in Angola's onshore Kwanza Basin, first announced on 14 May 2025. The agreements comprise a share purchase agreement and a shareholders' agreement relating to Corcel KON-16 Limited, the Corcel Plc group company that will hold an 85% participating interest in the block. Sintana will also receive a net profit interest of 2.5% of Corcel's net proceeds from Block KON-16 after first oil until aggregate payments of US$50 million have been made, reducing to 1.5% thereafter. Aggregate consideration is US$2.5 million, comprising a US$500,000 initial payment already paid to Corcel and a US$2.0 million cash balance payable at completion, which remains subject to governmental, regulatory and third-party approvals, including in Angola, and AIM and TSX Venture Exchange requirements, expected to be finalized prior to year-end 2026. Corcel also said final PSTM seismic volumes for recently acquired 2D data have been received, a geomechanical program has been completed, NRG has been appointed for the next phase of engineering and well design, and it is targeting drilling of a pre-salt exploration well on Block KON-16 in 2027, subject to final technical selection, approvals, financing, rig availability and partner alignment.