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.• 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.
• TotalEnergies, having entered into a farm-in including operatorship, is preparing an ambitious appraisal and exploration programme beginning in 3Q26. There are multiple sources of upside not only at Mopane but also across other prospects within PEL 83.
• This is a materially positive development, underscoring the growing value of Mopane. Pending further clarity on capex and plateau production, we reiterate our target price of C$1.55 per share.
• Key near‑term newsflow includes several high‑impact wells in Namibia and Angola.
PEL-87
Pancontinental announced last week that PEL 87 has been formally extended to January 2027, providing additional time to secure a farm‑in partner. The licence commitments include the drilling of one exploration well. We currently assign C$0.12 per share of value to the asset, while our unrisked NAV stands at C$0.99 per share.
Valuation
Our Core NAV for Sintana, based solely on Mopane, stands at C$0.75 per share. Key upcoming catalysts include the farm‑out of OFF‑3 in Uruguay (ReNAV: C$0.10 per share; Unrisked NAV: C$2.02 per share), the drilling of a new exploration well at PEL 90 (ReNAV: C$0.21 per share; Unrisked NAV: C$0.67 per share), and the planned well at KON‑16 in Angola (ReNAV/Unrisked: C$0.03/C$0.14 per share). Apache may also commence drilling on adjacent Uruguayan blocks in 4Q26, adding further regional momentum. Our overall unrisked NAV is C$9.33 per share, and our ReNAV is C$1.52 per share.
Sintana Energy is a development stage company engaged in oil and gas exploration and development activities in the United States.
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.
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