Sintana Energy has reached an agreement with Challenger Energy Group PLC on the terms of an all-share acquisition, pursuant to which Sintana will acquire all of Challenger’s issued and to be issued ordinary share capital.
Challenger is an oil and gas exploration company that is publicly listed on the AIM market of the London Stock Exchange (“AIM”). Challenger is focused on offshore Uruguay, holding interests in two blocks, being AREA OFF-1 (40% working interest, Chevron holds a 60% working interest and is the operator) and AREA OFF-3 (100% working interest and operator). Challenger is the only “junior” with a significant offshore position in Uruguay and the broader region, and also holds legacy assets in The Bahamas.
Under the terms of the Acquisition, Challenger shareholders will receive approximately 0.4705 common shares of Sintana for each Challenger ordinary share Immediately following completion of the Acquisition, it is expected that Challenger shareholders will own approximately 25% of the issued share capital of Sintana (based on the existing issued common share capital of Sintana and the fully diluted ordinary share capital of Challenger as at October 8, 2025). Completion of the
