Sintana Energy Inc (TSX-V:SEI, OTCQB:SEUSF, FRA:3ZX1, AIM:SEI) said its first-quarter loss narrowed after a payment by ExxonMobil provided a cash boost, while the company advanced its Atlantic Margin portfolio following last year’s acquisition of Challenger Energy.
The oil and gas explorer reported a net loss of S$1.1 million for the three months to 31 March 2026, compared with a $2.3 million loss a year earlier. The improvement primarily reflected $2.3 million of net proceeds from the VMM-37 settlement in Colombia, partly offset by higher general and administrative expenses.
ExxonMobil agreed to pay $9 million in total to resolve the VMM-37 arbitration, with $3 million gross already received and a further $6 million expected before the end of 2026, subject to Colombian governmental approvals and contractual conditions.
Sintana ended the quarter with cash of $8.2 million and total assets of $60.5 million. The company said integration of Challenger Energy, acquired in an all-share deal completed in December 2025 alongside Sintana’s admission to AIM, progressed smoothly during the period.
Operationally, the company pointed to a 57% upgrade by Galp Energia to 3C contingent resources at the Mopane discovery on PEL 83 offshore Namibia, taking the gross figure to 1.38 billion boe. In Uruguay, 3D seismic acquisition began over AREA OFF-1, with around 1,600 sq km acquired in the first season and fast-track results expected in the fourth quarter of 2026.