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Sintana Energy Inc. Announces Acquisition of Challenger Energy Group PLC
TORONTO, Oct. 09, 2025 (GLOBE NEWSWIRE) -- Sintana Energy Inc. (TSX-V: SEI) ("Sintana" or the "Co...
About this update from Sintana Energy Inc.
[{"type":"text","content":"Sintana Energy Inc. Announces Acquisition of Challenger Energy Group PLC\n\n\n\n TORONTO, Oct. 09, 2025 (GLOBE NEWSWIRE) -- Sintana Energy Inc. (TSX-V: SEI) (\"Sintana\" or the \"Company\") is pleased to announce that it has reached an agreement with Challenger Energy Group PLC (\"Challenger\") on the terms of an all-share acquisition pursuant to which Sintana will acquire all of the issued and to be issued ordinary share capital of Challenger (the \"Acquisition\").\n \n\n 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.\n \n\n Under the terms of the Acquisition, Challenger shareholders will receive approximately 0.4705 common shares of Sintana (\"Sintana Shares\") for each Challenger ordinary share (\"Challenger Share\") held. Based upon the closing price of Cdn$0.66 per Sintana Share on the TSX Venture Exchange (\"TSXV\") on October 8, 2025, and the £/Cdn$ exchange rate of 1.87 as at October 8, 2025, the Acquisition represents an implied value of 16.61 pence per Challenger Share (approximately Cdn$0.3105 per Challenger Share), valuing the entire issued and to be issued share capital of Challenger at approximately £44.72 million (or approximately Cdn$83.63 million) on a fully diluted basis. The terms of the Acquisition represent a premium of approximately:\n \n\n\n 44% to the closing price of 11.5 pence per Challenger Share on October 8, 2025;\n \n\n 97% to the volume weighted average price of 8.41 pence per Challenger Share for the three-month period ended on October 8, 2025; and\n \n\n 96% to the volume weighted average price of 8.48 pence per Challenger Share for the six-month period ended on October 8, 2025.\n \n\n\n 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...