TORONTO, Jan. 16, 2025 (GLOBE NEWSWIRE) — Sintana Energy Inc . (TSX-V: SEI) (Sintana or the Company) announces today that it has submitted a stand-alone executive compensation disclosure for the fiscal year ended December 31, 2023 at the request of the staff of the Ontario Securities Commission for the purpose of providing the required information that would otherwise were listed in the management information circular and/or annual information form containing the attached disclosure within six months of the end of the Company’s fiscal year on December 31, 2023 that have not yet been filed. The filing of such stand-alone statement of executive compensation is carried out to correct the previous deficiency.
In addition, the Company today refiled its interim financial statements for the six-month period ended June 30, 2024 (“Q2 FS”) and the nine-month period ended September 30, 2024 (“Q3 FS”), and related management discussion and analysis (“MD&A”) for each such period, to correct certain disclosures relating to the acquisition of the initial 49% interest by Giraffe Energy Investments (Pty) Ltd. (“Giraffe”). The Company’s acquisition of the interest in Giraffe was originally recorded in the 2nd quarter of the financial statements as an investment in a joint venture on the basis that Sintana did not have control over Giraffe as its ownership is less than 50% of the outstanding equity. However, in the third quarter of 2024, after further consultation, it was determined that the Company did have control over Giraffe as disclosed in Note 3 of the third quarter FI and accordingly, Giraffe should have been consolidated in the second quarter FI. To correct the problem, Giraffe was consolidated in Q3 FS. The third quarter FIs were also subject to auditor review and the corresponding notes updated accordingly.
Finally, the Company restated its annual MD&A for the fiscal year ending December 31, 2023 to reflect the removal of certain estimates related to PEL 83 and 90 that did not meet regulatory reporting requirements.
The stand-alone executive compensation disclosure, second and third quarter amended and restated financial statements and related MD&A, and amended and restated annual MD&A for the fiscal year ended December 31, 2023 are available on SEDAR+ at www.sedarplus.ca.
ABOUT SINTANA ENERGY:
The company is involved in petroleum and exploration and development activities in five large, highly prospective, onshore and offshore oil exploration licenses in Namibia, as well as in Colombia’s Magdalena Basin. Sintana’s exploration strategy is to acquire, explore, develop and produce top quality assets with significant potential for added value.
On behalf of Sintana Energy Inc.,
Robert Bose
Chief Executive Officer
For additional information or to sign up to receive periodic updates on Sintana’s projects and corporate activities, please visit the company’s website at www.sintanaenergy.com
Corporate contact:
Robert Bose
Chief Executive Officer
Phone: 646-322-4688
Forward-looking statements
Certain information in this release is forward-looking statements. Forward-looking statements consist of statements that are not purely historical, including statements regarding future beliefs, plans, expectations or intentions, and include, but are not limited to, statements regarding the future nature of the Company’s property interests. Such statements are subject to risks and uncertainties that could cause actual results, performance or development to differ materially from those contained in the statements, including but not limited to risks relating to the receipt of all applicable regulatory approvals, the results of research activities, the ability to find joint venture partners and research funding, licensing and government approvals and other risks identified in the Company’s public disclosure documents from time to time. Readers are cautioned that the assumptions used in the preparation of such information, although believed to be reasonable at the time of preparation, may prove to be inaccurate and, as such, undue reliance should not be placed on forward-looking statements. The Company undertakes no obligation to update such information, except as required by law.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATORY SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE TSX VENTURE EXCHANGE POLICIES) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Source: Sintana Energy Inc.
