Hello, and welcome to virtual investor conferences. On behalf of OTC Markets, we are very pleased you've joined us for the oil and gas conference. The next presentation is from Sintana Energy. Please note you may submit questions for the presenter in the box to the left of the slides. You can also view a company's availability for one-on-one meetings by clicking Book a Meeting. At this point, I am very pleased to welcome Eytan Uliel, President and Executive Director of Sintana Energy, which trades on the OTCQX Best Market under the symbol SEUSF and on TSXV under the symbol SEI. Welcome, Eytan. Hi. Thank you very much. My name's Eytan, as mentioned. I am the President and Executive Director of Sintana Energy. I'd like to take about 20 minutes to present the company to you today, and then also, I'll answer whatever questions. To jump straight into it, Sintana is an oil and gas exploration company. We have a portfolio of interests in high potential blocks in three locations around the Atlantic margin. The core of the portfolio is in Namibia, we have two blocks in Uruguay, and we have an early foothold in Angola. We like to say that we adopt a capital-efficient business model. I'll talk a little bit about that as we go through. The fundamental point is that we've tried to structure our portfolio in a way where a lot of our future capital obligations are being carried. That is, other partners will be paying on our behalf. We try and partner with industry leaders. For example, you'll see in the portfolio we have partnerships in place with companies like TotalEnergies and Chevron. Now, I said we're an exploration company, but our core flagship asset is way past exploration. We have an interest in the Mopane discoveries, which is on PEL 83, Petroleum Exploration License 83 in Namibia. That is a world-scale discovery, that is now going to be operated by TotalEnergies, and it's on track for a development. Then we have a large portfolio of other exploration assets. Our portfolio is anchored by Mopane, and I'll talk at some length about that. Then from an investor point of view, over the coming 12-2 4 months, we have a wide range of catalysts on the agenda. A lot of wells will be drilled on our blocks. Predominantly funded by our partners, as I mentioned. I think this is a fairly unique proposition. There are not too many other companies of our type that have the breadth of portfolio and the breadth of catalysts that have the potential to add significant value. As mentioned, we're a public company. We are on the OTC, we're on the TSXV. We are also, as of December last year, listed on the Alternative Investment Market of the London Stock Exchange. Various ways where investors can find us. Given this is a forum for investment, we'll just go directly to what we would see as the investment case for Sintana, and it's pretty simple. The first is what we would say downside protection. For the vast majority of exploration companies, you will find they might have an asset or several assets that are at the exploration stage, and the downside is zero. If you don't succeed at exploration, your company is worth nothing. In our case, the downside is now covered. I'll show you because of our interest in Mopane, which is a asset progressing to development, world-class scale asset, that is readily valuable. We would say that the downside case of Sintana is definitely not zero. The interest we have in Mopane alone exceeds our current market cap. We have upside potential. As I mentioned, and I'll show you, we have a large portfolio, multiple projects, all moving forward in various ways through the exploration cycle. A credible pathway to seeing five times value growth over the next several years. Of course, you need to have success with the drill bit. You need to have exploration success. We have this portfolio of world-scale assets. Any one of which, could succeed, any several of which could succeed and result in considerable value uplift. We have a good team. We have a management and board and major shareholders behind us. We have a pretty strong track record of value creation over the years, and we see a great opportunity to do the same with Sintana. Now to go to Mopane and why we would say this anchors our portfolio, it anchors our value proposition, and is the, if you like, flagship asset in our portfolio. Among our various licenses in Namibia, offshore Namibia is an interest we have in PEL 83. So that is a block where five wells were drilled, five exploration wells drilled over the last several years. It's right in the heart of the Orange Basin, which has become one of the preeminent exploration places anywhere on the planet. Big discoveries were made by Shell. Discoveries were made by TotalEnergies in the Venus complex. Then we have Mopane, which until now has been operated by Galp Energia, the Portuguese energy company. When they drilled their wells, they had an extraordinary success rate of 100%. At the moment, the estimate is the resource on the block is around 1.3 billion barrels. Galp have indicated previously they can see up to maybe 10 billion barrels of oil potential. One of the exploration wells was flow tested and on a constrained basis, flowed 14,000 barrels a day. In December of last year, TotalEnergies farmed into the block. They've acquired a 40% interest. They have committed as part of that to take the block forward initially with a three-well appraisal campaign, which is kicking off later this year. TotalEnergies have said they can see a 200,000-barrel-a-day development on this block. They're looking at FID by 2028 and First Oil 2032. This is moving through to development. This is no longer an exploration prospect. The most important thing from Sintana's perspective is we are fully carried through development. Our interest is being paid for. Our share of the costs is being paid for by TotalEnergies and Galp. We have no expected development CapEx exposure, but we have full exposure to the upside on this block. That is the core of our business model, and it's why we are so excited about what's happening on PEL 83. Now, there are various ways you can look at the value here. We are covered by a range of brokers. You can get their broker reports. They've all done their own valuations of our interest in PEL 83, and they come up with around $200 million. You can take all the data that's in the public domain as we have done. You can do an NPV calculation. Again, you come up with a view that our little stake in the block of 5% or 4.9% is again worth in the order of $240 million. You can look at what TotalEnergies paid to farm into the block only a few months ago, and you can do the math on that. Again, you come to the same point, which is that our interest in Mopane as it stands today, not with any growth in the reserve base, not with any exploration expansion, which Total is talking about. Mopane as it stands today, we see value that exceeds our current market cap just in that asset. Hence, as I said at the beginning, why we see some downside protection. What is depicted on this graph is, if you like, the value buildup that is possible with Sintana. You've got the Mopane Phase 1 value, which we just talked about, which is at or exceeding our current market cap. Then we have our portfolio, and I'll take you through the portfolio in a moment. Each component of that portfolio is an exploration project moving forward. These are not hypothetical exploration projects. On most of them, there are defined wells, defined seismic activity going on or coming up, and you can calculate what that may translate into in terms of value to our company. As you move through that, you can see the buildup on the left. Again, to repeat what I said at the beginning, of course, as an exploration company, you need to succeed at exploration. You need to find what you're setting out to find. We have a portfolio of multiple shots on goal, any one of which will add value. As we go through the whole portfolio, if we have success on more than one, we can see considerable value upside beyond what we currently have just from Mopane. Just then looking at how things could grow from there for us. On Mopane itself, while the current view of Mopane from Total is that they'd be looking to develop around an 800 million, 900 million barrel production project. They are saying already that they can see a considerable extra potential just on the Mopane complex. That's something they're going to be looking at in their upcoming appraisal campaign. The Mopane discovery itself could grow quite significantly. Then again, Total and Galp are saying they see considerable exploration potential beyond just what we know at the moment. Mopane itself could grow substantially. It could double from what it is today. We then move on to the rest of our portfolio, and this is summarized on this chart. What you can see is we have another six licenses in Namibia. These span various basins. We have a core position of three licenses in the Orange Basin, which is the basin that's seeing the most activity. We also have PEL 82 in the Walvis Basin. We are currently going through a process to acquire an interest in PEL 37, also in the Walvis Basin. The Walvis Basin is rapidly emerging. Only last week, BP farmed into a couple of blocks that surround our blocks. There's a basin opening well being planned by Chevron on PEL 82. Our core portfolio in Namibia is certainly one of the biggest, and we would say one of the most exciting and interesting. As you can see on the chart on the left, on many of them, our interests are being carried. We have partnerships in place with Chevron, with TotalEnergies, and our interests are being carried. We have Uruguay. At the end of last year, we successfully completed a merger with another company called Challenger Energy. Challenger was considerably smaller, but Challenger had these two blocks in Uruguay. They now form a core part of the portfolio. Again, the flagship block there is Area OFF-1. It is in a partnership now with Chevron. Chevron are carrying us on the work on that well. As we speak, 3D seismic is ongoing. There is another block where there's a farm-out process underway. Uruguay and Namibia share a lot in common geologically. They are direct conjugate margin parallels of each other. That is why there was a very strong logic in putting these two together as part of the portfolio. Then we have a small foothold interest in CON-16 in Angola, which is an onshore block. Again, we're just going through the final throes of closing that transaction. That's a very interesting onshore block. The operator there, Corcel, has just finished some seismic. They're about to embark on a farm-out process. Again, the view is drilling on that block in the next little while. A lot of optionality throughout the portfolio. At the core of our business model, as I said, what we try and do is provide asymmetric risk exposure. For small dollars, you have big exposure to big upsides. Obviously, the optimal arrangement is no dollars. On those licenses where we are fully carried, as you can see, we don't have to spend any money. Potential success on those licenses brings huge value to our shareholders. Even on some of the other licenses where we're not fully carried or partially carried, the dollars required are reasonably limited. They're quite small. The upside exposures are very large. That's the core of our business model. That's why we're doing this. In the end, as I say, if you look at our portfolio as a whole, exploration success offers you a pathway to substantial value creation from where we are today. It is worth mentioning every year Westwood put out a list of wells to watch. Three of our blocks are in their wells to watch list. It's not just me saying that there's a lot of interesting things about to come out across our portfolio. The industry is well aware of this, and we're being followed accordingly. Which brings me to this slide. We are catalyst-rich over the next couple of years. Many smaller exploration companies who might present to you will have a block, and they'll have exposure to one well that might come up in the next year or two. We have here many blocks. We have multiple blocks going through well drilling, seismic acquisition. There are transactions happening near us and around us. The catalyst flow, which is obviously what share market investors like to see in the case of Sintana, is very rich over the next 12-24 months. We expect we will have lots of news to share with our shareholders as we progress through that period. I guess, as I say, this is Investor Forum. The obvious question, you see many companies, you will have many companies competing for your attention. Why invest in Sintana? We would say, as I've said a few times, we have a repeatable model targeting asymmetric returns. Capital efficient, small dollars outlay for outsized returns. I think we've established that we have the capacity to do this. We've put together a very high-quality portfolio. Our Mopane asset provides a valuation floor to our current market cap. The catalysts are there across the portfolio. As I mentioned, we will see five, possibly even 10 high-impact wells in Namibia and in Uruguay. As we go through that success, we'll hopefully see a constant de-risking and re-rating. This is not little old Sintana. As I said, we are partnered on multiple blocks with some of the industry's leaders. We benefit not just from the capital, but from the enormous technical and operating capabilities of companies like Chevron, Total, et cetera. we think it's an exciting and fairly unique story. A very interesting way to get access to this sort of high impact, high return frontier exploration activity, c ertainly from a company perspective, we're really excited about what the next 12-18 months has to offer. That, I think, concludes the presentation part. If you have any questions that we don't get to today, we maintain a very open door policy. We're happy to take questions. Our investor relations contact is there in first instance, and we try and respond to everybody. Okay. I see a fair number of questions. I'll read out the first one. "You're fully carried on PEL 83 and TotalEnergies is planning a three-well campaign starting in the second half of 2026." Both of those statements are true. "How do you see that combination of zero CapEx and aggressive drilling translating into value for shareholders over the next two to three years?" Pretty simple. First of all, this drilling that they're going to be doing, these three wells are appraisal wells. They are specifically designed to expand the resource base of the Mopane discoveries, one, and two, they see some extensions of Mopane, some new areas, and they are looking at targeting those. As those wells get drilled and the results come through, we hope to see resource growth, and we hope to see the overall scale of Mopane expand, and that obviously will have impact, in terms of value to our shareholders. All of this is a precursor to the main game here, which is that Mopane is on track to development. Ultimately, we would like to see an FID, a Final Investment Decision taken by TotalEnergies in the timeframe they mentioned, which is kind of 2028, leading to first oil in 2032. Now, from our perspective, we are a company that has a 5% stake. We're a much smaller company. We don't have the balance sheet depth of companies like Total. We are not logical long-term owners of something like a 5% stake in this project. We get asked many, many times, "Would you sell your interest?" The answer is yes, we would, at the right price and at the right time. If we did that, we would return that capital to shareholders. An obvious and logical point in which to investigate that would be at the point of an FID, where you have a pretty clear view on production, the future production potential, and a pretty clear view on value. That could, I guess, in a way, bring forward the value outcome for shareholders into the more immediate term at the point of FID, rather than waiting around until first production. As I say, we've done the numbers on this, and even if you just looked at this, we're going to sit there forever and own our share of production. You can do the NPV on this and the numbers are great. We will see where we get to. The next question, because I will answer the difficult questions as well as the easy questions. "What about corporate governance? Apparently, a lot of current shareholders were not happy with being denied a vote on the Challenger deal, and the constant selling by shareholders does not align with the narrative of the 'why invest' slide." Well, these are largely untrue statements. First of all, the Challenger deal, no one was denied a vote. It was not required. That's just a simple statement of Canadian securities law. We were massively advised by an army of lawyers. Everything was done 100% by the book, and it is just that simple. A shareholder vote was not a requirement, so it wasn't done. The constant selling by shareholders is a complete overstatement. There have been a few sales. When we say shareholders, I presume what is meant there is by directors. There have been several very small sales. Directors are people, too. We have tax bills to pay. We have other bills to pay. Our primary source of wealth is often tied up in these companies. Every now and again, like any other shareholder, we need to sell shares, access cash, et cetera. These things are all disclosed as they are required to be. If you look at the shareholding that some directors have versus the very small sales that have taken place, they're immaterial. In my personal case, I own more than 9 million shares in the company. I have never sold a single share in the company. I was with Challenger before. I've never sold a single share in Challenger. I have participated in every capital raising by writing checks of my own in Challenger. This sort of statement that there is constant selling by directors, I would argue is not true. The selling that takes place is reasonably minimal in the context of everything. Next question. "Do you think the market is fully appreciating that Sintana has no development CapEx exposure at Mopane but still captures world-scale resource growth after this upgrade?" The short answer is no. The market is woefully unaware of just how great the Mopane discoveries are and how excellent the overall project is. It's becoming more and more aware. It's not even us. There are shareholders in TotalEnergies and shareholders in Galp Energia who don't really understand it. One of the reasons I'm doing talks like this is to try and get the message out there. This is a much more robust project than people think. It is world scale. We don't have a capital exposure. These are unique things, really. Yeah, it will take some time. It's a process of education, and so hopefully, we will see a greater understanding of the merits of both the Mopane project as a whole and our position in it. Next question. As more third-party articles highlight Mopane's growth and TotalEnergies' plans, do you expect broader institutional interest to build in Sintana? And how are you preparing for that from an IR standpoint? Yes. It is a high-priority item for us that we would like to deepen our shareholder base to include more institutions. We already have a few. Nothing like we would like. Again, to reiterate what I've been saying, as things progress with Mopane, as people become more knowledgeable about that project, about its value, about its centrality to our company, we do expect to see a greater institutional interest. Obviously, it's our job as company management to get out there. We are constantly trying to meet people, working through our brokers, doing meetings with potential investors. As I said, we have a very open door policy, and we'll talk to just about anybody and spend the time to explain things to anyone who's interested. Little by little, we are seeing already the signs that people are becoming more and more interested. These are processes that take time. None of us who work in the company are here for the next month or two. We're all in this for the long term. We all see the long-term potential here, and bit by bit we will build this. I always say, in the end, you get judged on doing what you say you're going to do. In my previous role as the CEO of Challenger, we would tell people this is what we're going to do. In the beginning, nobody believed that we would do it, and bit by bit, we did exactly what we said we were going to do. Same applies with Sintana. We've laid out pretty clearly all the things that we think are going to happen. Now, already in the first three months of this year, we've begun to see that. We said seismic is going to happen in Uruguay. It's happening in Uruguay. We said someone was going to farm into Mopane. It happened. TotalEnergies farmed it. Now we're trying to explain to people the nature of that deal and its merits. Wells are coming up. Bit by bit, as we deliver and as we show people that when we say something, we follow through, and we do the things that we say we're going to do and, hopefully, that will attract greater interest, greater institutional interest, and we will slowly build our register from that place onwards. Okay. One more question, I think, and then I'm out of time. How encouraged are you by the fact that Chevron and QatarEnergy have just farmed into blocks around your Uruguay acreage? And what does that mean for the value of OFF-1 and OFF-3? Well, this is very close to my heart. I was the guy who built the Uruguay portfolio. I'm extremely encouraged. It's just absolutely wonderful news. Chevron made their initial entry into Uruguay by farming into our block, OFF-1. Now QatarEnergy have made a spectacular entry. They've farmed into two blocks. This follows on from Eni farming into a block about four months ago. There's enormous corporate interest going on in Uruguay at the moment. APA are pretty much on track to drill the first Uruguay offshore well in this current round by the end of this year. All of this is incredibly exciting. As I said earlier, 3D seismic acquisition is underway on Block 1 as we speak. All of this means great things for Area OFF-1 and Area OFF-3. I can't put metrics around it. Area OFF-1, once we get the results from the seismic, we hope that they'll be good enough that it will motivate Chevron as the operator to decide they want to drill a well, on which we are partially carried, and that is really the key to unlocking the value on OFF-1. On OFF-3, we're right in the middle of a farm-out process. I can't say too much other than, obviously, the fact that people are farming into the blocks immediately adjacent to you speaks well to the potential value of the block that you have. OFF-3 is not quite the same thing as OFF-1. It's shallower, it's smaller prospects but cheaper to develop. It has its own unique dynamics. We remain very positive and very enthusiastic about OFF-3 and the recent corporate activity surrounding us gives us a fair amount of optimism as we continue through our farm-out process. Okay. I think that is exactly my time is over. I'm being told to wrap it up. To the extent there are questions I didn't get to answer, they will be sent to me and we will try and submit answers to that in the appropriate forum. Thank you very much, everybody, for your time. I hope you found this little talk informative and I hope you continue to follow Sintana. The next 12-m 24 months should be really exciting for us. Thank you very much.