Jim's Oil & Mining Letter - August 5, 2026

(TSXV:SEI AIM:SEI OTC:SEUSF) Sintana Energy announced that ANCAP, the Uruguayan state-owned energy company and regulator, has agreed to a suspension of the initial exploration subperiod of the AREA OFF-1 block, offshore Uruguay, for 1 year, extending the first exploration subperiod to expire on 23 August 2027. The suspension was requested by Chevron Mexico Finance LLC, Sucursal Uruguay, due to the time taken for environmental authorisation of the AREA OFF-1 3D seismic acquisition campaign. An initial season of seismic acquisition was completed prior to the end of April 2026, with a second season scheduled to commence in Q4 2026. On 14 February 2025, Challenger Energy Group plc, a member of the Sintana group of companies, submitted an expression of interest for an offshore hydrocarbon exploration permit in the North Argentine Basin (CAN - 200). On 15 July 2026, Decree 590/2026 was published, instructing the National Secretariat of Energy to call for an International Public Tender based on Challenger Energy's expression of interest. The company projects that Challenger will proceed to participate in this process, in compliance with Argentine law and authorities.

(AIM:JSE) Jadestone Energy announced that the second well in the 2026 Malaysia infill drilling campaign has been successfully drilled and brought online at 2,800 bopd. The first well in the programme, announced on 24 June 2026, achieved a peak production rate of ~3,200 bopd. The second well, EBA-07ST1, was drilled ~13% below budget with a 930-metre horizontal reservoir section at a total measured depth of 5,473 metres. The well set a new Malaysia record in extreme reach drilling with a 4.1 ERD ratio and exceeded the length of the first well by 600 metres. In aggregate, the first two wells have increased production from the field by over 150% (an increase of ~6,000 bopd). Drilling and completion activities on the third well have recently been concluded, with results to be reported in due course. Jadestone holds a 60% interest in the East Belumut field.