Sintana Energy, the Atlantic- margin focused oil and gas company, announces that the planned 3D seismic acquisition campaign on AREA OFF-1, offshore Uruguay, has commenced.

The AREA OFF-1 survey is being carried out by the contractor Viridien, using the BGP Prospector vessel, and will cover a total of approximately 4,300 km2. Acquisition fieldwork will take place over two seasons: February-April 2026 and November 2026-April 2027, with most acquisition relevant to the key prospects on AREA OFF-1 expected to be completed in the first season. Fast-track results from seismic acquired in the first season are expected in Q4 2026, with full PSDM results from the first season expected in Q2 2027.

Sintana Energy holds a 40% non-operated interest in the AREA OFF-1 block, following the farm-out in 2025 of a 60% operating interest to an affiliate of Chevron Corporation ("Chevron"), and is carried for the total anticipated cost of the 3D seismic acquisition program.

It is noted that commencement of seismic acquisition follows rejection by courts in Uruguay of several attempted interventions by activist groups, demonstrating the depth of the upfront preparatory work for the campaign, and the robustness of Uruguay's environmental consultation and permitting process. Sintana Energy remains committed to all operations with which it is associated being in compliance with the highest health, safety, and environmental standards. 

Robert Bose, Chief Executive Officer of Sintana Energy, commented: 
"We are excited to see activity on AREA OFF-1 beginning so soon after completion of our acquisition of Challenger Energy in December 2025. 3D seismic acquisition is a key next step in defining the potential of Uruguay's offshore embedded within our Transatlantic portfolio, and which is underpinned by a relationship with Chevron that spans the conjugate margins. We look forward to providing further updates on progress over the coming quarters."

AREA OFF-1

AREA OFF-1 is a large block covering approximately 14,557 km2 located approximately 100 to 150 kilometres offshore Uruguay in relatively shallow water depth (50 to 1,000 metres). Challenger, a subsidiary of the Company following the Challenger Acquisition, was the first company to bid in the new Uruguay Open Round in May 2020, and in June 2020 was awarded AREA OFF-1, with the initial four-year exploration period commencing on 25 August 2022.

In late 2022, in view of growing industry interest in Uruguay’s offshore, Challenger made a decision to accelerate and expand the work required to be completed on AREA OFF-1 during the first four-year exploration period. In doing so, three material prospects with significant resource potential were identified and delineated. These prospects were named Teru Teru, Anapero and Lenteja.

In March 2024, the Group entered into a farmout agreement with a subsidiary of Chevron UEL for the AREA OFF-1 block. That transaction completed on 29 October 2024. Under the terms of the farmout agreement, in addition to payment of US$12.5 million in cash, Chevron UEL assumed a 60% operated interest in the block, in exchange for a full carry on a 3D seismic acquisition (up to a total gross programme value of US$37.5 million) and a partial carry on any subsequent exploration well (up to a total gross well cost of US$100 million).