Sintana Energy quarterly loss widens as costs rise

Sintana Energy Inc on Thursday reported a wider loss for the second quarter of 2026, but said its cash balance was sufficient to fund its business activities for the next 12 months.

The Toronto-based oil and gas exploration company reported a net loss of USD3.1 million for the three months ended June 30, compared with a loss of USD2.2 million in the same period last year.

For the first half of 2026, the net loss narrowed to USD4.2 million from USD4.5 million in the first six months of 2025.

Sintana attributed the higher quarterly loss to increased exploration expenses related to its Uruguayan projects, as well as higher administrative and general costs.

Administrative and general expenses rose 76% to USD3.7 million in the quarter, from USD2.1 million a year earlier. For the first half of 2026, these costs increased 52% to USD6.7 million from USD4.4 million in the same period of 2025.

Sintana had cash and cash equivalents of USD15.5 million as at June 30, up from USD10.3 million six months earlier, following a fundrasing in May that raised USD11.5 million. The company said it estimated its cash resources to be sufficient to fund its business activities for the next 12 months.

"Following such 12-month period, unless the company commences producing hydrocarbons in sufficient quantities to meet the company's ongoing need for additional working capital, the company might need to secure additional financing," Sintana said.

Sintana reiterated that it expects to complete, before the end of 2026, the acquisition of a 44% stake in Namibian company Maravilla Oil & Gas Pty Ltd, announced last week. It also expects to make progress towards a potential admission to Namibia's national exchange, first announced in April.

Sintana shares were up 0.9% to 21.70 pence in London on Thursday morning, but had spiked 7% after the results were announced.

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