Sintana Energy reports that ExxonMobil sent Patriot Energy Oil and Gas, a subsidiary of the Company, a notice stating that, based on the terms of the Joint Operating Agreement between ExxonMobil and Patriot (the “JOA”), it had decided to withdraw from the JOA as of May 31, 2023. The notice also states that ExxonMobil will withdraw from the Contract with the Agencia Nacional de Hidrocarbons, effective after obtaining required Government approvals. Both the JOA and Contract pertain to the 43,158 acres property known as the VMM-37 block which is in Colombia’s Middle Magdalena Valley Basin (“VMM-37”).

Chief Executive Officer Doug Manner commented: 
"We are disappointed that our VMM-37 partner for more than a decade, ExxonMobil, has voluntarily chosen to withdraw from both the JOA and Contract. Management has engaged legal and technical advisors for assistance in addressing this unexpected change of events”.

The Company fully reserves its rights under the contracts governing VMM-37 and applicable laws and regulations.

KeyFacts Energy: Sintana Energy Colombia country profile