Sintana Energy Inc. has consummated a definitive deal with Crown Energy, acquiring up to a 67% stake in Giraffe Energy Investments which owns a 33% interest in the Petroleum Exploration License 79 (PEL 79) in Namibia’s promising Orange Basin. The initial purchase from Crown Energy is a 49% shareholding for $2 million. Sintana reserves the option to further escalate its holding to 67% with an additional $1 million outlay. This transaction enables Sintana to enlarge its presence in an area poised for oil exploration, neighboring blocks by established entities such as BW Energy and Shell. Backed by new exploratory data and the recent Mopane light-oil finds, Sintana envisages leveraging its alliance with Quantum Xploration Inc., led by seasoned industry veteran Mark Stearns, to maximize the untapped potential of PEL 79 alongside operator NAMCOR, the state firm. The arrangement outlines minimal commitments throughout the residual license tenure, signifying prudent risk management. The consummation of the deal is pending regulatory nods and standard closing conditions.

Oil and Gas Exploration, Mergers and Acquisitions,Namibia, United States

https://www.petroleumafrica.com/sintana-to-expand-asset-base-in-namibia-with-acquisition/