Sintana Energy Inc. has agreed to acquire an indirect interest in petroleum exploration license 79 (PEL 79), which governs blocks 2815 and 2915, in Namibia’s Orange basin.
Sintana agreed to acquire from Crown Energy (Pty) Ltd. up to 67% of issued and outstanding shares of Giraffe Energy Investments (Pty) Ltd., which owns 33% interest in PEL 79.
The acquired area contains over 4,760 km of 2D seismic, 1,137 sq km of 3D seismic, and one well with gas shows (Kudu source rock).
Sintana has partnered with Quantum Xploration Inc. to work with the National Petroleum Corporation of Namibia (NAMCOR) to identify development opportunities in the license.
The acquisition is structured as an initial purchase of 49% of the issued and outstanding shares of Giraffe from Crown Energy for $2 million. Sintana can increase its ownership up to 67% anytime over the 5 years following closing for an additional fee.
NAMCOR is operator of PEL 79 (67%).
