Sintana Energy expands exploration efforts offshore Namibia following recent oil and gas discoveries

April 25, 2024

(WO) – Sintana Energy Inc. has entered into a definitive agreement with Crown Energy (Pty) Ltd., a private Namibian company, to acquire up to 67% of the issued and outstanding shares of Giraffe Energy Investments (Pty) Ltd.

Source: Sintana Energy

Giraffe is the owner of a 33% interest in the offshore Petroleum Exploration License 79 (“PEL 79”), which governs blocks 2815 and 2915, located inboard of blocks operated by BW Energy, Rhino Resources and Shell.  The National Petroleum Corporation of Namibia (“NAMCOR”) is currently the operator, with a 67% interest in PEL 79.

The acquisition provides Sintana with an attractive entry into a high impact license with significant upside. It allows Sintana to further expand its exposure in Namibia’s prolific Orange basin, emerging as the one of the world’s next oil and gas frontiers.

PEL 79 presents a unique opportunity to expand Sintana’s exposure to Namibia’s Orange basin, as it’s one of the last remaining licenses not operated by a private operator.

BW Energy acquired 4,600 km2 of new 3D seismic data over PEL 3, directly west of PEL 79, in 2023, and has moved to initiate an oil-focused offshore exploration campaign.

Rhino Resources, operator of PEL 85, which sits directly outboard to the west of the southern reach of PEL 79, is progressing with planning and contracting a two-well campaign further to an application to drill up to 10 wells.

Significant existing 2D and 3D coverage supports a material existing prospect inventory – recent offshore discoveries, including at Mopane, provide opportunities to deploy new approaches and new insights on potential.

Through an emerging partnership with Quantum Xploration Inc. associated with the acquisition, Sintana will deepen its technical, operational and in-country capabilities in Namibia.

QXI is led by Mark Stearns, who was previously Asset General Manager for Galp Energia in Namibia from 2017 to 2023, leading all upstream operations in country including on PEL 83. The block is home to the multiple light-oil discoveries in the Mopane complex announced during Q1 of 2024.  Together, Sintana and QXI will focus on working with NAMCOR to identify and harness the opportunities and value of PEL 79.

“As the Orange basin continues to deliver outstanding exploration success, we are delighted to work with Sintana and Crown to enhance the technical and operational capabilities at Giraffe.  We look forward to supporting NAMCOR with their continuing efforts to unlock the full exploration potential of this highly prospective license.” said Mark

Sintana Energy is currently engaged in oil and gas exploration and development activities on five large, highly prospective onshore and offshore oil and gas exploration licenses in Namibia, and in Colombia’s Magdalena basin.

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