Sintana Energy enters prolific Orange basin offshore Namibia with Giraffe Energy acquisition
(WO) – Sintana Energy Inc. has closed its acquisition of an initial 49% interest in Giraffe Energy Investments (Pty) Ltd. Giraffe is the owner of a 33% interest in 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 is currently the operator, with a 67% interest in PEL 79.
Sintana acquired its initial 49% interest in Giraffe for $2 million. Sintana retains an option to increase its ownership up to 67% of Giraffe anytime over the 5 years.
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.
Sintana Energy is engaged in petroleum and natural 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.
