Sintana Energy, an oil and gas exploration firm, with its headquater in Canada, has completed its acquisition of a stake in Giraffe Energy Investments, which enabled it to get a hold of a new license in the Orange Basin off the coast of Namibia.
Sintana Energy has initially acquired a 49% interest in Giraffe Energy Investments, which owns a 33% stake in the petroleum exploration license 79 (PEL 79), governing blocks 2815 and 2915 located inboard of blocks operated by BW Energy, Rhino Resources, and Shell in Namibia’s Orange Basin.
The National Petroleum Corporation of Namibia (NAMCOR) is the operator of the license presently, with a 67% interest.
The existing 2D and 3D coverage according to Sintana, support a material prospect inventory, with recent discoveries, including at Galp’s Mopane, providing opportunities to deploy new approaches and new insights on potential.
Sintana’s initial 49% interest in Giraffe, was a gotten at a price of $2 million. The firm holds onto an option to increase its ownership up to 67% anytime over the five years, following closing based on the shares issued and outstanding at the time of the option exercise for an additional cash payment of $1 million.
Through the acquisition, Sintana is provided with an entry, into a high impact license with significant upside, giving the firm room to further expand its presence Namibia’s prolific Orange basin.
The firm is however, already 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.
