Sintana has entered into an agreement with Crown Energy, a private Namibian company, to acquire up to 67% of Giraffe Energy Investments (Pty) Ltd, a vehicle which in turn owns a 33% stake in PEL 79 alongside state-backed oil company Namcor.
PEL 79 governs blocks 2815 and 2915 located inboard of blocks operated by BW Energy, Rhino Resources, and Shell.
Namcor is currently the operator with a 67% interest in PEL 79. Initially, Sintana is paying N$38.4 million (US$2 million) to acquire 49% of Giraffe and can increase the stake to 67% over the next five years for a further N$19.2 million (US$1 million) payment.
“Together with our partners at QXI and Giraffe, we look forward to working with NAMCOR to fully realize the significant geologic, commercial, and strategic value of PEL 79,” said Sintana Chief Executive Robert Bose.
Mark Stearnes, Chief Executive of Quantum Xploration Inc (QXI), meanwhile, said, “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.”
Stearnes was Galp’s asset general manager in Namibia from 2017 to 2023, a role which saw him lead upstream operations in the country, including on PEL 83, which hosts Mopane.
The Canadian exploration company holds around 5% of Galp-operated Mopane, which was confirmed as a significant commercial discovery by the Portuguese firm earlier this week.
