Sintana Energy has closed its previously announced (April 24 Release) acquisition of an initial 49% interest in Giraffe Energy Investments, pursuant to a definitive agreement dated effective April 24, 2024 with Crown Energy and Giraffe. 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.
The Company acquired its initial 49% interest in Giraffe for cash consideration of US$2 million. Sintana retains an option to increase its ownership up to 67% of Giraffe anytime over the 5 years following closing based on the shares issued and outstanding at the time of the option exercise for an additional cash payment at the time of exercise of US$1 million. For further details regarding the transaction and PEL 79, please refer to the press release of the Company dated April 24, 2024 available on SEDAR+ at www.sedarplus.ca.
Source: Sintana Energy
