Sintana Energy is entering the rich Orange Basin off the coast of Namibia through the acquisition of Giraffe Energy

(WO) – Sintana Energy Inc. has finalized the acquisition of an initial 49% interest in Giraffe Energy Investments (Pty) Ltd. Giraffe owns a 33% interest in Petroleum Exploration License 79 (“PEL 79”), which governs blocks 2815 and 2915, located within the blocks operated by BW Energy, Rhino Resources and Shell. The operator is currently the National Petroleum Corporation of Namibia, which holds 67% of the shares in PEL 79.

Source: Sintana Energy

Sintana acquired an initial 49% stake in Giraffe for $2 million. Sintana retains the option to increase its stake in Giraffe to 67% at any time within 5 years.

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

Sintana Energy is engaged in the exploration and development of crude oil and natural gas in five large, highly prospective onshore and offshore oil and gas exploration licenses in Namibia and the Colombian Magdalena Basin.