Sintana Energy Inc. has closed the acquisition of an initial 49% in Giraffe Energy Investments for US$2 million.
Crown Energy owned 100% of Giraffe Energy before the acquisition.
Giraffe owns a 33% interest in Petroleum Exploration License 79, which governs blocks 2815 and 2915, within the blocks operated by BW Energy, Rhino Resources, and Shell.
Sintana will retain an option to increase its ownership up to 67% of Giraffe 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 US$1 million at the time of exercise.
Sintana has teamed up with Quantum Xploration Inc., led by Mark Stearns, who was previously Asset General Manager for Galp Energia in Namibia from 2017 to 2023.
Stearns led Galp’s all upstream operations in Namibia, including on PEL 83, home to the multiple light-oil discoveries in the Mopane complex announced during Q1 of 2024.
Sintana and Quantum Xploration will focus on working with Namcor to identify and harness the opportunities and value of PEL 79.
