Sintana Energy has raised US$11.5 million to help fund drilling activity in Namibia’s Orange Basin and expand its growing offshore exploration portfolio across southern Africa.
The TSXV-, AIM- and OTCQX-listed company announced that it would issue more than 38 million new common shares to institutional and other investors following an oversubscribed fundraising conducted at 22.5 pence per share on AIM and C$0.41 per share on the TSX Venture Exchange.
The capital raise includes a US$10.8 million placing and a further US$700,000 subscription involving directors and qualified investors from Canada and Australia.
Sintana chief executive Robert Bose and company president Eytan Uliel each invested US$250,000 through the subscription.
The fundraising comes as Sintana deepens its exposure to Namibia’s offshore oil sector, where the company holds interests in several petroleum exploration licences linked to major international oil companies, including Chevron and TotalEnergies.
Sintana’s Namibian portfolio includes interests in PEL 90, where Chevron Namibia Exploration Limited is preparing to drill the Nabba-1 exploration well in the Orange Basin near Galp Energia’s Mopane discovery.
The company also holds exposure to PEL 83 and PEL 87, linked to TotalEnergies-led exploration activity in the Orange Basin, as well as PEL 37 in the Walvis Basin.
Sintana largely holds indirect minority interests through carried joint venture arrangements rather than operating the blocks itself.
Bose said the additional funding would support participation in the Chevron-operated Nabba-1 exploration well in Petroleum Exploration Licence (PEL) 90, located close to Galp Energia’s Mopane discovery in the Orange Basin.
The company also intends to use part of the proceeds to complete acquisitions involving PEL 37 in Namibia’s Walvis Basin and the KON-16 block in Angola’s Kwanza Basin.
“Our approach is to build a portfolio with diversified exploration exposure, with minimised capital exposure, protected downside and asymmetric upside exposure,” Bose said.
Sintana said it expects significant operational activity across its portfolio between 2026 and 2027, including three carried wells to be drilled by operator-elect TotalEnergies, another carried well on PEL 83, and planned seismic work on the OFF-1 block.
The fundraising remains subject to regulatory approvals, including approval from the TSX Venture Exchange. Trading of the new shares on AIM is expected to begin around 27 May 2026.
Following the transaction, Sintana’s total issued share capital will increase to about 554.6 million common shares.
