Sintana Energy Wins Exclusivity to Negotiate Stake in Namibia’s Walvis Basin PEL 37
Sintana Energy has secured exclusive rights to negotiate a potential investment in a large offshore exploration licence in Namibia’s Walvis Basin, strengthening its footprint in one of the world’s most closely watched emerging oil provinces.
The company said it has signed a letter of intent granting exclusivity until 30 April 2026 to negotiate an indirect interest in Petroleum Exploration Licence (PEL) 37.
The licence covers approximately 17,295 square kilometres in shallow offshore waters off Namibia’s coast.
PEL 37 is located directly north of PEL 82, where Chevron is planning to drill an exploration well. Custos Energy, a Sintana affiliate, already holds a carried interest in PEL 82, which has drawn heightened attention following a series of recent offshore discoveries in Namibia.
Under the terms of the agreement, Sintana will pay a US$1 million deposit to secure the exclusivity period, with one-third of the amount retained should the company decide not to proceed with the transaction.
If completed, the deal would see Sintana contribute funding toward licence work commitments in exchange for an equity interest in Paragon Oil and Gas, the Namibian company that owns and operates PEL 37.
The licence area contains several large geological structures, including deepwater fan systems overlying an Aptian-age source rock known for its oil-generating potential.
Chief executive Robert Bose said the letter of intent provides Sintana with low-cost access to a potential interest in PEL 37, adding strategic flexibility alongside exploration activity already underway across the company’s existing portfolio.
Sintana said it will now undertake detailed technical, legal, and commercial due diligence on the licence and its operator before deciding whether to proceed. Further updates are expected as the evaluation progresses.
