Canadian oil and gas company Sintana Energy has inked a deal with Namibian energy firm Crown Energy to acquire a 67% stake in its subsidiary, Giraffe Energy, further solidifying its foothold in the lucrative Orange Basin.
The agreement grants Sintana Energy access to Giraffe Energy’s 33% interest in the Petroleum Exploration License (PEL) 79, situated within the exploration blocks 2815 and 2915.
Notably, PEL 79 is strategically positioned adjacent to the Mopane light-oil discoveries recently made by Galp in Q1 of 2024.
Robert Bose, CEO of Sintana Energy, expressed enthusiasm about the partnership, stating, “Together with our partners at QXI and Giraffe, we look forward to collaborating with NAMCOR to unlock the substantial geological, commercial, and strategic potential of PEL 79.”
In a concerted effort to foster community development, Sintana Energy, in collaboration with the Knowledge Katti Foundation, plans to establish a community trust.
This initiative, fueled by an 8% interest in Giraffe’s common equity, aims to finance local community projects, emphasizing Sintana Energy’s commitment to responsible corporate citizenship.
With this acquisition, Sintana Energy augments its upstream portfolio, which already includes exploration licenses in Namibia and Colombia.
The company’s strategic expansion underscores its dedication to capitalizing on emerging opportunities in key energy markets.
