Sintana Energy Expands Namibia Exploration with $6.5 Million Maravilla Deal
Canadian-listed oil and gas company Sintana Energy is expanding its exploration footprint in Namibia after signing definitive agreements to acquire a 44% stake in Maravilla Oil & Gas, giving it indirect exposure to a major offshore exploration licence in the Walvis Basin.
The transaction, valued at $6.5 million, will give Sintana an indirect 35% interest in Petroleum Exploration Licence 37 (PEL 37) through Maravilla’s 80% ownership of Paragon Oil & Gas, which holds the licence.
PEL 37 covers approximately 17,295 square kilometres in the Walvis Basin, with water depths ranging from 300 to 600 metres.
The licence contains several identified prospects supported by existing geological and seismic data, including 2,813 square kilometres of 3D seismic and around 1,000 line kilometres of 2D seismic.
Previous exploration on the licence included the Cormorant-1 and Sasoil wells, while Tullow Oil was previously the operator.
PEL 37 is located near Chevron’s PEL 82, where the US major is considering drilling an exploration well in 2027, highlighting the growing exploration activity across Namibia’s offshore basins.
Sintana CEO Robert Bose said the investment will strengthen the company’s regional position and provide additional exposure to emerging exploration opportunities.
The acquisition will be financed through a combination of cash and shares, although completion remains subject to regulatory approvals and other customary conditions.
The deal further strengthens Sintana’s growing Namibian portfolio as the country continues to attract international interest following a series of significant offshore oil discoveries.
