NAMIBIA: Sintana Energy Completes Acquisition of Interest in Giraffe Energy

Sintana Energy has announced that it has closed its previously announced acquisition of an initial 49% interest in Giraffe Energy Investments (Pty) Ltd., pursuant to a definitive agreement dated effective April 24, 2024 with Crown Energy (Pty) Ltd. and Giraffe. Giraffe is the owner of a 33% interest in Petroleum Exploration License 79 (PEL 79) which governs blocks 2815 and 2915 located inboard of blocks operated by BW Energy, Rhino Resources and Shell. The National Petroleum Corporation of Namibia is currently the operator with a 67% interest in PEL 79. 

The Company acquired its initial 49% interest in Giraffe for cash consideration of US$2 million. Sintana retains an option to increase its ownership up to 67% of Giraffe anytime over the 5 years following closing based on the shares issued and outstanding at the time of the option exercise for an additional cash payment at the time of exercise of US$1 million.