Sintana bets N$105m on Walvis Basin

Canadian-listed oil and gas company Sintana Energy has completed a US$6.5 million (N$105 million) investment to acquire a 44% interest in local entity Maravilla Oil and Gas, giving it an indirect 35% stake in offshore petroleum exploration licence (PEL) 37.The licence is located in the Walvis Basin, where exploration activity is expected to increase over the next two years.Maravilla owns an 80% controlling interest in Paragon Oil and Gas, which holds a 100% operated interest in PEL 37. The licence covers 17 295 square kilometres in water depths ranging from about 100 metres to 1 500 metres.Sintana said the acquisition would expand its exposure to Namibia's offshore oil sector beyond its existing interests in the Orange Basin.The company already has an indirect interest in nearby PEL 82 through its 49% shareholding in Custos Energy. Custos holds a 10% interest in the licence, which is operated by an affiliate of Chevron.Chevron has indicated that exploration activity on PEL 82 could include a first exploration well in 2027. Sintana said the results of future drilling could provide important geological information for PEL 37 because of the licences' proximity and technical similarities.PEL 37 already has an extensive database, including 3D and 2D seismic surveys and historical wells.Robert Bose, Sintana's chief executive, said the investment would give the company further exposure to high-impact exploration opportunities."Expanding our platform through an investment in Maravilla is the continuing demonstration of our ability to secure cost-effective exposure to high-impact exploration licences in emerging basins," he said.The transaction consists of a US$500 000 deposit paid in January, US$3 million in cash at signing and closing, US$500,000 for technical and commercial work on PEL 37, and US$2.5 million in newly issued Sintana shares.The deal values the total consideration at US$6.5 million, or about N$105 million.Maravilla is indirectly controlled by Knowledge Katti, a non-executive director of Sintana.As part of the transaction, Maravilla will donate N$1 million to communities in the Erongo Region, with distribution to be coordinated with the Office of the Erongo Governor and the Knowledge Foundation.The investment comes as attention increasingly shifts towards the Walvis Basin as the next potential frontier for Namibia's offshore oil industry. Nearby acreage is also attracting renewed interest, with Eco Atlantic Oil &amp; Gas having brought bp into three Walvis Basin licences earlier this year.

Sintana bets N$105m on Walvis Basin

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Republikein 2026-08-25

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Sintana bets N$105m on Walvis Basin

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