Canadian oil and gas company Sintana Energy reached an agreement with Namibian energy firm Crown Energy to acquire a 67% stake in the company’s subsidiary Giraffe Energy.
The deal expands Sintana Energy’s presence in the highly-prolific Orange Basin, with Giraffe Energy owning a 33% stake in the Petroleum Exploration License (PEL) 79.
PEL 79 encompasses exploration blocks 2815 and 2915, and is adjacent to the Mopane light-oil discoveries made by Galp in Q1 – 2024.
“Together with our partners at QXI {Quantum Xploration} and Giraffe, we look forward to working with NAMCOR to fully realize the significant geologic, commercial, and strategic value of PEL 79,” stated Robert Bose, CEO of Sintana Energy.
Sintana Energy, in partnership with the Knowledge Katti Foundation, will establish a community trust leveraging an 8% interest in Giraffe’s common equity to fund local community projects.
The acquisition adds to Sintana Energy’s upstream portfolio in five exploration licenses in Namibia and Colombia.
