Canadian oil and gas exploration company Sintana Energy has secured a stake in two blocks in the Orange Basin offshore Namibia through the acquisition of a 49% interest in Giraffe Energy Investments. The acquisition was closed for a cash consideration of $2 million.
Giraffe Energy Investments owns a 33% interest in PEL 79 in the Orange Basin, which governs Blocks 2815 and 2915.
Under the acquisition agreement, Sintana Energy retains an option to increase its ownership of up to 67% in Giraffe Energy Investments anytime over five years, following closing for an additional cash payment of $1 million.
PEL 79 is operated by the state-owned National Petroleum Corporation of Namibia, which holds a 67% interest, and is located inboard of blocks operated by oil and gas company BW Energy, exploration company Rhino Resources and supermajor Shell.
