Petroleum Africa
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Tuesday, June 11, 2024
Sintana Energy reports that it has closed its previously announced acquisition of an initial 49 percent 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 percent 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 Corp. of Namibia is currently the operator with a 67 percent interest in PEL 79.
The company acquired its initial 49 percent interest in Giraffe for cash consideration of $2 million. Sintana retains an option to increase its ownership up to 67 percent of Giraffe any time over the five 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 $1 million.
For further details regarding the transaction and PEL 79, please refer to the press release dated April 24, 2024.
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