Sintana Energy enters final agreements to buy 44% stake in Maravilla

Sintana Energy Inc on Thursday said it signed the definitive documentation to buy a 44% interest in the Namibian company Maravilla Oil & Gas Pty Ltd for a total of USD6.5 million.

Through the deal, Toronto-based Sintana will hold an indirect 35% interest in the petroleum exploration license 37 in the Walvis Basin, offshore North West Namibia, as Maravilla holds an 80% controlling share in Paragon Oil & Gas Pty Ltd, operator of the exploration license 37.

Regarding the licence, Sintana said: "Chevron has indicated an expectation of exploration activities including a potential inaugural exploration well in 2027."

Sintana Chief Executive Officer Robert Bose said: "Expanding our platform though an investment in Maravilla is the continuing demonstration of our ability to secure cost-effective exposure to high-impact exploration licenses in emerging basins. The expansion of our Walvis Basin footprint positions us to participate in the next chapter of Namibia's offshore success."

The closing of the deal, which was first announced in January, will now be subject to standard regulatory approvals.

Sintana shares were up 4.6% at 23.00 pence on Thursday afternoon in London.

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