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An announcement from Sintana Energy ( (TSE:SEI) ) is now available.
Sintana Energy has signed a letter of intent that grants it exclusivity until 30 April 2026 to pursue an indirect interest in Petroleum Exploration Licence 37 (PEL 37) in Namibia’s Walvis Basin, currently 100% owned and operated by local company Paragon Oil and Gas. PEL 37 lies immediately north of PEL 82, where an affiliate of Chevron is operator and Sintana-linked Custos Energy holds a carried interest, and covers 17,295 km² in relatively shallow waters with multiple large prospects over a proven oil-prone source rock. Under the LOI, Sintana will pay a US$1 million deposit, partly non-refundable, while it conducts technical, commercial and legal due diligence and negotiates terms for a capital contribution that would make it a shareholder in Paragon and an indirect holder of PEL 37. Management describes the potential transaction as a low-cost way to secure optionality on a high-impact block adjacent to an area where drilling is expected in the coming quarters, reinforcing Sintana’s strategic expansion in Namibia and potentially strengthening its position in one of the industry’s most closely watched emerging offshore basins.
More about Sintana Energy
Sintana Energy Inc. is a Canadian oil and gas company focused on acquiring, exploring and potentially developing high-impact hydrocarbon assets in frontier geographies. Its portfolio spans eight licences in Namibia and Uruguay, with pending indirect interests in additional licences in Namibia and Angola, as well as legacy positions in Colombia and The Bahamas, giving it exposure to multiple basins, operators and regulatory regimes.
See more data about SEI stock on TipRanks’ Stock Analysis page.