Sintana raises US$11.5m to fund expanded African offshore drilling campaign

Sintana Energy ( (TSE:SEI) ) has shared an update.

Sintana Energy has conditionally raised US$11.5 million via a placing and subscription of 38.0 million new common shares on AIM and the TSX-V at 22.5 pence and C$0.41 respectively, representing a 13.5% discount to its prior AIM close. The oversubscribed funding round, which includes participation by institutional investors and insiders, remains subject to regulatory approvals but will increase the company’s issued share capital to 554.6 million shares.

Management said the capital, combined with existing cash and proceeds from a recent settlement in Colombia, will support drilling of the Chevron-operated Nabba-1 exploration well in PEL 90 and fund cash consideration for acquisitions in Namibia’s PEL 37 and Angola’s KON-16. Sintana highlighted a busy 2026–27 work programme featuring multiple carried wells and seismic campaigns, reinforcing its strategy of building a broad exploration portfolio with limited capital exposure and potential asymmetric upside for shareholders.

More about Sintana Energy

Sintana Energy Inc. is an oil and gas exploration company listed on the TSX Venture Exchange, AIM and OTCQX, with a portfolio focused on offshore basins including Namibia’s Walvis and Orange basins and Angola’s Kwanza basin. The company pursues a strategy of diversified exploration exposure while limiting its own capital commitments through carried wells, farm-outs and strategic partnerships with major operators such as Chevron and TotalEnergies.

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