Sintana Energy’s acquisition of a major stake in Namibian explorer Maravilla Oil & Gas has moved closer to completion.
In January, the Toronto and London-listed company announced plans to acquire a 44% stake in Maravilla, which is indirectly controlled by Knowledge Katti, a prominent Namibian entrepreneur and non-executive director of Sintana.
Sintana announced that it had signed definitive agreements for the planned acquisition.
Maravilla holds assets in Namibia and is also exploring opportunities in other emerging frontier markets across the region.
Maravilla owns an 80% stake in Paragon Oil & Gas, a privately held Namibian company that holds a 100% operated interest in Petroleum Exploration Licence 37 (PEL 37) in the Walvis Basin. Through its investment in Maravilla, Sintana will indirectly hold a 35% interest in PEL 37. The 17,295-square-kilometer license contains identified prospects in water depths of 300 to 600 meters, with several large fans located above a proven and mature oil-prone Aptian source rock.
Tullow Oil previously operated PEL 37. The license has 2,813 square kilometers of 3D seismic data and about 1,000 line kilometers of 2D seismic data. Exploration on the license also included the Cormorant-1 and Sasoil wells.
PEL 37 lies north and east of Chevron’s PEL 82, where the US major is considering drilling an exploration well in 2027.
Sintana Chief Executive Robert Bose said the investment in Maravilla would expand the company’s position in the region and provide exposure to exploration opportunities in emerging basins.
The acquisition is valued at $6.5 million and will be funded through a combination of cash and shares. Completion remains subject to regulatory approvals and other conditions.
African Energy Council