Sintana Energy Inc has secured a new exploration opportunity in Angola through a strategic agreement.
The deal grants Sintana a 5% indirect stake in the KON-16 block within Angola’s onshore Kwanza Basin via a partnership with Corcel.
The collaboration sets the stage for both companies to assess and pursue additional ventures in the region.
Sintana is investing $2.5 million, starting with a $500,000 deposit, to support exploration work led by Corcel.
The transaction is slated for completion in the third quarter.
CEO Robert Bose highlighted the partnership as part of Sintana’s strategy to align with strong partners while targeting high-return opportunities with minimal added costs.
He also emphasized the KON-16 acquisition as a valuable step in broadening Sintana’s presence along West Africa’s resource-rich margin.
Meanwhile, Corcel continues to expand its footprint in Angola’s energy landscape.
Sintana’s 5% net interest in KON-16 comes via a 5.88% equity position in a special purpose vehicle.
Additionally, Sintana will receive a 2.5% net profit interest from Corcel’s share of KON-16, capped at $50 million and 1.5% thereafter.
source: www.proactiveinvestors.co.uk
African Energy Council