Sintana Energy has raised US$11.5 million to support drilling activity in Namibia’s Orange Basin and grow its offshore exploration portfolio across southern Africa. The company, which is listed on the TSX Venture Exchange, AIM and OTCQX, said it will issue more than 38 million new common shares to institutional and other investors after completing an oversubscribed fundraising at 22.5 pence per share on AIM and C$0.41 per share on the TSX Venture Exchange.
The capital raise includes a US$10.8 million placing and an additional US$700,000 subscription from directors and qualified investors in Canada and Australia. Chief executive Robert Bose and company president Eytan Uliel each contributed US$250,000 through the subscription.
The fundraising comes as Sintana increases its presence in Namibia’s offshore oil sector. The company holds interests in several petroleum exploration licenses connected to international oil companies such as Chevron and TotalEnergies. Its Namibian portfolio includes interests in PEL 90, where Chevron Namibia Exploration Limited plans to drill the Nabba-1 exploration well in the Orange Basin near Galp Energia’s Mopane discovery. Sintana also has exposure to PEL 83 and PEL 87, which are tied to TotalEnergies-led exploration activity in the Orange Basin, as well as PEL 37 in the Walvis Basin.
Sintana mainly holds indirect minority interests through carried joint venture agreements instead of operating the blocks directly. Bose said the additional funding will help the company participate in the Chevron-operated Nabba-1 exploration well in PEL 90, located close to Galp Energia’s Mopane discovery in the Orange Basin. He added that Sintana will also use part of the proceeds to complete acquisitions linked to PEL 37 in Namibia’s Walvis Basin and the KON-16 block in Angola’s Kwanza Basin.
Bose said the company’s strategy focuses on building a portfolio with diversified exploration exposure while limiting capital exposure and maintaining strong upside potential. Sintana expects major operational activity across its portfolio between 2026 and 2027, including three carried wells to be drilled by operator-elect TotalEnergies, another carried well on PEL 83, and planned seismic work on the OFF-1 block.
The fundraising still requires regulatory approvals, including approval from the TSX Venture Exchange. Sintana expects trading of the new shares on AIM to begin around 27 May 2026. After the transaction, the company’s total issued share capital will rise to about 554.6 million common shares.
source: africanminingmarket.co
African Energy Council