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Canadian oil & gas player comes into possession of more offshore acreage in Namibia’s Orange Basin

Canadian oil & gas player comes into possession of more offshore acreage in Namibia’s Orange Basin

 

Canada-headquartered oil and natural gas exploration player Sintana Energy has wrapped up its acquisition of a stake in Giraffe Energy Investments, which enabled it to get a hold of a new license in the Orange Basin off the coast of Namibia.

Thanks to a deal with Crown Energy, a Namibian company, Sintana Energy has acquired an initial 49% interest in Giraffe Energy Investments, which owns a 33% stake in the petroleum exploration license 79 (PEL 79), governing blocks 2815 and 2915 located inboard of blocks operated by BW Energy, Rhino Resources, and Shell in Namibia’s Orange Basin.

Currently, the National Petroleum Corporation of Namibia (NAMCOR) is the operator of the license with a 67% interest. According to Sintana, the existing 2D and 3D coverage support a material prospect inventory, with recent discoveries, including at Galp’s Mopane, providing opportunities to deploy new approaches and new insights on potential.

The Canadian firm paid a cash consideration of $2 million for its initial 49% interest in Giraffe and retains an option to increase its ownership up to 67% anytime over the five years, following closing based on the shares issued and outstanding at the time of the option exercise for an additional cash payment of $1 million.

Many other players are also joining Namibia’s prolific Orange Basin, including Azule Energy which recently found its way into the basin, thanks to a farm-in agreement for a 42.5% interest in Block 2914A in PEL 85.

On the other hand, Chevron ensured its entrance into PEL 82 with an agreement to assume an 80% working interest and operatorship.

Read the latest issue of the OGV Energy magazine HERE

Published: 12-06-2024

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