Execution of Definitive Agreement to Acquire up to 67% of Giraffe Energy – Expansion of Orange Basin Platform in Namibia & Creation of Community Trust
TORONTO, April 24, 2024 (GLOBE NEWSWIRE) — Sintana Energy Inc. (TSX-V: SEI, OTCQB:SEUSF) (“Sintana” or the “Company”) is pleased to announce that it has entered into a definitive agreement dated effective April 24th, 2024 with Crown Energy (Pty) Ltd. (“Crown Energy”), a private Namibian company providing for the acquisition (the “Acquisition”) by the Company from Crown of up to 67% of the issued and outstanding shares of Giraffe Energy Investments (Pty) Ltd. (“Giraffe”). Giraffe is the owner of a 33% interest in Petroleum Exploration License 79 (“PEL 79”) which governs blocks 2815 and 2915 located inboard of blocks operated by BW Energy, Rhino Resources and Shell. The National Petroleum Corporation of Namibia (“NAMCOR”) is currently the operator with a 67% interest in PEL 79.