Sintana Energy strengthens position in Namibian oil industry

Canadian-listed Sintana Energy has acquired an initial 49% stake in Giraffe Energy Investments.

The company has offshore and onshore oil projects in Namibia.

The deal was first disclosed on 24 April, in accordance with the provisions of a final agreement between Crown Energy and Giraffe.

Giraffe is the owner of a 33% interest in Petroleum Exploration Licence 79 (PEL 79), which governs blocks 2815 and 2915 along the Namibian coastal basin.

The company acquired its initial 49% interest in Giraffe for US$2 million (approximately N$40 million).

The deal will see Sintana retain an option to increase its ownership of Giraffe to 67%.

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