Sintana Energy, Inc (TSXV:SEI, LON:SEI, OTCQX:SEUSF) has announced, further to a previous announcement dated 20 January, 2026, the entry into definitive documentation providing for the acquisition of a 44% interest in Maravilla Oil and Gas (Pty) Ltd., a privately held, Namibian company focused on high-impact opportunities in West Africa. Maravilla is indirectly controlled by Knowledge Katti, a Non-Executive Director of the Company.
Maravilla has assets in Namibia and is exploring additional opportunities in emerging frontier geographies regionally. It is the owner of an 80% controlling shareholding in Paragon Oil and Gas (Pty) Ltd., also a privately held, Namibian company which in turn owns a 100% operated interest in Petroleum Exploration License 37 located in the Walvis Basin, offshore Namibia. Sintana’s investment in Maravilla provides an indirect 35% interest in PEL 37.
Key Investment Highlights
· Strategic Partnership With Maravilla Opens Access and Creates Shared Resources
– Sintana’s investment in Maravilla provides resources to further develop, mature and refine opportunities including an inventory of prospects on PEL 37
– Additionally, the partnership provides a platform for both parties to work together to continue identifying and evaluating capital efficient, high-impact opportunities in West Africa more broadly
· PEL 37 is a Large, Highly Prospective License with Significant Seismic Coverage
– PEL 37 covers an area of 17,295km², in relatively shallow waters (100 – 1,500m), with identified prospects at water depths between 300 and 600m, and with multiple large fans directly overlying a proven, mature oil-prone Aptian source rock
– PEL 37 benefits from an extensive technical database already in place, including 2,813 km2 (2014) of 3D seismic data, ~1,000 line kms of 2D seismic data (2014), and historical drilling activity (Cormorant-1 (2018), Sasoil (1995))
· PEL 37 is Positioned to Benefit from Upcoming Offset Exploration Activities
– PEL 37 sits north and easterly inboard of Petroleum Exploration License 82 operated by an affiliate of Chevron Corporation and in which Sintana’s Namibian affiliate Custos Energy (Pty) Ltd maintains a 10% interest (Sintana holds a 49% shareholding in Custos)
– PEL 82 is approximately 70% covered in 3D seismic and is home to the Murumbe-1 and Wingat-1 wells previously drilled by HRT Participações em Petróleo S.A. which intersected underlying source rock and from which light oil was brought to surface
– Chevron has indicated an expectation of exploration activities including a potential inaugural exploration well in 2027
– Given the geographic and technical setting of PEL 37 relative to PEL 82, the outcomes of future drilling on PEL 82 could have significant “read through” implications for PEL 37
· PEL 37 Offers Expanded Exposure to the Next Phase of Namibian Offshore
– A successful opening of the Walvis Basin would represent the next major phase of the expansion of the broader Namibian offshore environment, following the enormous discovery successes in the Orange Basin to the south
– In addition to upcoming activities on PEL 82 led by Chevron, in April 2026, Eco (Atlantic) Oil & Gas Ltd announced the farm down of interests in three of its licences in the Walvis Basin (adjacent to PEL 82 and PEL 37) to bp PLC, and is expecting to conduct significant activities on these licences over the coming 12-24 months. This includes seismic acquisition, reprocessing and potential exploration well decisions
In conjunction with Sintana’s investment, Maravilla will make a Namibian $1MM donation to the communities in the Erongo Region to be distributed in co-ordination with the Office of the Governor, the Honorable Dr. Natalia IGoagoses and the Knowledge Foundation, led by Knowledge Katti.
Robert Bose, CEO of Sintana, said: “Expanding our platform though an investment in Maravilla is the continuing demonstration of our ability to secure cost-effective exposure to high-impact exploration licenses in emerging basins. The expansion of our Walvis Basin footprint positions us to participate in the next chapter of Namibia’s offshore success. We look forward to providing updates on progress in the coming quarters.”
Transaction Details
The total consideration for the acquisition is US$6.5MM, comprised by US$0.5 million deposit (paid by Sintana in January 2026 at the time of signing of the letter of intent), US$3.0 million in cash at signing and closing, US$500,000 in pre-funded expenses associated with ongoing technical and commercial work on PEL 37, and US$2.5 million in newly issued Sintana common shares at a price of US$0.30 per common share.
Closing is subject to, among other things, regulatory approvals and other standard transactional closing conditions. The Company will issue further announcements at the appropriate time, including in relation to the closing of the Acquisition.
Related Party Transaction
Knowledge Katti is a related party of the Company for the purposes of the AIM Rules for Companies by virtue of being a director of the Company. Accordingly, his participation in the Acquisition constitutes a related party transaction pursuant to AIM Rule 13. The independent directors of the Company (excluding Knowledge Katti), having consulted with Zeus Capital Limited, the Company’s nominated adviser, consider that the terms of the Acquisition are fair and reasonable insofar as the Company’s shareholders are concerned. Expenditures by Maravilla, excluding acquisition costs, over the preceding 12 months have been immaterial within the context of Sintana’s operations.
