Sintana Energy acquires 44% of Maravilla Oil and Gas for N$105 million, gaining stake in Walvis Basin oil block
Sintana Energy has signed an agreement to acquire 44% of Maravilla Oil and Gas for N$105 million, securing a stake in petroleum exploration licence 37 in the Walvis Basin. The transaction, valued at US$6.5 million, involves US$3 million in cash and US$2.5 million in newly issued Sintana shares. Sintana chief executive Robert Bose stated that this expansion in the Walvis Basin positions the company for future offshore success in Namibia. Namibian businessman Knowledge Katti, a non-executive director of Sintana with over 4% of the company's shares, also indirectly controls Maravilla. The licence is currently held by Paragon Oil and Gas, with Katti holding a controlling stake through Maravilla. Sintana's independent directors consulted an advisor to confirm the acquisition price was fair, despite Katti's involvement in both companies. The oil block is adjacent to Chevron's licence 82, which the American oil major plans to explore next year. Licence 37 was previously linked to the firing of former mines and energy minister Natangwe Ithete last year.
