Sintana Energy open to selling Mopane oil discovery interest for the right price
via The Namibian2 min read
Sintana Energy, a Canadian oil exploration company, has indicated its willingness to sell its interest in petroleum exploration licence 83, which encompasses the Mopane oil discovery. Sintana's chief executive, Robert Bose, stated that the company would "absolutely" consider selling its Mopane interests if an offer exceeded the risk-adjusted and retention value of their assets. Bose explained that Sintana's business model involves acquiring assets early and selling them at higher prices once their value is realized. He clarified that Sintana holds an indirect, minority interest in PEL83 through Inter Oil Pty Ltd, where Namibian businessman Knowledge Katti is the majority owner and also a non-executive director of Sintana. Following a N$190 million capital-raising round, Sintana plans to use the funds to expand its presence in Angola and Namibia, primarily to participate in an upcoming exploration campaign led by Chevron on PEL90, located west of Mopane. The company will also use the capital to finalize its entry into the Angolan market and potentially complete a transaction with Paragon Oil and Gas for PEL 37 in the Walvis Basin, aiming to expand its footprint in what it anticipates to be Namibia's next major offshore province. Sintana also holds interests in two oil exploration areas in Uruguay.
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This summary was AI-generated from a story originally published by The Namibian.
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