Sintana Energy (AIM:SEI), the AIM and TSXV-listed oil and gas explorer, has finalised definitive documentation to acquire a 44% interest in Maravilla Oil and Gas, a privately held Namibian company.
The deal, first flagged on 20 January, gives Sintana an indirect 35% interest in Petroleum Exploration License 37 (PEL 37), a 17,295 square kilometre block in the Walvis Basin held through Maravilla's 80% stake in Paragon Oil and Gas.
PEL 37 carries an existing technical database, including 2,813 square kilometres of 3D seismic data and roughly 1,000 line kilometres of 2D seismic, both acquired in 2014, alongside two historical wells drilled in 1995 and 2018. The license sits inboard of PEL 82, operated by a Chevron affiliate, in which Sintana holds an indirect 10% interest through its 49% shareholding in Custos Energy.
Chevron has signalled it expects to drill an inaugural exploration well on PEL 82 in 2027, a result Sintana says could carry "read through" implications for PEL 37.
Total consideration is $6.5 million, split between a $0.5 million deposit already paid, $3 million in cash, $500,000 in pre-funded technical costs, and $2.5 million in new Sintana shares priced at $0.30 each.
"The expansion of our Walvis Basin footprint positions us to participate in the next chapter of Namibia's offshore success," said Robert Bose, Sintana's chief executive.
Maravilla is indirectly controlled by Knowledge Katti, a non-executive director of Sintana, making the transaction a related party deal under AIM rules.
A cost-efficient opportunity
Daniel Slater, analyst at Zeus Capital, described the $6.5 million transaction as a cost-efficient way to broaden Sintana’s Walvis basin exploration portfolio, whilst highlighting the potential value boost coming from adjacent activity, including Chevron’s planned Gemsbok‑1 well on nearby PEL 82, subject to future results.
The broker note also highlighted the licence’s extensive seismic and well dataset, plus planned desktop work, which are expected to firm up prospects and help support a targeted farm‑out process.
News Intelligence what this means for the company
Sintana has closed its acquisition of a 44% stake in Maravilla Oil and Gas for $6.5 million, securing an indirect 35% interest in PEL 37, a 17,295 km² offshore Namibian license adjacent to Chevron-operated acreage where an exploration well is planned for 2027. The deal, flagged in January, expands Sintana's Walvis Basin footprint and positions it to benefit from Chevron's drilling results on the neighboring block, though the transaction is a related-party deal under AIM rules and remains subject to final regulatory approvals.
- Chevron's planned 2027 well on PEL 82 (where Sintana holds 10% indirectly through Custos Energy) carries potential 'read through' implications for PEL 37's prospectivity, making Sintana's exposure to Chevron's exploration outcome material to both licenses.
The $6.5 million outlay—funded partly in new shares at $0.30—adds exploration upside in a tier-one basin but does not materially alter Sintana's cash position relative to the ~$6.75 million of inflows expected over the next six months from legacy settlements. The deal's value hinges on Chevron's 2027 drilling result and Namibian regulatory approval.
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