Sintana Energy Inc (TSX-V:SEI, OTCQB:SEUSF) said it has completed its acquisition of a 49% interest in Giraffe Energy, which owns a 33% interest in an exploration license in Namibia’s Orange basin hotspot.
The PEL 79 licence, majority owned by the Namibia state oil company, governs blocks 2815 and 2915, close to the ‘world class’ Mopane discovery.
Sintana acquired the initial interest in Giraffe for US$2 million cash and retains an option to increase its ownership up to 67% any time in the next five years, for an additional US$1 million cash payment.
Companies with an interest in the Orange basin have been boosted by drilling tests by Portugal’s Galp last month, where flows from the Mopane-1X well hit the maximum limit of 14,000 barrels oil equivalent per day in a test.
