Sintana Energy to acquire stake in Namibian firm Maravilla, expanding Walvis Basin exposure
Sintana Energy Inc has bolstered its presence in Namibia's Walvis Basin by acquiring a 44% stake in Maravilla Oil and Gas for US$6.5 million. This investment grants Sintana an indirect 35% stake in a promising offshore license neighboring Chevron's operated area. Maravilla holds an 80% controlling interest in Paragon Oil and Gas, which has an exclusive operated interest in Petroleum Exploration License 37 (PEL 37).
This 17,295-square-kilometre block is backed by comprehensive 3D and 2D seismic data and two previous wells. PEL 37 is situated north and east of PEL 82, operated by a Chevron affiliate. Sintana already owns a 49% stake in Custos Energy, a Namibian firm with a 10% interest in PEL 82. Chevron plans to drill an exploratory well on PEL 82 in 2027, potentially impacting PEL 37.
The transaction also includes Maravilla's $1 million donation to Erongo Region communities. Sintana CEO Robert Bose emphasized the strategic move to secure cost-effective exposure to high-impact exploration licenses in emerging basins.
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