Oil and gas company Sintana Energy has completed the acquisition of shares in Giraffe Energy Investments, securing a stake in two blocks in the Orange Basin, offshore Namibia.
Sintana Energy has closed the previously announced acquisition of an initial 49% interest in Giraffe Energy Investments for cash consideration of $2 million.
According to Sintana Energy, it also retains an option to increase its ownership up to 67% of Giraffe anytime over the five years following closing based on the shares issued and outstanding at the time of the option exercise for an additional cash payment at the time of exercise of $1 million.
Giraffe is the owner of a 33% interest in Petroleum Exploration License 79 (PEL 79) which governs blocks 2815 and 2915 located inboard of blocks operated by BW Energy, Rhino Resources and Shell.
The National Petroleum Corporation of Namibia is currently the operator with a 67% interest in PEL 79.