Execution of Definitive Agreement to Acquire up to 67% of Giraffe Energy – Expansion of Orange Basin Platform in Namibia & Creation of Community Trust

TORONTO, April 24, 2024 (GLOBE NEWSWIRE) -- Sintana Energy Inc. (TSX-V: SEI, OTCQB: SEUSF) (“Sintana” or the “Company”) is pleased to announce that it has entered into a definitive agreement dated effective April 24^th, 2024 with Crown Energy (Pty) Ltd. (“Crown Energy”), a private Namibian company providing for the acquisition (the “Acquisition”) by the Company from Crown of up to 67% of the issued and outstanding shares of Giraffe Energy Investments (Pty) Ltd. (“Giraffe”). 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 (“NAMCOR”) is currently the operator with a 67% interest in PEL 79.

Highlights

The Acquisition provides Sintana with an attractive entry into a high impact license with significant upside. It allows Sintana to further expand its exposure to Namibia’s Orange Basin, emerging as the world’s next hydrocarbon province.

PEL 79 presents a unique opportunity to expand Sintana’s exposure to Namibia’s Orange Basin.

• One of the last remaining licenses not operated by a private operator.
• Emerging regional exploration dynamic focused on oil prospectivity.
  • BW Energy acquired 4,600 square kilometers of new 3D seismic over PEL 3, located directly west of PEL 79, in 2023 and has moved to initiate an oil-focused exploration campaign.
  • Rhino Resources, operator of PEL 85 which sits directly outboard to the west of the southern reach of PEL 79, is progressing with the planning and contracting of a two-well campaign further to an application to drill up to 10 wells.
    Emerging regional exploration dynamic focused on oil prospectivity.
• Significant existing 2D and 3D coverage supports a material existing prospect inventory – recent discoveries, including at Mopane, provide opportunities to deploy new approaches and new insights on potential.
  
  • Over 4,760 km of 2D seismic, 1137 km2 of 3D seismic and 1 well with gas shows (Kudu source rock).
• Limited work program commitments through remaining license period.

Through an emerging partnership with Quantum Xploration Inc. (“QXI”) associated with the Acquisition, Sintana deepens its technical, operational and in-country capabilities in Namibia which position the Company for additional opportunities and growth. QXI is led by Mark Stearns who was previously Asset General Manager for Galp Energia in Namibia from 2017 to 2023 leading all upstream operations in country including on PEL 83 home to the multiple light-oil discoveries in the Mopane complex announced during Q1 of 2024. Together Sintana and QXI will focus on working with NAMCOR to identify and harness the opportunities and value of PEL 79.