Chevron Buys Stake in Namibia's PEL 90 from Sintana Affiliate

Sintana Energy's affiliate Trago Energy is selling its 10% stake in Namibia's PEL 90 offshore licence to Chevron affiliate Harmattan Energy Limited for $11 million in cash, plus contingent payments tied to appraisal and production milestones.

The sale structure gives Trago ongoing exposure to the prospectivity of PEL 90, including the upcoming Nabba-1X exploration well, while eliminating its funding and capital risk. The upfront consideration will support Sintana's corporate activities.

Sintana CEO Robert Bose stated that this transaction demonstrates their ability to reduce capital intensity and downside risk while preserving exposure to high impact exploration evolving into production.