Sintana Energy Secures $11M as Trago Transfers PEL 90 Stake to Chevron

Sintana Energy has made a strategic move in Namibia's offshore Petroleum Exploration License 90 (PEL 90). The company, through its indirect interest in Trago Energy, will receive $11 million in cash upon completion of the deal. In return, Trago is transferring its 10% participating interest in PEL 90 to Chevron.

The agreement preserves Trago's economic exposure to potential future success on PEL 90, including the Nabba-1X exploration well. This means Trago will still benefit from any commercial output, estimated at 1.5 to 2.5 million barrels of oil. However, it removes Trago's funding and capital obligations on the licence.

For Sintana Energy, this deal brings net upfront proceeds that will support corporate activities and further reduce portfolio capital intensity. This move also maintains capital-free upside in a highly prospective Orange Basin block operated by Chevron and partnered with QatarEnergy, Equinor, and Namibia's state oil company.