Sintana Energy Sells PEL 90 Stake to Chevron Affiliate for $11 Million

Sintana Energy Inc., through its subsidiary Trago Energy Pty Ltd, has agreed to sell its 10% stake in Petroleum Exploration License 90 (PEL 90) to Harmattan Energy Limited, a Chevron affiliate.

The deal is valued at $11 million in cash at completion, with additional contingent payments tied to appraisal and production milestones. These milestones include commercial production revenues estimated between 1.5 million and 2.5 million barrels of oil, based on commodity price assumptions.

The sale eliminates Trago's funding obligations and capital risk for PEL 90, including costs associated with the upcoming Nabba-1X exploration well. Completion remains subject to governmental, regulatory, and third-party approvals.