Sintana Energy Subsidiary Sells Stake in Namibian Oil Block to Chevron

Sintana Energy's subsidiary Trago Energy has agreed to sell its 10% stake in Petroleum Exploration License 90 (PEL 90) to Harmattan Energy Limited, an affiliate of Chevron. The deal includes a $11 million upfront payment from Chevron and additional contingent payments tied to appraisal and production milestones.

The PEL 90 license is located offshore Namibia in the Orange Basin and covers approximately 5,433 square kilometers. Chevron operates the license with a 35.1% interest, while Qatar Energy holds 27.5%, Equinor has 17.4%, and the National Petroleum Corporation of Namibia has 10%. The sale eliminates Trago's funding obligations for PEL 90.

The deal also includes contingent payments tied to appraisal and production milestones, including revenues from commercial production estimated at between 1.5 million and 2.5 million barrels of oil, depending on commodity price assumptions. Completion remains subject to governmental, regulatory, and third-party approvals.