Sintana's Subsidiary Unloads PEL 90 Stake to Harmattan Energy for $11M

Sintana Energy Inc.'s subsidiary, Trago Energy Pty Ltd, has agreed to sell its 10% stake in Petroleum Exploration License 90 (PEL 90) to Harmattan Energy Limited. The sale 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.

The deal is worth $11 million in cash at completion, with additional payments dependent on the success of the license. Chevron operates PEL 90, which covers approximately 5,433 square kilometers offshore Namibia in the Orange Basin.

Sintana will retain exposure to the license through the contingent consideration structure and use any upfront consideration to support corporate activities following completion.