{"id":10998,"date":"2024-06-11T08:02:41","date_gmt":"2024-06-11T08:02:41","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=10998"},"modified":"2024-06-11T08:02:41","modified_gmt":"2024-06-11T08:02:41","slug":"canadian-oil-gas-player-comes-into-possession-of-more-offshore-acreage-in-namibias-orange-basin","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/10998\/","title":{"rendered":"Canadian oil & gas player comes into possession of more offshore acreage in Namibia\u2019s Orange Basin"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0Canada-headquartered oil and natural gas exploration player Sintana Energy has wrapped up its acquisition of a stake in Giraffe Energy Investments, which enabled it to get a hold of a new license in the Orange Basin off the coast of Namibia.<\/p>\n

Thanks to a deal with Crown Energy<\/strong>, a Namibian company, Sintana Energy has acquired an initial 49% interest in Giraffe Energy Investments, which owns a 33% stake in the petroleum exploration license 79 (PEL 79<\/strong>), governing blocks 2815 and 2915 located inboard of blocks operated by BW Energy<\/strong>, Rhino Resources<\/strong>, and Shell<\/strong> in Namibia\u2019s Orange Basin.<\/p>\n

Currently, the National Petroleum Corporation of Namibia (NAMCOR) <\/strong>is the operator of the license with a 67% interest. According to Sintana, the existing 2D and 3D coverage support a material prospect inventory, with recent discoveries, including at\u00a0Galp\u2019s Mopane, providing opportunities to deploy new approaches and new insights on potential.<\/p>\n

The Canadian firm paid a cash consideration of $2 million for its initial 49% interest in Giraffe and retains an option to increase its ownership up to 67% anytime over the five years, following closing based on the shares issued and outstanding at the time of the option exercise for an additional cash payment of $1 million.<\/p>\n

Many other players are also joining Namibia\u2019s prolific Orange Basin, including Azule Energy<\/strong>which recently found its way into the basin, thanks to a farm-in agreement for a 42.5% interest in\u00a0Block 2914A<\/strong>\u00a0in PEL 85<\/strong>.<\/p>\n

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