Sintana Energy transfers PEL 90 stake to Chevron affiliate for $11M upfront

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3▲2 ▼0Impact / 5
Summary · why it matters

Sintana Energy's Namibian affiliate Trago Energy has agreed to transfer its entire 10% participating interest in Petroleum Exploration Licence 90 to Harmattan Energy Limited, an affiliate of Chevron, for US$11 million in cash upon completion. Sintana holds an indirect 49% interest in Trago, and the agreement also provides for additional contingent consideration tied to appraisal and production milestones, including revenues from potential commercial production currently estimated at between 1.5 million and 2.5 million barrels of oil. CEO Robert Bose said the deal removes Trago from the PEL 90 joint venture, eliminating capital obligations that could reach $15 million per exploration well and as much as $500 million if the project moved into development with an uncarried 10% interest, while preserving exposure to milestones such as appraisal plan approval and first oil. Attention now turns to the Nabba 1-X exploration well on PEL 90, expected in December, which will test the prospectivity of Namibia's Orange Basin near the Mopane and Venus discoveries. Bose also noted that Total is set to begin a three-well campaign on PEL 83 in the fourth quarter, with Equinor having recently farmed into PEL 90.

Impact on assets 5

Energy▲ · 4 stocks
Sintana Energy Inc.
SEI
▲ PositiveCapitalrelevance

Sintana's Trago affiliate transfers its 10% PEL 90 stake for $11M upfront plus contingent milestone payments, removing up to $500M in future capital obligations.

Chevron Corp
CVX
▲ PositiveCapitalrelevance

Chevron affiliate Harmattan Energy acquires Trago's 10% interest in PEL 90, expanding Chevron's Namibian Orange Basin position.

Artificial Intelligence▲ · 1 stocks

Off-coverage companies 2

Trago EnergyPrivate▲ Positive
Capitalrelevance

Trago Energy transfers its entire 10% PEL 90 interest for $11M cash plus contingent consideration, eliminating its capital obligations.

Harmattan Energy LimitedPrivate▲ Positive
Capitalrelevance

Harmattan Energy, a Chevron affiliate, is the buyer acquiring the 10% participating interest in PEL 90.

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