Star Metro - PEL 82 - QatarEnergy to Acquire 25% Participating Interest from Chevron

Following completion of the transaction, Chevron will retain operatorship of PEL 82 with a 55% interest (reduced from 80%), QatarEnergy will hold 25%, and the National Petroleum Corporation of Namibia ("NAMCOR") and Custos will each continue to hold 10%. Custos' interest in PEL 82, and therefore Sintana's indirect interest, is unchanged by the transaction.

QatarEnergy, which is also a participant in PEL 90 alongside Chevron, joins the PEL 82 joint venture as the partners progress exploration activities on the licence.

Completion of the transaction remains subject to customary regulatory approvals. The consideration payable to Chevron has not been disclosed.

Robert Bose, Chief Executive Officer of Sintana Energy, said:

"We welcome QatarEnergy's entry into PEL 82. Its decision to take a 25% interest alongside Chevron is a further endorsement of the Walvis Basin, the potential of PEL 82 and another confirmation of the quality and scale of our Namibian portfolio.

Through Custos, Sintana retains exposure to the significant prospectivity of PEL 82 with its interest unchanged. We look forward to unveiling the potential of PEL 82 together the JV partners as exploration activities progress."

PEL 82 is located offshore Namibia in the Walvis Basin, covering Blocks 2112B and 2212A, in water depths of 350 to 2,300 metres, and has an area of approximately 11,450 km². Existing seismic data covers approximately 70% of the licence area, and previous drilling on the licence includes the Wingat-1 and Murombe-1 wells. The licence is operated by Chevron. Following completion of the transaction, the PEL 82 participants will be Chevron (55%), QatarEnergy (25%), NAMCOR (10%) and Custos (10%). The licence is currently in an exploration period. No reserves or resources have been attributed to PEL 82.

The person responsible for arranging the release of this announcement on behalf of the Company is Robert Bose, Chief Executive Officer.

For further information, please contact:

About Sintana

Sintana, the Canadian parent company of a group of companies, is focused on the acquisition, exploration, potential development, and ultimately the monetisation of a diverse portfolio of interests in high-impact assets with significant hydrocarbon resource potential in emerging "frontier" geographies. Specifically, this includes interests in eight licences in two countries, Namibia and Uruguay, as well as pending indirect interests in additional licences in Namibia and Angola (and legacy assets in Colombia and The Bahamas), providing exposure to a range of geologic plays, basins, operators, regulators, jurisdictions and geopolitical regimes.

https://www.sintanaenergy.com

Forward-looking statements

Certain statements in this announcement are, or may be deemed to be, forward looking statements, including statements with respect to the anticipated completion of the transaction on terms currently proposed or at all, the receipt of all associated regulatory approvals and satisfaction of all closing conditions, and the prospective nature of PEL 82. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Company's current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Company's current beliefs and assumptions and are based on information currently available to the Company. Several factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions, competition, failure to obtain regulatory approvals or satisfy conditions precedent to the completion of the transaction, changes in project parameters as plans continue to be refined, environmental and other regulatory changes, actions by governmental authorities, the availability of capital markets, reliance on key personnel, uninsured and underinsured losses and other factors, many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Company believes to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with such forward looking statements. The Company disclaims any obligation to update forward-looking statements contained herein other than as required by applicable law.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

SOURCE: Sintana Energy Inc.

View the original press release on ACCESS Newswire

S.Belanger--SMC