04:47 PM EST, 12/16/2024 (MT Newswires) -- Sintana Energy ( SEUSF ) after close Monday said f QatarEnergy into the Petroleum Exploration License 90 (PEL 90) offshore Namibia through its acquisition of a 27.5% working interest in the license and petroleum agreement associated with Block 2813B operated by Harmattan Energy Limited, an indirect subsidiary of Chevron (CVX).

Upon completion of the acquisition the license owners will be 52.5% Chevron Harmattan as operator, 27.5% QatarEnergy, 10% National Petroleum Corporation of Namibia (NAMCOR) and 10% Trago Energy, a wholly owned subsidiary of Custos Energy. Sintana maintains a 49% indirect interest in Custos.

"The entry of QatarEnergy into PEL 90 provides further evidence of the quality and potential of our portfolio at the heart of the Orange Basin," said Sintana chief executive Robert Bose. "We look forward to the initial drilling campaign on PEL 90 to commence over the next few weeks."

The company's shares closed down $0.04 to $1.17 on the TSX Venture Exchange.