on Sintana Energy Inc. (CVE:SEI)
Sintana Energy Inc. Explores Expansion in Walvis Basin
Sintana Energy Inc. has announced a Letter of Intent (LOI) to explore an indirect interest in PEL 37, located in the Walvis Basin, offshore Namibia. This agreement grants Sintana a period of exclusivity until April 30, 2026, to conduct necessary due diligence on Paragon Oil and Gas Pty Ltd, which currently holds 100% of PEL 37. Covering 17,295 km², PEL 37 is situated in shallow waters and features several promising oil prospects.
Sintana plans to invest capital in PEL 37, potentially becoming a shareholder in Paragon. A $1 million deposit secures this exclusivity. Robert Bose, CEO of Sintana, emphasized the strategic importance of this investment, as it is adjacent to PEL 82, where exploration activities are set to increase. Future announcements will clarify Sintana's next steps.
R. P.
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