PEL 82 - QatarEnergy to Acquire 25% Participating Interest from Chevron
Sintana's indirect interest remains unchanged as QatarEnergy's proposed entry awaits regulatory approvals.
Sentiment and the balance of points
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Rhea-AI Summary
Sintana Energy (SEUSF) announced QatarEnergy's agreement to acquire a 25% participating interest in Namibia's PEL 82 from a Chevron affiliate.
After completion, Chevron will retain operatorship with 55%, down from 80%; QatarEnergy will hold 25%, while NAMCOR and Custos will each retain 10%. Sintana holds a 49% indirect interest in Custos, and its indirect exposure to PEL 82 remains unchanged. Completion is subject to regulatory approvals; the consideration payable to Chevron was not disclosed.
PEL 82 covers approximately 11,450 km² in the offshore Walvis Basin. Existing seismic data covers approximately 70% of the licence area, with previous drilling including Wingat-1 and Murombe-1. Partners are progressing exploration activities. The licence remains in an exploration period, with no reserves or resources attributed to it.
Positive
- Minor point. Forward-looking: it has not happened yet and may not happen.QatarEnergy's agreement to acquire 25% of PEL 82 would add a partner to Sintana's indirectly held licence.
Negative
- Minor pointQatarEnergy's PEL 82 acquisition remains subject to regulatory approvals.
- Minor pointPEL 82 remains in exploration with no reserves or resources attributed.
AI-generated analysis. How Rhea-AI works. Not financial advice.
TORONTO, ON AND LONDON, UK / ACCESS Newswire / November 10, 2026 / Sintana Energy Inc. (TSXV:SEI)(AIM:SEI)(OTCQX:SEUSF) ("Sintana" or the "Company") notes the announcement that QatarEnergy has agreed to acquire a
Following completion of the transaction, Chevron will retain operatorship of PEL 82 with a
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
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
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:
Sintana Energy Inc Robert Bose, Chief Executive Officer Eytan Uliel, President | Tel: +44 (0)7 747 845 987 |
Zeus - Nomad and Joint Broker Antonio Bossi / Darshan Patel / George Duxberry Simon Johnson (Broking) | Tel: +44 (0) 20 3829 5000 |
Stifel - Joint Broker Ashton Clanfield (Broking) | Tel: +44 (0) 20 7710 7600 |
| Jonathan Paterson - Investor Relations jonathan.paterson@harbor-access.com | Tel: +1 475 477 9401 |
| CAMARCO - Financial PR Billy Clegg / Georgia Edmonds / Sam Morris | Tel: +44 (0) 20 3757 4980 |
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.
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
FAQ
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How does QatarEnergy's PEL 82 acquisition affect Sintana Energy's interest?
Sintana's indirect interest in PEL 82 is unchanged by the transaction. Custos retains its 10% participating interest in the licence, and Sintana maintains a 49% indirect interest in Custos. QatarEnergy is acquiring its 25% interest from a Chevron affiliate, rather than from Custos.