Sintana Energy Inc (TSX-V:SEI, OTCQB:SEUSF) announced that it agreed to acquire Challenger Energy Group PLC in an all-stock transaction valued at about C$83.6 million.
Under the terms of the agreement, Challenger shareholders will receive about 0.4705 common shares of Sintana for each Challenger ordinary share held.
“The combination of Sintana and Challenger delivers on our long-term strategy to create and execute on a portfolio of exposures to high impact exploration opportunities,” Sintana Energy CEO Robert Bose said in a statement.
“Expanding our aperture to capture the promise of the Atlantic margin from Namibia and Angola to Uruguay with a diversified portfolio of development stage and exploration assets creates a market leader positioned to deliver significant success.”
Sintana noted that the combined company will have interests in eight energy exploration licences in two countries, Namibia and Uruguay, as well as legacy assets in The Bahamas and Colombia.
In connection with the acquisition, Sintana said it intends to seek admission of Sintana shares to trade on the AIM market of the London Stock Exchange in the fourth quarter of 2025.
The acquisition is expected to close by the end of the fourth quarter of 2025.