Sintana Energy Inc (TSX-V:SEI, OTCQB:SEUSF, FRA:3ZX1, AIM:SEI) has closed its $11.5 million fundraise, with the new funds expected to support drilling of the Chevron-operated Nabba-1 exploration well.
It also comes as Sintana is acquiring interests in the Walvis Basin and the Angolan Kwanza basin, and it is pursuing a substantial operational programme over 2026-2027.
This coming period is expected to include three carried wells to be drilled by operator-elect TotalEnergies, a carried well on PEL 83, as well as seismic activities on OFF-1 and the potential for farm-outs across multiple blocks.
Sintana chief executive Robert Bose, upon announcing the equity raise earlier this month, told investors that the firm's approach is to "build a portfolio with diversified exploration exposure, with minimised capital exposure, protected downside and asymmetric upside exposure."
Bose participated in the equity raise, subscribing for 826,105 shares (via the Charlestown Energy Partners LLC vehicle), whilst president Eytan Uliel also subscribed for 826,105 shares - meaning each executive invested around $250,000.
In all, the company issued just over 38 million new common shares, at 22.5p per share (or C$0.41), raising gross proceeds of £8.6 million (C$15.6 million).