Sintana Energy Inc (TSX-V:SEI, OTCQB:SEUSF, FRA:3ZX1, AIM:SEI) is expanding its footprint in Namibia's Walvis Basin, striking a deal to acquire a 44% interest in Maravilla Oil and Gas for US$6.5 million, a move that hands the company an indirect 35% stake in a prospective offshore license bordering Chevron's operated acreage.
The privately held Namibian company, Maravilla, owns an 80% controlling stake in Paragon Oil and Gas, which holds a 100% operated interest in Petroleum Exploration License 37 (PEL 37), a 17,295-square-kilometre block in the Walvis Basin backed by extensive 3D and 2D seismic coverage and two historical wells.
PEL 37 sits north and easterly inboard of PEL 82, operated by an affiliate of Chevron, in which Sintana's Namibian affiliate Custos Energy holds a 10% interest (Sintana holds a 49% stake in Custos).
PEL 82 is roughly 70% covered by 3D seismic and hosts the Murumbe-1 and Wingat-1 wells, previously drilled by HRT Participações em Petróleo, which intersected source rock and brought light oil to surface.
Chevron has signaled it expects to drill an inaugural exploration well on PEL 82 in 2027, which the company says could carry read-through implications for PEL 37.
The transaction also comes as other operators expand activity in the surrounding basin. In April 2026, Eco (Atlantic) Oil & Gas announced the farm-down of interests in three of its Walvis Basin licenses, adjacent to PEL 82 and PEL 37, to bp PLC, with seismic acquisition, reprocessing and potential exploration well decisions expected over the next 12 to 24 months.
As part of the investment, Maravilla will make a Namibian $1 million donation to communities in the Erongo Region, to be coordinated with the Office of the Governor, the Honorable Dr. Natalia !Goagoses, and the Knowledge Foundation, led by Knowledge Katti, a Non-Executive Director of Sintana. Maravilla is indirectly controlled by Katti.
"Expanding our platform though an investment in Maravilla is the continuing demonstration of our ability to secure cost-effective exposure to high-impact exploration licenses in emerging basins,” said Robert Bose, CEO of Sintana. “The expansion of our Walvis Basin footprint positions us to participate in the next chapter of Namibia's offshore success.”
Total consideration for the deal consists of a US$0.5 million deposit paid in January 2026 at signing of the letter of intent, US$3 million in cash at signing and closing, US$500,000 in pre-funded expenses tied to ongoing technical and commercial work on PEL 37, and US$2.5 million in newly issued Sintana common shares priced at US$0.30 per share.
Shares of Sintana had gained around 5% on Thursday morning.
