Sintana Energy Inc (TSX-V:SEI, OTCQB:SEUSF, FRA:3ZX1, AIM:SEI) has signed definitive agreements for its proposed entry into Angola’s Block KON-16, securing an indirect 5% participating interest as the partners work towards a pre-salt exploration well in 2027.
The company will pay US$2.5 million for the interest, including US$500,000 already paid to Corcel PLC (AIM:CRCL, FRA:RM4B) and a further US$2 million due on completion.
Sintana will also receive a 2.5% net profit interest in Corcel’s net proceeds from the block after first oil until aggregate payments reach US$50 million, reducing to 1.5% thereafter.
The transaction remains conditional on government, regulatory and third-party approvals, including requirements in Angola and under AIM and TSX Venture Exchange rules. Sintana said these are expected to be completed before the end of 2026.
Corcel noted it has received final processed volumes from recently acquired 2D seismic, completed a geomechanical programme and appointed NRG for the next phase of engineering and well design.
A pre-salt exploration well is targeted for 2027, subject to technical selection, approvals, financing, rig availability and partner alignment.
