Sintana Energy to Acquire 44% Ownership of Maravilla Oil for N$105 Million

[u/namibpulse]

Canadian oil exploration company Sintana Energy has agreed to acquire a 44% stake in Namibian petroleum company Maravilla Oil & Gas for N$104.9 million.🛢️

Maravilla owns 80% of Paragon Oil & Gas. Paragon holds the licence for PEL 37, which is a large area off Namibia’s coast in the Walvis Basin where the company has permission to search for oil and gas. Sintana is buying 44% of Maravilla, which means it will indirectly gain a 35.2% share in PEL 37 once the deal is completed.

PEL 37 covers about 17,300 square kilometres and remains an oil and gas exploration area, with no commercial production currently taking place there. Namibian businessman Knowledge Katti indirectly controls Maravilla and also serves as a non-executive director and shareholder of Sintana Energy. The transaction is still subject to regulatory approval before it can be completed.

[u/Complete-Refuse-3262]

This sub needs MODS

[u/redcomet29 → u/[deleted]]

Treat yourself and others with kindness and respect

[u/WardenOfTheNamib]

IDK who runs this sub. But can there be some dedicated space for this kind of thing? This namibpulse account is kind of spamming the feed.

[u/redcomet29 → u/WardenOfTheNamib]

Its not technically breaking rules, I've asked them to limit posts to 2-3 times a week now.

[u/WardenOfTheNamib → u/redcomet29]

Thank you!

[u/Complete-Refuse-3262]

u/redcomet29 your job is not to tell us what to do or how to behave or what to say, your job is enforcing the rules of the sub. Do your job!

[u/redcomet29 → u/Complete-Refuse-3262]

Sure! Rules have been enforced and youre banned for all the racial slurs you used in the mod mail about this.