Chevron Acquires Trago's Stake in Namibian Offshore Licence

Sintana Energy Inc. announced an agreement involving its subsidiary, Trago Energy Pty Ltd, and Harmattan Energy Limited, an affiliate of Chevron Corporation. The deal concerns Trago's 10% participation in Petroleum Exploration License 90 (PEL 90). This stake will now transfer to Chevron in exchange for $11 million plus potential future payments based on defined milestones.

The agreement alleviates Trago's capital and funding risks while maintaining future revenue opportunities from the Orange Basin area. PEL 90 spans approximately 5,433 km² offshore Namibia and involves partners like Qatar Energy and Equinor.

Completion of the transaction depends on regulatory approvals. No reserves have been confirmed for PEL 90 thus far, as it remains an exploration asset without revenue generation.