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Angola Entry via Strategic Partnership with Corcel plc Investment in KON-16 Onshore Kwanza Basin
TORONTO, May 14, 2025 (GLOBE NEWSWIRE) -- Sintana Energy Inc. (TSX-V: SEI, OTCQB: SEUSF) (“...
About this update from Sintana Energy Inc.
[{"type":"text","content":"Angola Entry via Strategic Partnership with Corcel plc Investment in KON-16 Onshore Kwanza Basin\n\n\n\n TORONTO, May 14, 2025 (GLOBE NEWSWIRE) -- Sintana Energy Inc. (TSX-V: SEI, OTCQB: SEUSF) (“Sintana” or the “Company”) is pleased to announce the formation of a strategic partnership with Corcel, plc (AIM: CRCL) (“Corcel”) focused initially on opportunities in Angola.\n \n\n Specifically, Sintana and Corcel have entered into an agreement which provides for Sintana’s acquisition of an indirect 5% net interest in KON-16 located in the onshore Kwanza Basin in Angola. Sintana will acquire its interest through the acquisition of a 5.88% equity stake in a newly formed Special Purpose Vehicle (“SPV”) that will hold Corcel’s consolidated 85% gross interest in KON-16. Additionally, Sintana will receive a future 2.5% Net Profits Interest (\"NPI\") on Corcel's interest in KON-16 of up to $50,000,000, after which the NPI reduces to 1.5%. The consideration for the transaction is a total of US$2.5MM payable by way of an initial US$500,000 deposit and a balance of payment at closing, which is subject to entry into definitive documents and other completion conditions expected to occur in Q3 2025.\n \n\n KON-16 represents one of the most exciting opportunities in the onshore Kwanza Basin with a history of successful exploration establishing petroleum systems in both post- and pre-salt intervals. KON-16 has multiple exploration opportunities, including a large, multi-target prospect whose primary targets contain estimated unrisked volumes of several hundred million barrels of recoverable oil.\n \n\n Corcel and Sintana have also executed a Joint Study and Bid Agreement establishing an alliance to evaluate and pursue oil and gas exploration and production opportunities in Angola. Under the agreement, both parties commit to jointly collaborate on the identification and review of new opportunities. Participation in any specific opportunity is voluntary and subject to unanimous agreement on commercial and other bid terms.\n \n\n\n\n\n “Our emerging partnership with Corcel is emblematic of our strategy to work with best-in-class partners and deploy high impact capital that brings us exposure to large potential resource outcomes that require little additional capital,”...