Core Viewpoint - Sintana Energy Inc. has formed a strategic partnership with Corcel, plc to explore opportunities in Angola, specifically acquiring a 5% net interest in KON-16 in the Kwanza Basin [1][2]. Group 1: Partnership Details - Sintana will acquire a 5% net interest in KON-16 through a 5.88% equity stake in a Special Purpose Vehicle (SPV) that holds Corcel's 85% gross interest in KON-16 [2]. - The total consideration for the transaction is US$2.5 million, with an initial deposit of US$500,000 and the balance due at closing, expected in Q3 2025 [2]. - Sintana will also receive a future 2.5% Net Profits Interest (NPI) on Corcel's interest in KON-16, capped at $50 million, after which the NPI will reduce to 1.5% [2]. Group 2: Exploration Potential - KON-16 is considered a significant opportunity in the Kwanza Basin, with a history of successful exploration and multiple targets estimated to contain several hundred million barrels of recoverable oil [3]. - The partnership includes a Joint Study and Bid Agreement to evaluate and pursue further oil and gas exploration and production opportunities in Angola [4]. Group 3: Strategic Intent - The partnership reflects Sintana's strategy to collaborate with top-tier partners and invest in high-impact projects with substantial resource potential requiring minimal additional capital [6]. - The acquisition of interest in KON-16 is aimed at expanding Sintana's exposure in the West African conjugate margin [6].
Angola Entry via Strategic Partnership with Corcel plc Investment in KON-16 Onshore Kwanza Basin