#JustIn: Sintana surges on Mopane news
Sintana Energy’s share price surged by 72.4% on the Toronto Venture Exchange (TSX-V) last week following the announcement that in-place hydrocarbon estimates from the Mopane complex in the Orange Basin offshore Namibia stand at approximately 10 billion barrels of oil equivalent or higher.
Sintana has exposure to PEL 83 through its indirect 49% interest in Custos Energy, a 10% working interest owner of the license.
Sintana’s share price also benefitted after it entered into a definitive agreement with Namibia’s Crown Energy to acquire up to 67% of the issued and outstanding shares of Giraffe Energy, which owns a 33% interest in PEL 79. The company said it will allow Sintana to expand its exposure to the Orange Basin.
Sintana is currently trading at one Canadian dollar per share.
Sintana has exposure to PEL 83 through its indirect 49% interest in Custos Energy, a 10% working interest owner of the license.
Sintana’s share price also benefitted after it entered into a definitive agreement with Namibia’s Crown Energy to acquire up to 67% of the issued and outstanding shares of Giraffe Energy, which owns a 33% interest in PEL 79. The company said it will allow Sintana to expand its exposure to the Orange Basin.
Sintana is currently trading at one Canadian dollar per share.