Sintana raises $11.5m for Namibia offshore drilling

Sintana Energy has raised US$11.5 million to fund drilling in Namibia's Orange Basin and expand its offshore exploration portfolio across southern Africa.

The company, which is listed on the TSX Venture Exchange, AIM and OTCQX, said it would issue more than 38 million new common shares at 22.5 pence on AIM and C$0.41 on the TSX Venture Exchange. The fundraising was oversubscribed.

The capital raise includes a US$10.8 million placing and a further US$700,000 subscription involving directors and qualified investors from Canada and Australia.

Sintana chief executive Robert Bose and company president Eytan Uliel each invested US$250,000 through the subscription.

The fundraising comes as Sintana increases its exposure to Namibia's offshore oil sector, where the company holds interests in several petroleum exploration licences linked to major international operators, including Chevron and TotalEnergies.

Sintana's Namibian portfolio includes interests in PEL 90, where Chevron Namibia Exploration Limited is preparing to drill the Nabba-1 exploration well in the Orange Basin near Galp Energia's Mopane discovery.

The company also holds interests in PEL 83 and PEL 87, linked to TotalEnergies-led exploration in the Orange Basin, and in PEL 37 in the Walvis Basin.

Sintana largely holds indirect minority interests through carried joint venture arrangements rather than operating the blocks itself.

Bose said the funds would support participation in the Chevron-operated Nabba-1 well on PEL 90, located near Galp Energia's Mopane discovery in the Orange Basin.

The company also intends to use part of the proceeds to complete acquisitions involving PEL 37 in Namibia's Walvis Basin and the KON-16 block in Angola's Kwanza Basin.

"Our approach is to build a portfolio with diversified exploration exposure, with minimised capital exposure, protected downside and asymmetric upside exposure," Bose said.

Sintana said it expects substantial operational activity across its portfolio in 2026 and 2027, including three carried wells to be drilled by TotalEnergies, a further carried well on PEL 83 and planned seismic work on the OFF-1 block.

The fundraising remains subject to regulatory approvals, including approval from the TSX Venture Exchange. Trading of the new shares on AIM is expected to begin around 27 May 2026.

Following the transaction, Sintana's total issued share capital will increase to about 554.6 million common shares.