Sintana Energy Advances with Angola's KON-16 Block Acquisition

Sintana Energy Inc. has entered into definitive agreements to acquire an interest in Block KON-16, located in the onshore Kwanza Basin, Angola. The agreements involve a share purchase agreement and a shareholders' agreement with Corcel KON-16 Limited, granting Sintana an indirect 5% interest in the block.

Additionally, Sintana will receive a 2.5% net profit interest from Corcel's proceeds, reducing to 1.5% after US$50 million in aggregate payments. Completion is pending governmental and regulatory approvals in Angola, expected by the end of 2026. The total acquisition cost is US$2.5 million.

Corcel has updated on Block KON-16's operations, highlighting enhancements in seismic imaging and completed geomechanical program. It targets drilling a pre-salt exploration well in 2027. Sintana's CEO, Robert Bose, noted the milestone and future prospects of this venture.