Overview
Zeus is pleased to announce that it has acted as Nomad, Joint Broker and Co-Lead Manager in the oversubscribed US$11.5m Placing and Subscription for Sintana Energy, Inc. (SEI).
The Company intends to use the net proceeds of the Fundraise, alongside existing balance sheet cash and expected 2026 cash proceeds from the Exxon settlement in Colombia and other available funds, to fund:
- its share of the Chevron-operated Nabba-1 exploration well in PEL 90 on the neighbouring block to Mopane;
- the cash proportion of consideration for the closing of the acquisition of an interest in PEL 37 in the Walvis Basin;
- the cash proportion of consideration for the closing of the acquisition of an interest in the KON-16 licence in the Angolan Kwanza basin, as well as the Company’s share of work programme costs on that block; and
- for general corporate purposes.
Company information
Sintana Energy is an Atlantic Margin-focused oil and gas company, holding interests in a diverse portfolio of high-impact assets that spans the Southern Atlantic conjugate margin.
Robert Bose
CEO,“I am delighted to announce that we have conditionally raised US$11.5 million and would like to thank our shareholders for their continued support and welcome new shareholders to the Company. Alongside our existing cash balances and the proceeds from the Exxon settlement in Colombia, this oversubscribed fundraise provides additional capital to pursue drilling on the Chevron-operated Nabba-1 exploration well in PEL 90, neighbouring Mopane, and the cash proportion of consideration for the closing of the acquisitions of interests in PEL 37 in the Walvis Basin and KON-16 in the Angolan Kwanza basin. In addition to these activities, Sintana has a significant amount of operational activity expected over 2026-2027, with three carried wells to be drilled by operator-elect TotalEnergies, a carried well on PEL 83, as well as seismic activities on OFF-1 and the potential for farm-outs across multiple blocks. Our approach is to build a portfolio with diversified exploration exposure, with minimised capital exposure, protected downside and asymmetric upside exposure. Following today’s Fundraise, I look forward to updating the market over the course of this period as we deliver on catalysts across the Sintana portfolio.”
Contact
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