Execution of Definitive Settlement to Purchase as much as 67% of Giraffe Vitality – Enlargement of Orange Basin Platform in Namibia & Creation of Neighborhood Belief

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TORONTO, April 24, 2024 (GLOBE NEWSWIRE) — Sintana Vitality Inc. (TSX-V: SEI, OTCQB: SEUSF) (“Sintana” or the “Firm”) is happy to announce that it has entered right into a definitive settlement dated efficient April 24^th, 2024 with Crown Vitality (Pty) Ltd. (“Crown Vitality”), a personal Namibian firm offering for the acquisition (the “Acquisition”) by the Firm from Crown of as much as 67% of the issued and excellent shares of Giraffe Vitality Investments (Pty) Ltd. (“Giraffe”). Giraffe is the proprietor of a 33% curiosity in Petroleum Exploration License 79 (“PEL 79”) which governs blocks 2815 and 2915 situated inboard of blocks operated by BW Vitality, Rhino Assets and Shell. The Nationwide Petroleum Company of Namibia (“NAMCOR”) is at the moment the operator with a 67% curiosity in PEL 79.

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Highlights

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The Acquisition offers Sintana with a gorgeous entry right into a excessive influence license with vital upside. It permits Sintana to additional broaden its publicity to Namibia’s Orange Basin, rising because the world’s subsequent hydrocarbon province.

PEL 79 presents a singular alternative to broaden Sintana’s publicity to Namibia’s Orange Basin.

• One of many final remaining licenses not operated by a personal operator.
• Rising regional exploration dynamic targeted on oil prospectivity.
  • BW Vitality acquired 4,600 sq. kilometers of latest 3D seismic over PEL 3, situated straight west of PEL 79, in 2023 and has moved to provoke an oil-focused exploration marketing campaign.
  • Rhino Assets, operator of PEL 85 which sits straight outboard to the west of the southern attain of PEL 79, is progressing with the planning and contracting of a two-well marketing campaign additional to an utility to drill as much as 10 wells.
    Rising regional exploration dynamic targeted on oil prospectivity.
• Vital current 2D and 3D protection helps a fabric current prospect stock – latest discoveries, together with at Mopane, present alternatives to deploy new approaches and new insights on potential.
  • Over 4,760 km of 2D seismic, 1137 km2 of 3D seismic and 1 properly with fuel reveals (Kudu supply rock).
• Restricted work program commitments by way of remaining license interval.

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By an rising partnership with Quantum Xploration Inc. (“QXI”) related to the Acquisition, Sintana deepens its technical, operational and in-country capabilities in Namibia which place the Firm for extra alternatives and progress. QXI is led by Mark Stearns who was beforehand Asset Normal Supervisor for Galp Energia in Namibia from 2017 to 2023 main all upstream operations in nation together with on PEL 83 house to the a number of light-oil discoveries within the Mopane advanced introduced throughout Q1 of 2024. Collectively Sintana and QXI will give attention to working with NAMCOR to determine and harness the alternatives and worth of PEL 79.

“We’re happy to announce the potential growth of our Orange Basin platform by way of the Acquisition of a big stake in Giraffe Vitality. Along with our companions at QXI and Giraffe, we look ahead to working with NAMCOR to completely notice the numerous geologic, industrial, and strategic worth of PEL 79,” stated Robert Bose, CEO and Board Member of Sintana Vitality.

“We’re happy to welcome Sintana, along with QXI, to Giraffe Vitality,” stated Jeremy Hangula, Director of Giraffe. “Our mixed sources place us to seize the distinctive worth of PEL 79,” he added.

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“Because the Orange Basin continues to ship excellent exploration success, we’re delighted to work with Sintana and Crown to boost the technical and operational capabilities at Giraffe. We look ahead to supporting NAMCOR with their persevering with efforts to unlock the complete exploration potential of this extremely potential license,” stated Mark Stearnes, CEO of QXI.

Along side the Acquisition, an 8% curiosity in Giraffe’s frequent fairness will likely be contributed to a neighborhood belief. This contribution, initiated and supported by the Information Katti Basis, will set up the primary automobile of its sort in Namibia offering a direct mechanism to carry the advantages of the oil and fuel trade to native communities.

“We’re grateful for the efforts of the Giraffe house owners and to the Information Katti Basis for this groundbreaking initiative. It underscores the significance of guaranteeing the advantages and alternatives of this rising trade are shared broadly shared with the native communities,” stated the Honourable Neville Andre, Governor of Erongo.

“The Information Katti Basis is proud to play an instrumental position on this initiative guaranteeing that native communities, initially in Erongo after which increasing to incorporate Karras, are contributors in the advantages and outcomes of the oil and fuel trade as Namibia emerges as one of many world’s nice hydrocarbon provinces,” stated Information Katti, Founding father of the Information Katti Basis.

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Transaction Overview

The Acquisition is structured as an preliminary buy of 49% of the issued and excellent shares of Giraffe from Crown Vitality which, previous to the Acquisition was the proprietor of 100% of the issued and excellent shares of Giraffe, for money consideration of US$2 million. The Firm proposes to fund the money consideration from sources readily available.

Additional, Sintana retains an possibility to extend its possession as much as 67% of Giraffe anytime over the 5 years following closing primarily based on the shares issued and excellent on the time of the choice train for a further money fee on the time of train of US$1 million.

The Acquisition stays topic to the satisfaction of varied closing circumstances and the receipt of all relevant approvals, together with, with out limitation, the approval of the TSX Enterprise Change. Additional particulars concerning approval of the Acquisition and different company issues will likely be introduced by the Firm sooner or later.

ABOUT SINTANA ENERGY:

The Firm is at the moment engaged in petroleum and pure fuel exploration and growth actions on 5 massive, extremely potential, onshore and offshore petroleum exploration licenses in Namibia, and in Colombia’s Magdalena Basin.

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On behalf of Sintana Vitality Inc.,
“A. Robert Bose”
Chief Government Officer

For extra data or to sign-up to obtain periodic updates about Sintana’s initiatives, and company actions, please go to the Firm’s web site at www.sintanaenergy.com

Ahead-Wanting Statements

Sure data on this launch are forward-looking statements. Ahead-looking statements include statements that aren’t purely historic, together with statements concerning beliefs, plans, expectations or intensions for the longer term, and embody, however not restricted to, statements with respect to the completion of the Acquisition upon phrases presently proposed or in any respect, receipt of all relevant regulatory approvals, potential prospectivity of PEL 79, proposed future exploration and growth actions on PEL 79 and neighbouring properties, in addition to the possible nature of the Firm’s different property pursuits. Such statements are topic to dangers and uncertainties which will trigger precise outcomes, efficiency or developments to vary materially from these contained within the statements, together with, however not restricted to dangers regarding the satisfaction of all circumstances precedent to the completion of the Acquisition, receipt of all relevant regulatory approvals, outcomes of exploration and growth actions, the power to fund exploration, allowing and authorities approvals, and different dangers recognized within the Firm’s public disclosure paperwork once in a while. Readers are cautioned that the assumptions used within the preparation of such data, though thought-about cheap on the time of preparation, could show to be imprecise and, as such, undue reliance shouldn’t be positioned on forward-looking statements. The Firm assumes no obligation to replace such data, besides as could also be required by regulation.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Pictures accompanying this announcement can be found at:

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