Sintana enters Angola in partnership with Corcel

LONDON AND TORONTO, May 15, 2025 – Toronto-listed Sintana Energy has secured a 5% indirect interest in Block KON-16 in Angola’s onshore Kwanza Basin through a binding agreement with block operator Corcel, the companies announced on Wednesday.

Under the terms of the agreement, Sintana will acquire a 5.88% equity stake in a newly created SPV that holds Corcel’s 85% gross interest in KON-16. Sintana will also receive a 2.5% net profits interest on Corcel’s KON-16 stake up to USD 50 million, decreasing to 1.5% thereafter.

Total consideration for the deal is USD 2.5 million, including an initial deposit of USD 500,000. Transaction close is anticipated in Q3 2025.

Corcel’s 85% interest in the block is the result of a parallel transaction under which Corcel subsidiary Atlas Petroleum Exploration Worldwide acquired a 30% gross interest in KON-16 from block partner Intank Global DMCC for USD 500,000 plus a 5% royalty interest limited to the first development area of KON-16.

“Our emerging partnership with Corcel is emblematic of our strategy to work with best-in-class partners and deploy high-impact capital that brings us exposure to large potential resource outcomes that require little additional capital. We look forward to the expansion of our West African conjugate margin exposure through KON-16, one of the most promising blocks in a proven, underexplored basin,” said Sintana CEO Robert Bose.

In parallel, Sintana and Corcel signed a joint study and bid agreement to explore upstream opportunities in Angola. Corcel’s Angola portfolio also includes a 20% interest in KON-11 and a 25% interest in KON-12.

KON-16 is considered a high-potential asset with established petroleum systems in both post- and pre-salt intervals. It includes multiple prospects, the largest of which is estimated to hold several hundred million barrels of recoverable oil.

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