Sintana Energy Inc. has agreed to acquire Challenger Energy Group PLC in an all-share transaction valued at approximately C$83.6 million (US$61 million), creating a leading exploration platform spanning the Southern Atlantic conjugate margin. The combination is expected to offer high-impact exposure to two of the world’s most active and emerging hydrocarbon exploration geographies.
The combined company’s portfolio will include eight licenses across Namibia and Uruguay, anchored by Sintana’s interest in Namibia’s Mopane discoveries. The merger brings together a management team with deep exploration experience, over $10 million in available cash resources, and enhanced access to capital to advance seismic and drilling programs across its expanded acreage.
Robert Bose, Sintana’s CEO, stated: “The combination of Sintana and Challenger delivers on our long-term strategy to create and execute on a portfolio of high-impact exploration opportunities. By extending our footprint from Namibia and Angola to Uruguay, we are positioned as a market leader along the Atlantic margin with a diversified and growth-oriented asset base.”
Source: worldoil.com