NOT FOR DISTRIBUTION TO US WIRE SERVICES OR FOR DISTRIBUTION IN THE UNITED STATES OF AMERICA
TORONTO, Nov. 26, 2021 (GLOBE NEWSWIRE) – Sintana Energy Inc. (TSXV: SEI) (the “Society” Where “Sintana“) is pleased to provide a further update regarding its previously announced acquisition plan (the”Acquisition“) a 49% interest in all of the issued and outstanding shares of Inter Oil (Pty) Ltd. (“Inter oil“) of Grisham Assets Corp. (“Grisham“), all by virtue of a definitive agreement dated September 13, 2021 between the Company, Grisham, Inter Oil and Custos Energy (Pty) Ltd. (a subsidiary of Inter Oil) (the”Final agreement“).
As previously announced, Inter Oil indirectly holds a strategic portfolio of interests in offshore oil exploration licenses and the completion of the acquisition was conditional on the granting of a 90% stake in onshore block 1918B to a subsidiary. indirect interest of Inter Oil, in which the Company will acquire an indirect 30% stake (the “Land license“). Sintana is pleased to announce that the shore license has now been granted by the relevant Namibian authorities, thus fulfilling one of the most important conditions for the completion of the acquisition.
In addition, the Company is pleased to announce that it has received the required shareholder approval for Charlestown Energy Partners, LLC and its associates to become “controlling persons” of Sintana, as defined in the rules of the Exchange. TSX Venture Fund (the “TSXV”), At its recent annual and special meeting of shareholders. As previously reported, Charlestown commented to subscribe for a total of 33,600,000 common shares at a price of C $ 0.15 per share in order to raise total gross proceeds of C $ 5,040,000 (the “Private placement”), Which funds will be used in part to finance the total consideration for the acquisition. It is expected that Charlestown and its associates will become “controlling persons” of Sintana immediately after the completion of the private placement and acquisition.
Completion of the Acquisition and Private Placement remains subject to various additional conditions, including final approval by the TSXV with respect to each of the Acquisition and Private Placement, delivery and execution of satisfactory opinions. on the title and a shareholders’ agreement acceptable to Sintana, and the completion of joint operating and petroleum agreements with third parties governing some of the assets currently held by Inter Oil. Accordingly, there can be no assurance that the Acquisition or the Private Placement will be completed on the terms currently offered or at all. For further details, please refer to Sintana’s press releases dated September 15 and November 15, 2021, available on SEDAR at www.sedar.com.
The Company is currently engaged in exploration and development of hydrocarbons in the Magdalena Basin in Colombia. Sintana’s business strategy is to acquire, explore, develop and produce high quality assets with significant reserve potential.
On behalf of Sintana Energy Inc.,
“Douglas G. Manner”
Chief Executive Officer
For more information about Sintana and the current activities of the company, please visit the Company’s website at www.sintanaenergy.com.
Douglas G. Manner
Sean J. Austin
Chief Executive Officer
Phone. : 832.279.4913
Phone. : 713.825.9591
Neither the TSX Venture Exchange nor its Regulation Services Provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release.
Forward-looking statements – Certain information contained in this press release may contain forward-looking statements that involve known and unknown risks and uncertainties, including risks relating to the satisfaction of any outstanding closing conditions for the completion of the acquisition. and / or private placement, currency risk, political and security risks associated with operations in Namibia, availability of capital, issuance of permits and land titles, risks inherent in exploration and development activities of oil and gas, and other risk factors as set out in the Company’s continuous disclosure documents available on SEDAR from time to time. These forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the control of the Company. Readers are cautioned that the assumptions used in preparing this information, although believed to be reasonable at the time of preparation, may prove to be imprecise and, as such, forward-looking statements should not be relied on unduly. The Company disclaims any obligation to update any forward-looking statements contained herein other than as required by applicable securities laws.