Challenger Energy suitor Sintana Energy eyes mid-December AIM listing

(Alliance News) - Sintana Energy PLC on Wednesday said it plans to list on the AIM market in London on December 17.

The Calgary, Alberta, Canada-based petroleum and natural gas explorer is currently in the process of buying AIM-listed Challenger Energy Group PLC in an all-share deal worth GBP45 million.

For each Challenger share owned, shareholders will receive 0.4705 of a new Sintana share. It will mean that Challenger shareholders own roughly 25% of the enlarged firm.

Sintana expects a market capitalisation of GBP137 million after listing on the AIM market.

The firm's shares are currently traded on the TSX Venture Exchange in Canada and on the OTCQX market in the US.

Sintana has a primary portfolio of assets in Namibia, including its 4.9% interest in PEL 83, or the Mopane discoveries, operated by Lisbon, Portugal-based Galp Energia SGPS SA.

The company also has "indirect interests in four other Namibian offshore blocks and one Namibian onshore block".

Sintana's chief executive officer is Robert Bose, who is a non-executive director at Challenger Energy. Chair of Sintana is Keith Spickelmier. Other members of the Sintana board include Challenger Energy CEO Eytan Uliel, and Challenger Energy Chair Ian McKendrick.

Challenger Energy shares rose 3.7% to 12.55 pence each on Wednesday morning in London.

By Tom Budszus, Alliance News slot editor

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