IN BRIEF: Sintana Energy raises USD11.5 million to fund growth

Sintana Energy Inc - oil and gas company targeting Angola, Namibia and Uruguay, with offices in London and Toronto - Raises USD11.5 million via private placement and subscription at a price of CAD0.41 per share (around 22.5 pence per share). Sintana intends to use the proceeds, alongside existing balance sheet cash and expected 2026 cash proceeds from the Exxon settlement in Colombia and other available funds, to fund: its share of the Chevron-operated Nabba-1 exploration well in PEL 90 on the neighbouring block to Mopane; the cash part of consideration for closing the acquisition of an interest in PEL 37 in the Walvis Basin; the cash proportion of consideration for the closing of the acquisition of an interest in the KON-16 licence in the Angolan Kwanza basin, as well as the share of work programme costs on that block; and general corporate purposes. Robert Bose and Eytan Uliel, chief executive and president of Sintana indicate that they will subscribe for an aggregate amount of CAD0.5 million.

Current stock price: 23.38 pence

12-month change: down 10%

By Jeremy Cutler, Alliance News reporter

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