Sintana Energy Affiliate to Transfer 10% Stake in Namibia Exploration License to Chevron

01:25 AM EDT, 10/02/2026 (MT Newswires) -- Oil and gas explorer Sintana Energy's (SEI.L) Trago Energy, in which it holds a 49% indirect interest, agreed to transfer its 10% participating interest in Petroleum Exploration License 90 to Chevron affiliate Harmattan Energy. Under the agreement, Trago will receive $11 million in cash at closing, plus additional payments tied to appraisal and production milestones, according to a Thursday release. The contingent consideration includes revenue linked to an estimated 1.5 million to 2.5 million barrels of commercial oil production, depending on commodity prices. Following completion, Trago will have no further obligation to fund its share of costs on PEL 90, including the planned Nabba-1X exploration well. The transaction remains subject to regulatory, governmental, and third-party approvals.