By: Energy capital & power

Canadian-based oil and gas company Sintana Energy has acquired UK-listed Challenger Energy Group. The all-share acquisition strengthens the company’s global portfolio of exploration assets, offering high-impact exposure to eight licenses in Namibia and Uruguay as well as legacy assets in Colombia and the Bahamas.

Challenger Energy’s existing assets include AREA OFF-1 and AREA-OFF 3 in Uruguay and four exploration licenses in The Bahamas. Sintana Energy currently has interests in five licenses in Namibia and Colombia’s Magdalena Basin. The deal enables Sintana Energy to pool Challenger Energy’s technical and financial resources to accelerate seismic surveys and drilling campaigns across high-potential exploration blocks.

“Expanding our aperture to capture the promise of the Atlantic margin from Namibia and Angola to Uruguay with a diversified portfolio of development stage and exploration assets creates a market leader positioned to deliver significant success,” stated Robert Bose, CEO, Sintana Energy.

Meanwhile, Sintana Energy has also signed a loan agreement with investment vehicle Charlestown – a shareholder in Sintana and Challenger. The agreement mobilizes $4 million in working capital.