Sintana to acquire Challenger, expanding Atlantic exploration portfolio
Sintana Energy Inc. has agreed to acquire Challenger Energy Group PLC in an all-share transaction valued at approximately C$83.6 million (US$61 million). The combination of Challenger and Sintana is expected to create a leading exploration platform spanning the Southern Atlantic conjugate margin, with a combined portfolio offering high-impact exposure to two of the world’s currently most active and emerging hydrocarbon exploration geographies.
Challenger, listed on London’s AIM market, holds key offshore Uruguay assets—AREA OFF-1 (40% interest, operated by Chevron) and AREA OFF-3 (100% interest and operator)—as well as legacy positions in The Bahamas. The company is the only junior with a material offshore footprint in Uruguay. Sintana said the acquisition will add complementary acreage and accelerate its strategic goal of building a leading Southern Atlantic exploration company with diversified exposure to high-impact basins and partnerships with major operators.
The transaction will result in Challenger shareholders owning about 25% of Sintana’s issued share capital upon completion, expected by year-end 2025, pending regulatory and shareholder approvals. Sintana also plans to seek admission to trading on London’s AIM exchange in the fourth quarter of 2025, though this is not a condition of closing.
The combined company’s portfolio will include eight licenses across Namibia and Uruguay, anchored by Sintana’s interest in Namibia’s Mopane discoveries and Challenger’s exploration prospects offshore Uruguay. The merger brings together a management team with deep exploration experience, over $10 million in available cash resources, and enhanced access to capital to advance seismic and drilling programs across its expanded acreage.
“The combination of Sintana and Challenger delivers on our long-term strategy to create and execute on a portfolio of high-impact exploration opportunities,” said Robert Bose, Sintana’s CEO. “By extending our footprint from Namibia and Angola to Uruguay, we are positioned as a market leader along the Atlantic margin with a diversified and growth-oriented asset base.”
