Sungara Energies Limited (“Sungara”) has entered into an agreement with Sonangol Pesquisa E Produção, S.A. (“Sonangol P&P”) to purchase a 10% participating interest in Block 15/06, 40% participating interest in Block 23 (with operatorship), and 35% participating interest in Block 27 (the “Transaction”). Sungara is jointly owned by three partners: the National Petroleum Corporation of Namibia’s subsidiary NAMCOR Exploration and Production (Proprietary) Limited (“Namcor”), Petrolog Energies Limited (“Petrolog”, a company affiliated with African multinational Petrolog Group), and SPNV’s subsidiary Sequa Petroleum UK Limited (“Sequa”).

Sungara is a new entity with a focus on Sub-Saharan African upstream oil and gas, combining world-class technical expertise with local capability and commitment, able to operate and develop oil and gas assets throughout the region in line with the highest standards of integrity, quality, governance and responsibility. Concurrent with the Transaction, NAMCOR, Petrolog and Sequa have signed a shareholder agreement relating to their interests in Sungara, with equal terms and shareholdings in Sungara for each partner. A general meeting of shareholders of SPNV will be convened to approve its entering into the Sungara partnership.