Rig Contract Signed for Initial Exploration Drilling Campaign on PEL 83
May 08 2023 - 8:36AM
Sintana Energy Inc. (TSX-V: SEI, OTCQB: SEUSF) (“Sintana” or the
“Company”) is pleased to confirm that a subsidiary of Galp Energia
(“Galp”), the operator of Petroleum Exploration License 83 (“PEL
83) in the heart of Namibia’s Orange Basin, has signed a contract
with SFL Corporation (“SFL) for the semi-submersible
rig Hercules.
The contract is for two wells plus optional well
testing. The drilling program, including mobilization, is projected
to commence in the fourth quarter of 2023. Without any options, the
duration of the contract is approximately 115 days including
mobilization to Namibia.
Galp is the operator of PEL 83 and holds an 80%
interest. Partners include the National Petroleum Company of
Namibia (“Namcor”) with 10% and Custos Investments (Pty) Ltd.
(“Custos”) with 10%. Sintana has a 49% indirect interest in
Custos.
PEL 83 is located immediately north of Shell’s
PEL 39 where the basin opening discoveries at Graff-1, La Rona-1
and Jonker-1 were successfully drilled. Additionally, it is located
north and east of Total Energies’ world class, multibillion barrel
Venus-1 oil discovery on PEL 56. Both Shell and Total continue to
progress multi-rig exploration and appraisal activities on their
respective licenses.
“Our Orange Basin Licenses, PEL’s 83, 87 and 90,
are ideally located at the heart of the play. The significant
prospectivity of PEL 83, together with its relatively shallow water
depth (250 – 2,550 meters), position it to be one of the most
significant and profitable developments in Namibia,” said Mr.
Knowledge Katti, Chairman and Chief Executive Officer of Custos and
a Director of Sintana.
“The continuing progress made by the operators
of each of our three Orange Basin PELs demonstrates the high
quality potential of our portfolio. Sintana is uniquely positioned,
on a carried basis, for near term exploration activity, including
potential drilling, on each of our highly prospective Orange Basin
Licenses,” added Robert Bose, President of Sintana.
ABOUT SINTANA ENERGY:
The Company is engaged in petroleum and natural
gas exploration and development activities on five large, highly
prospective, petroleum exploration licenses in Namibia, as well as
in Colombia’s Magdalena Basin. Sintana’s exploration
strategy is to acquire, explore and develop superior quality assets
with substantial reserves potential.
On behalf of Sintana Energy Inc.,“Douglas G,
Manner”Chief Executive Officer
For additional information or to sign-up to receive periodic
updates about Sintana’s projects, and corporate activities, please
visit the Company’s website at www.sintanaenergy.com
Corporate Contacts: |
|
Investor Relations Advisors: |
|
|
|
Douglas G.
Manner Chief Executive
Officer832-279-4913 |
Sean J.
AustinVice-President713-825-9591 |
Jonathan PatersonFounder &
Managing PartnerHarbor
Access475-477-9401 |
Forward-Looking Statements
Certain information in this release are
forward-looking statements. Forward-looking statements consist of
statements that are not purely historical, including statements
regarding beliefs, plans, expectations or intensions for the
future, and include, but are not limited to, statements with
respect to potential future farmout agreements on PEL 83
and/or PEL 87, and proposed future exploration and development
activities on PEL 90 and neighboring properties, as well
as the prospective nature of the Company’s
property interests. Such statements are subject to
risks and uncertainties that may cause actual results, performance
or developments to differ materially from those contained in the
statements, including, but not limited to risks relating
to the receipt of all applicable regulatory approvals,
results of exploration and development activities, the ability to
source joint venture partners and fund exploration, permitting and
government approvals, and other risks identified in the Company’s
public disclosure documents from time to time. Readers are
cautioned that the assumptions used in the preparation of such
information, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on forward-looking statements. The
Company assumes no obligation to update such information, except as
may be required by law.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE
POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS RELEASE.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/3aa59ee2-1da7-4079-b16a-8a24fc364f63
Sintana Energy (TSXV:SEI)
Historical Stock Chart
From Apr 2024 to May 2024
Sintana Energy (TSXV:SEI)
Historical Stock Chart
From May 2023 to May 2024