PEL 83 Second Campaign – Update 5 Additional Discoveries at Mopane 3-X
February 25 2025 - 6:00AM
Sintana Energy Inc. (TSX-V: SEI, OTCQB: SEUSF) (“Sintana” or the
“Company”) is pleased to provide the following further update
regarding the second campaign on blocks 2813A and 2814B located in
the heart of Namibia’s Orange Basin. The blocks are governed by
Petroleum Exploration License 83 (“PEL 83”) which is operated by a
subsidiary of Galp Energia, SGPS, S.A. (“Galp”). Sintana maintains
an indirect 49% interest in Custos Energy (Pty) Ltd. (“Custos”),
which owns a 10% working interest in PEL 83. NAMCOR, the National
Petroleum Company of Namibia, also maintains a 10% working
interest.
With reference to Galp’s corporate website (at
galp.com) and updates provided therein in addition to a release
from Custos (available at newswire.com), we are pleased to announce
that the PEL 83 Joint Venture partners have successfully
drilled, cored and logged the Mopane-3X well (Well #5) on
PEL 83, which spud on January 2nd, 2025.
Mopane-3X, located 18km from the Mopane-1X well,
targeted two stacked prospects, AVO-10 and AVO- 13, as well as a
deeper sand, in the southeast region of the Mopane complex at an
approximate water depth of 1,200 meters.
Preliminary data has confirmed significant
columns of light oil and gas-condensate in high-quality sandstones
across AVO-10. Further, the presence of light oil columns
was confirmed in AVO-13 and the deeper sand, again in high-quality
sandstones.
Reservoir log measures confirm good
porosities, high pressures and high permeabilities.
Initial fluid samples show low oil viscosity and minimum
CO2 and H2S concentrations. Samples have been sent for lab
testing.
Higher-than-estimated pressures and
preliminary results at Mopane 3X unlock further
exploration and appraisal opportunities in the southeast region of
the Mopane complex. All acquired data will be integrated
into the reservoir model and support the planning of potential
further activities.
The proprietary 3D development seismic
acquisition campaign is on track to be completed in Q125, with
processing of the data acquired to follow.
“These additional discoveries in an entirely new
section further demonstrate the scale and quality of the Mopane
complex.” said Robert Bose, Chief Executive Officer of Sintana.
“Our exposure to this world class asset together with the balance
of our portfolio give us an unmatched position in the heart of
Namibia’s Orange Basin.” he added.
“The stacked discoveries in this most recent
exploration program at Mopane are emblematic of the size and
potential of the complex.” said Knowledge Katti, Chairman and Chief
Executive Officer of Custos and a director of Sintana. “We
congratulate our Joint Venture partners on another safe and
successful outing.” he added.
ABOUT SINTANA ENERGY:
The Company is engaged in petroleum and natural
gas exploration and development activities on six large, highly
prospective, onshore and offshore petroleum exploration licenses in
Namibia, and in Colombia’s Magdalena Basin.
On behalf of Sintana Energy
Inc.,
“A. Robert Bose”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 Advisor: |
|
|
|
Robert Bose |
Sean Austin |
Jonathan Paterson |
Chief Executive Officer |
Vice-President |
Founder & Managing Partner |
212-201-4125 |
713-825-9591 |
Harbor Access |
|
|
475-477-9401 |
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 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 83
and/or PEL 90 and neighbouring 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.
An infographic accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/9b09d852-01f1-4a7b-83ac-0ca264f297c4
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