Sintana Energy Inc. (“Sintana” or the “Company”) is pleased to provide the following update regarding a second exploration and appraisal campaign on blocks 2813A and 2814B located in the heart of Namibia’s Orange Basin, emerging as one of the world’s most prospective oil and gas regions. The blocks are governed by Petroleum Exploration License 83 (“PEL 83”) which is operated by a subsidiary of Galp Energia (“Galp”) of Portugal. Sintana maintains an indirect 49% interest in Custos Energy (Pty) Ltd. (“Custos”), which in turn owns a 10% working interest owner in PEL 83. NAMCOR, the National Petroleum Company of Namibia, also maintains a 10% working interest.
The drill ship Santorini has arrived on location and operations associated with the Mopane 1-A well have commenced. Specifically, the Mopane 1-A was spud 23:30 local time on October 23rd.
This appraisal well is the first of an up to four well program potentially consisting of two exploration wells and two appraisal wells. This second campaign on PEL 83 is predicated on providing additional insights into the scope and quality of the Mopane complex.
We refer to press releases from Galp (available at galp.com) and Custos (available at newsdirect.com) throughout Q1 and Q2 of 2024, noting that an inaugural two well exploration campaign that commenced in Q4 2023 resulted in multiple discoveries of significant columns of light oil in high-quality reservoir sands providing for an initial estimate of original oil in place (“OOIP”) of 10 billion barrels of oil equivalent. A drill stem test was also conducted resulting in an infrastructure constrained flow of 14,000 boe/d.
Initial analysis suggests the reservoirs have good porosities, high pressures and high permeabilities in large hydrocarbon columns with very low oil viscosity, and no CO2 nor H2S. The flows achieved during the well test have reached the maximum allowed limits, positioning Mopane as, potentially, an important commercial discovery.?
“We look forward to the continuing progress on PEL 83, further unveiling of the potential and quality of the Mopane complex. These efforts should provide additional insights into this world class opportunity and into our broader Orange Basin portfolio located at the heart of this emerging hydrocarbon province.” said Robert Bose, Chief Executive Officer of Sintana.
