Sintana Energy Inc. is pleased to confirm that over fifty per cent of the 6,872 square kilometers of 3D seismic survey data has been gathered from Petroleum Exploration License 87 (“PEL 87”) and the surrounding area in the Orange Basin in Namibia. Initial processed results are expected to be available and interpreted by the end of August 2023.
PEL 87 includes the very large Saturn turbidite complex that has been mapped. This complex shares many geologic characteristics and is on-trend with the Venus oil discovery made by TotalEnergies in February 2022. The core features of Saturn, covering approximately 2,400 square kilometers, lie entirely within the PEL 87 area.
“Survey activities on PEL 87 are well advanced and we remain confident that the results will confirm that we are on trend with the recent massive discoveries in the basin, and will further demonstrate that Saturn Turbidite Complex is a significant offshore deep water oil opportunity.” said Robert Bose, President and Director of Sintana.
Woodside Energy (GOM), Inc., a wholly-owned subsidiary of Woodside Energy Group Ltd. (“Woodside”) entered into an agreement in March of 2023 whereby it has the option to acquire a 56% Participating Interest in PEL 87 in consideration for, among other things, paying the full cost of a 3-D seismic survey covering an area of at least 5,000 square kilometers within the PEL 87.
Woodside has a period of at least 180 days after delivery of the survey to exercise its option. If the option is exercised, Woodside has agreed to enter a farmout agreement whereby it will carry existing joint venture partners for the full cost of drilling the first exploration well. Custos Investments (Pty) Ltd. (“Custos”) retains a 15% interest in PEL 87 and benefits from this carry and other elements related to the farmout and joint venture agreements. Sintana owns an indirect 49% interest in Custos.
