Sintana Energy Announces Major Oil Discoveries and Strategic Partnerships
May 02, 2024 at 12:00 pm
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Sintana Energy CEO Robert Bose joined Steve Darling from Proactive to detailed the outcomes of their exploration campaign in Namibia, highlighting the discovery of oil across multiple horizons in the Mopane wells, with one well testing at a flow rate of 14,000 barrels per day. The estimated reserves exceed 10 billion barrels, positioning Mopane among the largest oil discoveries globally in recent decades. Bose also discussed the enhanced visibility and investor interest following these discoveries, noting a rise in trading volumes and stock response.
The company also revealed that Chevron Namibia Exploration, an affiliate of Chevron Corp., has entered into an agreement to join Petroleum Exploration License 82 (PEL 82). Under the agreement, Chevron assumes an 80% working interest and operatorship, while NAMCOR and Custos Energy each retain a 10% carried interest in PEL 82. Sintana, with an indirect 49% interest in Custos, maintains a strategic position within the license.
Bose emphasized the expanding partnership with Chevron as a testament to the quality of Sintana's Namibian portfolio, highlighting the timeliness of the entry into PEL 82 and the portfolio's unmatched potential as Namibia emerges as a significant hydrocarbon province.
Additionally, Sintana has entered into a definitive agreement with Crown Energy for the acquisition of up to 67% of Giraffe Energy and its 33% interest in Petroleum Exploration License 79 (PEL 79). This acquisition provides Sintana with an attractive entry into a high-impact license with substantial upside potential, further expanding its exposure to Namibia's Orange Basin, which is gaining recognition as a prominent hydrocarbon province.
PEL 79 presents a unique opportunity for Sintana, as it is one of the last remaining licenses not operated by a private operator. The acquisition underscores Sintana's commitment to strategically positioning itself in promising exploration areas, poised for significant growth and value creation.
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Proactive Canada
+1 604-688-8158
action@proactiveinvestors.com
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Sintana Energy Inc. is a crude oil and natural gas (hydrocarbons) exploration and development company. The Company is engaged in petroleum and natural gas exploration and development activities on five highly prospective, onshore and offshore petroleum exploration licenses in Namibia, and in Colombiaâs Magdalena Basin. The Company holds an indirect interest in the petroleum exploration license (PEL) 79 (Blocks 2815/2915) which is located in the northern Orange sub-basin off the south-west coast of Namibia. It also holds a portfolio of offshore petroleum exploration licenses (each a PEL), including a 15% limited carried interest in PEL 87; 10% limited carried interests in each of PELs 82 and 83, and a 10% limited carried interest in PEL 90. The Company also holds private participation interests of 25% unconventional (carried) and 100% conventional in the potential hydrocarbon resources of the 43,158 acres Valle Medio Magdalena 37 (VMM-37) Block in Colombia.