PEL 83 Exploration Campaign Update – Mopane-1X Significant Light Oil Discovery

TORONTO, Jan. 10, 2024 (GLOBE NEWSWIRE) -- Sintana Energy Inc. (TSX-V: SEI, OTCQB: SEUSF) (“Sintana” or the “Company”) is pleased to provide the following update regarding the ongoing exploration campaign on blocks 2813A and 2814B located in the heart of Namibia’s Orange Basin, emerging as the 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. (together with Custos Investments (Pty) Ltd. “Custos”), a 10% working interest owner in PEL 83. NAMCOR, the National Petroleum Company of Namibia, also maintains a 10% working interest.

We refer to press releases from Galp (available at galp.com) and Custos Energy (available at news direct.com) noting that Galp, together with its partners NAMCOR and Custos, has successfully drilled and logged the Mopane-1X well, the first exploration well at PEL83.

Building on a previous announcement dated January 2nd, Galp now confirms the discovery of a significant column of light oil in reservoir-bearing sands of high quality.

The acquired data will continue to be analyzed and a Drill Stem Test (“DST”) may be performed in the coming weeks to assess the commercial viability of the discovery.

The drilling operations at Mopane-1X will proceed to explore deeper targets. Upon completion, the rig will be relocated to the Mopane-2X location to further evaluate the extent of the Mopane discovery.

PEL 83 is located immediately north of PEL 39 home to Shell’s basin opening discoveries at Graff-1, La Rona-1 and Jonker-1. Additionally, it is located north and west of PEL 56 where TotalEnergies announced is giant oil discovery at Venus-1.

“The preliminary results of the initial exploration campaign on PEL 83 demonstrate the expanding scope and potential of Namibia’s Orange Basin. We extend our sincere congratulations to our partners, Galp and NAMCOR, on this initial discovery,” said Knowledge Katti, Chairman and Chief Executive Officer of Custos, and a director of Sintana. “This is a significant milestone for Custos and Sintana positioning us for further growth and continued success,” he added.

“We are proud to have achieved this milestone,” said Maggy Shino, Petroleum Commission for the Ministry of Mines and Energy. “We congratulate the Joint Venture partners on a safe and successful initial exploration campaign. This oil discovery is a testament to their hard work and dedication, and also showcases our ability to unlock world-scale resources turning Namibia into the world’s next great hydrocarbon province,” she added.