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

TORONTO, Jan. 26, 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. (“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 (available at newsdirect.com) noting that further to previous updates provided on January 2^nd and January 10^th, Galp, together with its partners NAMCOR and Custos, has successfully and safely drilled, cored, and logged a deeper target (“AVO-2”) in the Mopane-1X well on block 2813 governed by PEL83.

In AVO-2, Galp has also discovered a second significant column of light oil in reservoir-bearing sands of high quality.

The rig is expected to be relocated to the Mopane-2X well location to evaluate the extent of the Mopane discoveries, after which a Drill Stem Test (“DST”) is expected to be performed in Mopane-1X.

Galp and the JV Partners will continue to analyze the acquired data during the coming weeks to assess the commerciality of the discoveries.

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 continuing success of the initial exploration campaign, including a second light oil discovery at Mopane-1X, further demonstrate the scope and potential of PEL 83. We extend our further congratulations to our partners Galp and NAMCOR on this second discovery,” said Knowledge Katti, Chairman and Chief Executive Officer of Custos. “This is another significant milestone for Custos positioning us for further growth and continued success underpinned by our unmatched position in the heart of the basin,” he added.