Sintana Energy Ranked #1 Energy Company on 2024 TSX Venture 50 List Amid Major Light Oil Discoveries in Namibia's Orange Basin

TORONTO, Feb. 21, 2024 (GLOBE NEWSWIRE) -- Sintana Energy Inc. (TSX-V: SEI, OTCQB: SEUSF) (“Sintana” or the “Company”) is honored to be named to the TSX Venture (TSXV) 2024 Venture 50TM ranking, highlighting the top-performing companies that are driving growth across their respective sectors. The TSX Venture 50 is an annual ranking of the top performing companies from the past year on TSX Venture Exchange, a world-leading capital formation platform for early-stage growth firms. Sintana is the top-performing company in the energy sector.

TSX Venture 50 recognizes the top 10 companies from each of five sectors: Clean Technology and Life Sciences, Diversified Industries, Energy, Mining, and Technology. The companies are ranked based on three equally-weighted criteria: share price appreciation, market capitalization growth, and trading value. The 50 companies on the 2024 TSX Venture 50 list had a combined market capitalization of $23.1B, an increase of over $7.5B over the course of 2023.

Sintana Energy’s entry into Namibia in Q1 2022 positioned the company at the center of the world’s next great emerging hydrocarbon province. Since, over 11 billion barrels of original-oil-in-place have been discovered by TotalEnergies and Shell in offshore exploration blocks in the Orange Basin that are directly adjacent to those in which Sintana Energy maintains an indirect interest.

In January 2024, Sintana Energy announced two significant light oil discoveries in the Mopane-1X exploration well in which Sintana has an indirect interest. (Refer to news release here and here.) These new discoveries underscore the region’s vast potential, with resources estimated at up to 10 billion barrels of original-oil-in-place in the Mopane prospect alone. The finds are part of initial exploration efforts within Petroleum Exploration Licence 83 (“PEL 83”) in the region, and are among multiple blocks that Sintana has an indirect carried interest in. The PEL 83 exploration campaign is led by Galp Energia, holding an 80% interest, alongside National Petroleum Corporation of Namibia (Namcor) and Custos Energy (49% indirect ownership by Sintana) with 10% interests each.