Update on PEL 87 in the Orange Basin in Namibia – Sintana Retains a Carried Indirect Interest
April 21 2023 - 7:00AM
Sintana Energy Inc. (TSX-V: SEI, OTCQB: SEUSF) (“Sintana” or the
“Company”) 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.
ABOUT SINTANA ENERGY:
The Company is engaged in petroleum and natural gas exploration
and development activities in five large, highly prospective,
onshore and offshore petroleum exploration licenses in Namibia, as
well as in Colombia’s Middle Magdalena Basin. Sintana’s exploration
strategy is to acquire, explore and potentially develop superior
quality assets with substantial reserves potential.
On behalf of Sintana Energy Inc.,“Douglas G,
Manner”Chief Executive Officer
For additional information or to sign-up to receive periodic
updates about Sintana’s projects, and corporate activities, please
visit the Company’s website at www.sintanaenergy.com
Corporate Contacts: |
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Investor Relations Advisors: |
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Douglas G. Manner |
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Sean J. Austin |
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Jonathan Paterson |
Chief Executive Officer |
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Vice-President |
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Founder & Managing Partner |
832-279-4913 |
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713-825-9591 |
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Harbor Access |
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475-477-9401 |
Forward-Looking Statements
Certain information in this release are
forward-looking statements. Forward-looking statements consist of
statements that are not purely historical, including statements
regarding beliefs, plans, expectations or intensions for the
future, and include, but not limited to, statements with respect
to potential future farmout agreements on PEL 83 and/or PEL
87, and proposed future exploration and development activities on
PEL 90 and neighbouring properties, as well as the prospective
nature of the Company’s property interests. Such
statements are subject to risks and uncertainties that may cause
actual results, performance or developments to differ materially
from those contained in the statements, including, but not limited
to risks relating to the receipt of all applicable
regulatory approvals, results of exploration and development
activities, the ability to source joint venture partners and fund
exploration, permitting and government approvals, and other risks
identified in the Company’s public disclosure documents from time
to time. Readers are cautioned that the assumptions used
in the preparation of such information, although considered
reasonable at the time of preparation, may prove to be imprecise
and, as such, undue reliance should not be placed on
forward-looking statements. The Company assumes no obligation
to update such information, except as may be required by law.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE
POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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