ZDEXF - Sintana Energy Announces Major Oil Discoveries and Strategic Partnerships
(NewsDirect)
Sintana Energy CEO Robert Bose joinedSteve Darling from Proactive to detailed the outcomes of theirexploration campaign in Namibia, highlighting the discovery of oilacross multiple horizons in the Mopane wells, with one well testing ata flow rate of 14,000 barrels per day. The estimated reserves exceed10 billion barrels, positioning Mopane among the largest oildiscoveries globally in recent decades. Bose also discussed theenhanced visibility and investor interest following these discoveries,noting a rise in trading volumes and stock response.
The company also revealed that ChevronNamibia Exploration, an affiliate of Chevron Corp., has entered intoan agreement to join Petroleum Exploration License 82 (PEL 82). Underthe agreement, Chevron assumes an 80% working interest andoperatorship, while NAMCOR and Custos Energy each retain a 10% carriedinterest in PEL 82. Sintana, with an indirect 49% interest in Custos,maintains a strategic position within the license.
Bose emphasized the expanding partnershipwith Chevron as a testament to the quality of Sintana's Namibianportfolio, highlighting the timeliness of the entry into PEL 82 andthe portfolio's unmatched potential as Namibia emerges as asignificant hydrocarbon province.
Additionally, Sintana has entered into a definitive agreementwith Crown Energy for the acquisition of up to 67% of Giraffe Energyand its 33% interest in Petroleum Exploration License 79 (PEL 79).This acquisition provides Sintana with an attractive entry into ahigh-impact license with substantial upside potential, furtherexpanding its exposure to Namibia's Orange Basin, which is gainingrecognition as a prominent hydrocarbon province.
PEL 79 presentsa unique opportunity for Sintana, as it is one of the last remaininglicenses not operated by a private operator. The acquisitionunderscores Sintana's commitment to strategically positioningitself in promising exploration areas, poised for significant growthand value creation.
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