–News Direct–
Sintana Energy CEO Robert Bose joined Steve Darling from Proactive to detailed the outcomes of their exploration campaign in Namibia, highlighting the discovery of oil across multiple horizons in the Mopane wells, with one well testing at a flow rate of 14,000 barrels per day. The estimated reserves exceed 10 billion barrels, positioning Mopane among the largest oil discoveries globally in recent decades. Bose also discussed the enhanced visibility and investor interest following these discoveries, noting a rise in trading volumes and stock response.
The company also revealed that Chevron Namibia Exploration, an affiliate of Chevron Corp., has entered into an agreement to join Petroleum Exploration License 82 (PEL 82). Under the agreement, Chevron assumes an 80% working interest and operatorship, while NAMCOR and Custos Energy each retain a 10% carried interest in PEL 82. Sintana, with an indirect 49% interest in Custos, maintains a strategic position within the license.
Bose emphasized the expanding partnership with Chevron as a testament to the quality of Sintana's Namibian portfolio, highlighting the timeliness of the entry into PEL 82 and the portfolio's unmatched potential as Namibia emerges as a significant hydrocarbon province.
Additionally, Sintana has entered into a definitive agreement with Crown Energy for the acquisition of up to 67% of Giraffe Energy and its 33% interest in Petroleum Exploration License 79 (PEL 79). This acquisition provides Sintana with an attractive entry into a high-impact license with substantial upside potential, further expanding its exposure to Namibia's Orange Basin, which is gaining recognition as a prominent hydrocarbon province.
PEL 79 presents a unique opportunity for Sintana, as it is one of the last remaining licenses not operated by a private operator. The acquisition underscores Sintana's commitment to strategically positioning itself in promising exploration areas, poised for significant growth and value creation.
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View source version on newsdirect.com: https://newsdirect.com/news/sintana-energy-announces-major-oil-discoveries-and-strategic-partnerships-103874704
Sintana Energy Inc
COMTEX_451782238/2655/2024-05-02T12:01:27