Ministry of Mines and Energy in Namibia approves an increase in the work program and an extension of First Renewal Exploration Period for PEL 83 to support drilling of an exploration well
TORONTO, June 21, 2022 (GLOBE NEWSWIRE) -- Sintana Energy Inc. (TSX-V: SEI) (“Sintana” or the “Company”) is pleased to announce that the Ministry of Mines and Energy in Namibia has approved an extension to the First Renewal Exploration Period for Petroleum Exploration License 83 (“PEL 83”) providing for an increase to the related work program which will support the drilling of an exploration well currently expected in 2023. Sintana, through its indirect investment in Custos Energy, maintains a 4.9% carried interest in the blocks 2813A and 2814B which are operated through PEL 83. Sintana also owns indirect interests in the adjacent blocks operated through PEL 90 and PEL 87.
An infographic accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/8ec24ddf-42b4-48e3-ba47-efd03e2030f0
PEL 83 represents one of the most exciting exploration opportunities in the Orange Basin, sitting directly above Block 2913A where Shell made its Graff-1 light oil discovery, and directly to the west of the Kudu Gas Field currently being developed by BW Energy. PEL 83 is also contiguous to Block 2913B where Total made its Venus-1 discovery. Both Shell and Total have initiated further activity on their respective blocks.
“Custos acquired its interest in PEL 83 in 2016. It is fantastic to see the activity and interest catch up around us. We expect significant discoveries will continue to be made, on our blocks and on those around us.” said Knowledge Katti, founder of Custos Energy and a Director of Sintana.
“Our entry into Namibia was timely. We believe that continuing investment in the Orange Basin, including the drilling of an exploration well on PEL 83, will further substantiate Namibia’s emergence as the world’s next great hydrocarbon province.” said Robert Bose, President & Director of Sintana. “We look forward to further activity and announcements in the near-term.” he added.
ABOUT SINTANA ENERGY:
The Company is engaged in petroleum and natural gas exploration and development activities in Colombia’s Magdalena Basin and five large, highly prospective, onshore and offshore petroleum exploration licenses in Namibia. Sintana’s exploration strategy is to acquire, explore, develop and produce 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:||Investor Relations Advisors:|
|Douglas G. Manner||Sean J. Austin||Jonathan Paterson|
|Chief Executive Officer||Vice-President||Founder & Managing Partner|
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 the stock option and restricted share unit grants and 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 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.
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