Rig Contract Signed for Initial Exploration Drilling Campaign on PEL 83

Source Press Release
Company Sintana Energy Inc.Galp EnergiaSFL Corporation Ltd. 
Tags Service Contracts, Discovery, Upstream Activities
Date May 08, 2023

Sintana Energy Inc. (TSX-V: SEI, OTCQB: SEUSF) (“Sintana” or the “Company”) is pleased to confirm that a subsidiary of  Galp Energia (“Galp”), the operator of Petroleum Exploration License 83 (“PEL 83) in the heart of Namibia’s Orange Basin, has signed a contract with SFL Corporation (“SFL) for the semi-submersible rig Hercules.   

The contract is for two wells plus optional well testing. The drilling program, including mobilization, is projected to commence in the fourth quarter of 2023. Without any options, the duration of the contract is approximately 115 days including mobilization to Namibia.

Galp is the operator of PEL 83 and holds an 80% interest. Partners include the National Petroleum Company of Namibia (“Namcor”) with 10% and Custos Investments (Pty) Ltd. (“Custos”) with 10%. Sintana has a 49% indirect interest in Custos.

PEL 83 is located immediately north of Shell’s PEL 39 where the basin opening discoveries at Graff-1, La Rona-1 and Jonker-1 were successfully drilled. Additionally, it is located north and east of Total Energies’ world class, multibillion barrel Venus-1 oil discovery on PEL 56. Both Shell and Total continue to progress multi-rig exploration and appraisal activities on their respective licenses.  

“Our Orange Basin Licenses, PEL’s 83, 87 and 90, are ideally located at the heart of the play. The significant prospectivity of PEL 83, together with its relatively shallow water depth (250 – 2,550 meters), position it to be one of the most significant and profitable developments in Namibia,” said Mr. Knowledge Katti, Chairman and Chief Executive Officer of Custos and a Director of Sintana.

“The continuing progress made by the operators of each of our three Orange Basin PELs demonstrates the high quality potential of our portfolio. Sintana is uniquely positioned, on a carried basis, for near term exploration activity, including potential drilling, on each of our highly prospective Orange Basin Licenses,” added Robert Bose, President of Sintana.

Source: EvaluateEnergy® ©2024 EvaluateEnergy Ltd