Sintana Energy (TSX-V:SEI, OTCQB:SEUSF) Inc said the 3D seismic survey encompassing 6,872 square kilometers of Petroleum Exploration License 87 (PEL 87) and the surrounding area in the Orange Basin of Namibia continues apace, with over 50% of data now gathered.
Initial results are expected by the end of August this year, the company said. 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 deepwater oil opportunity,” Robert Bose, president and director of Sintana, said in a statement.
The company noted that Woodside Energy (GOM) Inc, a wholly-owned unit of Australia's Woodside Energy Group Ltd, has the option of acquiring a 56% participating interest in PEL 87 for, among others, the full cost of a 3-D seismic survey covering an area of at least 5,000 square kilometers within the exploration license. The option must be exercised within 180 days after the survey is delivered. If Woodside chooses to exercise the option, it will enter a farm-out agreement under which it will take on the full cost of drilling the first exploration well, carrying joint venture partners.
“Custos Investments (Pty) Ltd 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,” the company added.
Sintana 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.
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