Sintana Energy (TSX-V:SEI, OTCQB:SEUSF) announced that a rig contract has been signed for an initial exploration drilling campaign at Petroleum Exploration License (PEL) 83 located in the heart of Namibia’s Orange Basin.
Galp Energia operates PEL 83 with an 80% interest and other partners include the National Petroleum Company of Namibia (10%) and Custos Investments (10%), in which Sintana has a 49% indirect interest, the company said.
The rig contract, for the semi-submersible rig Hercules, is for two wells plus optional well testing. The drill program, including mobilization, is expected to commence in the fourth quarter of 2023.
Sintana noted that 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.
“The continuing progress made by the operators of each of our three Orange Basin PELs demonstrates the high-quality potential of our portfolio,” said Sintana president Robert Bose in a statement.
“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.”
Sintana director and Custos CEO Knowledge Katti added: “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 to 2,550 meters), position it to be one of the most significant and profitable developments in Namibia.”
Sintana’s Toronto-listed shares were up 5.6% at C$0.19 following the announcement on Monday morning.
Sintana is engaged in petroleum and natural gas exploration and development activities on five large, highly prospective, petroleum exploration licenses in Namibia, as well as in Colombia’s Magdalena Basin.
Contact the author at emily.jarvie@proactiveinvestors.com
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