Sintana Energy (TSX-V:SEI, OTCQB:SEUSF) Inc revealed that one of its Namibian affiliates, Custos Investments Pty Limited, has wrapped up a 6,593 square kilometer 3D seismic acquisition program over and around Petroleum Exploration License 87 (PEL 87) in the highly prospective Orange Basin, off the coast of Namibia.
The Toronto-based petroleum and natural gas explorer said the finished seismic acquisition program exceeds the initially planned area by over 1,500 square kilometers. Initial acquisition results signal a “high-quality dataset” can be expected, noted Sintana.
Separately, early fast-track processed results crucial for interpretation are now expected in August this year, according to the firm.
Woodside Energy (GOM) Inc, a wholly owned subsidiary of Woodside Energy Group Ltd (ASX:WDS, LSE:WDS, OTC:WOPEF), entered into an agreement earlier in March this year through which it has the option to acquire a 56% participating interest in PEL 87 in consideration for, among other things, paying the full cost of a 3-D seismic shoot.
Woodside has 180 days after delivering the survey to exercise its option. If the option is exercised, Woodside will strike a farmout agreement, through which it will carry existing joint venture partners during the drilling of the first exploration well. Custos retains a 15% interest in PEL 87 and benefits from this carry and other elements related to the farm-out and joint venture agreements. Sintana has an indirect interest in Custos.
PEL 87 includes the very large Saturn turbidite complex that has been mapped. The complex shares many geologic characteristics and is on trend with the recent discoveries by TotalEnergies and Shell.
“We are very pleased by the pace and data quality of this seismic program over PEL 87,” said Custos CEO Knowledge Katti, who is a board member of Sintana.
“We are confident that the results will further demonstrate that we are on the same trend as the recent in-basin discoveries by Shell and Total, and highlight the Saturn Turbidite Complex as a significant, world-class deep-water oil opportunity,” he added.
Meanwhile, Robert Bose, who is president and director at Sintana, said the company’s unique position in the heart of Namibia’s Orange Basin continues to be highlighted by the “pace of activity and interest in its blocks.”
“We are looking forward to continued progress and exploration success over the next several quarters," added Bose.
Sintana is engaged in petroleum and natural gas exploration in five large, highly prospective, onshore and offshore petroleum exploration licenses in Namibia, and Colombia’s Magdalena Basin.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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