Sintana Energy Inc (TSX-V:SEI, OTCQB:SEUSF) has provided an update on the Kapana 1-X exploration well, located on Block 2813B under Petroleum Exploration License 90 (PEL 90), located in Namibia's Orange Basin.
The license is operated by Harmattan Energy Limited, an indirect subsidiary of Chevron Corporation. Trago Energy, a wholly owned subsidiary of Custos Energy in which Sintana holds a 49% indirect interest, owns a 10% working interest in PEL 90.
Chevron has informed Trago that drilling operations reached total depth 25% ahead of schedule.
While the well did not encounter commercial hydrocarbons, operations provided valuable geological insights and boosted confidence in the ongoing exploration program for PEL 90.
“We look forward to the many opportunities ahead to further unveil the quality of our unmatched position in the heart of the Orange Basin including the future activity on PEL 90 and the ongoing activity on PEL 83,” Sintana CEO Robert Bose said.
Knowledge Katti, Custos CEO and Sintana director, added: “The geologic insights and improved confidence in the future program on PEL 90 from these operations provides strong support for continued progress and value in our portfolio in Namibia’s Orange Basin, the world’s exploration hotspot.”
Shares of Sintana Energy moved 3.6% higher on Thursday morning in Canada.