Sintana Energy Inc (TSX-V:SEI, OTCQB:SEUSF) CEO Robert Bose talked with Proactive about major updates across its Orange Basin, Namibia assets, including progress at PEL 83, PEL 90, PEL 87, and PEL 82.
Proactive: All right, welcome back inside our Proactive newsroom. And joining me now is Robert Bose. He is the CEO of Sintana Energy. Robert, great to see you again. How are you?
Robert Bose: Good. Thanks. Good to see you. Thank you for having me back. It's been a little while.
I think we talked just after the start of this year. A lot has happened since then, and a lot of updates on a couple of wells we talked about back then. Why don’t we start there—get us up to date on what you're seeing in those two?
Sure. Absolutely. Harkening back to our last conversation, we mentioned that there were two wells that had just been initiated—one on PEL 83 operated by Galp, and the other on PEL 90 operated by Chevron. In the intervening period, we announced results on both.
On February 25th, we announced results of the Mopane 3-X location. This was the fifth well in the Mopane complex, drilled by the joint venture over the past 18 months. The previous four wells were focused on the western and central portions. They began as exploration wells and moved into appraisal to inform development decisions.
This fifth well targeted the southeastern part of the complex—two different AVO anomalies, 10 and 13. It was probably one of the best wells drilled in the complex. Results were better than expected in porosity, permeability, reservoir quality, and pressure. We intersected multiple reservoirs with high-quality light oil and condensate.
This opens up an entirely new potential development hub, which is a fantastic development. The active drilling campaign is now wrapping up. All the data from wells and seismic is being synthesized into a data room. Galp is actively considering partnership opportunities, and that will be a key focus in the coming quarters.
Fantastic progress on PEL 83. What about Chevron’s well?
That well concluded differently. While it didn’t encounter commercial hydrocarbons, it was technically successful. It confirmed the geological model and built confidence in future prospects.
As you might recall, Qatar Energy formed into the block just before the campaign. Their interest was in a multi-well campaign to explore a new leg in the Orange Basin. We look forward to the joint venture returning to the block later this year. Chevron is excited about what's next, and this sets up well for more drilling in the back half of the year.
Let's talk about PEL 87. I know there was recent news about a possible change in partnership.
Yes, PEL 87 is directly above PEL 83. It's home to the Saturn Superfan, one of the largest subsea fan complexes globally—2,400 square kilometres. Woodside had an option agreement and committed $40 million to 3D seismic acquisition. Initially, it was meant to conclude early last year, but due to the emerging scale and complexity of Saturn, they requested more time.
Earlier this month, Woodside chose not to exercise its option. It’s disappointing, but not surprising—they are focused on global LNG. Conversations with alternative partners have already begun. The Orange Basin is a supermajor province, requiring significant technical and financial resources.
We’re excited to open discussions with large potential partners—some of whom we already work with in-country. Now that we’re free to proceed with Pancontinental, it should get interesting and hopefully yield results in the next few quarters.
A lot going on. The team must be very busy.
Oh my gosh, yes. Every year we wonder how we’ll match the previous pace, and here we are. All licensees are active. Another key update is Chevron completing a farm-in at PEL 82 in the Walvis Basin. This opens up new activity, likely culminating in drilling next year.
Also, Namibia just completed its seven-year handover. A new president—the first woman president—has taken office. Oversight of the upstream sector has moved to her office, which is a huge step forward. This sector could potentially triple or quadruple the country’s GDP. There’s a lot going on, and we expect the rest of the year to be full of key developments.
Quotes have been lightly edited for clarity and style