Sintana Energy Inc (TSX-V:SEI, OTCQB:SEUSF) earlier this week shared new details around exploration activities offshore Namibia, highlighting developments in Petroleum Exploration Licence 83 (PEL 83) and the Mopane project.
The company told investors that Galp, the operator, has confirmed an estimate of 10.00 billion barrels of original oil in place for its first two Mopane wells. That figure had previously drawn scrutiny, but Galp reiterated its validity in a recent quarterly update, suggesting there may be further upside.
Sintana Energy said Galp also disclosed a new contingent resource estimate of 900.00 million barrels of recoverable oil equivalent, based on activity completed by November 30, 2024. This estimate was developed through independent engineering work by DeGolyer and MacNaughton.
The company noted that further drilling activity had taken place since that cutoff date, suggesting the resource base may continue to grow. A farm-out process for PEL 83 is currently underway and is expected to conclude by the end of 2025.
Sintana also pointed to strengthening interest in the basin. Robert Bose, CEO, attended a recent industry conference in Namibia and reported high engagement levels from global operators. “The tone was very good,” Bose said, noting that all supermajors were present and exploring both existing and new opportunities.
The company highlighted an adjacent discovery by Rhino Resources, which flowed at 11,000 barrels per day. Bose said this supported the potential of shallow-water targets, an area now considered “really exciting.”