Sintana Energy Inc (TSX-V:SEI, OTCQB:SEUSF) has announced a 12-month extension to Petroleum Exploration License 79 (PEL 79) in Namibia’s Orange Basin, extending the license period to July 2026.
The extension, granted by Namibia’s Ministry of Industries, Mines and Energy, applies to exploration blocks 2815 and 2915.
PEL 79 is held through a joint venture between the National Petroleum Corporation of Namibia (NAMCOR), which operates the license with a 67% interest, and Giraffe Energy Investments, which owns the remaining 33%. Sintana maintains a 49% indirect interest in Giraffe.
Sintana highlighted that PEL 79 is located inboard of licenses operated by BW Energy, Rhino Resources, and Shell.
It is underpinned by substantial existing data, including over 4,760 kilometers of 2D seismic, 1,137 square kilometers of 3D seismic, and one exploration well with gas shows encountered in the Kudu source rock.
The acreage is positioned within an increasingly active sub-basin that has demonstrated oil-weighted prospectivity, the company added.
Further, nearby exploration activity continues to highlight the basin’s potential, Sintana believes.
It pointed to Rhino Resources’ Capricornus-1X discovery on PEL 85, which lies directly outboard of PEL 79, flowed over 11,000 barrels per day of light oil with limited gas from a 38-meter net oil-bearing reservoir.
Rhino is set to drill the Volans prospect in Q3 2025, with up to two additional optional wells planned.
Meanwhile, Sintana highlighted that BW Energy has acquired 4,600 square kilometers of new 3D seismic on PEL 3, immediately west of PEL 79. The company is preparing to drill the Kharas well northwest of the Kudu gas field in the second half of this year.
Robert Bose, Sintana CEO, applauded the leadership of joint venture partner NAMCOR in securing the license extension for PEL 79.
“Extending our exposure during a period of significant offset activity positions us to fully realize the significant geologic, commercial, and strategic value of PEL 79,” Bose said in a statement.
“The potential for high-impact progress on PEL 79 adds to the prospect for significant developments across our Namibian offshore portfolio. We expect material progress on all our licenses over the coming quarters.”