Sintana Energy Inc (TSX-V:SEI, OTCQB:SEUSF) CEO Robert Bose talked with Proactive about the company’s latest operational developments across Namibia and Angola.
Proactive: Welcome back inside our Proactive newsroom. And joining me now is Robert Bose. He is the CEO of Sintana Energy. And Robert, it's great to see you again. How are you?
Robert Bose: Very well. Thank you for having me back. It's nice to see you too.
It's been a little while since we had a chance to chat. A lot of news has come out in your sector and from the company. Let's start with the news about PEL 79 and the extension you were granted. Can you bring everyone up to date?
Sure. Your audience may recall PEL 79 is our shallow water license. It's located near licenses operated by Rhino Resource, Shell, and just south of Galp's block, which includes the Mopane discovery. We entered the license via investment in Giraffe a couple of years ago. We announced last week that the joint venture received a one-year extension. That gives us the opportunity to move this license forward.
From a timing perspective, it's fantastic. Rhino Resources drilled two wells nearby—Sagittarius and Capricorn. Capricorn flowed over 11,000 barrels per day. More drilling is expected. BW, which operates Kudu just west of us, is also doing exploration drilling. The shallow water blocks were long seen as gas prone and less attractive, but that's changing. We're excited about the potential of PEL 79.
You mentioned Galp earlier—what’s the latest on their activity?
Yes, on PEL 83, which is operated by Galp, there’s been progress around the Mopane discovery. It’s estimated to contain 10 billion barrels of original oil in place. Galp has received multiple non-binding expressions of interest from large operators. They're seeking a supermajor to take over operatorship and lead development. We have a 10% carried interest in that license, so this could be a big catalyst for us. Galp expects to name a partner by year-end.
Let's move to Angola—you recently made an announcement there. Can you talk about that?
In early May, we announced our entry into Angola. Sintana acquired a 5% working interest in the onshore block CON 16, in partnership with AIM-listed Corcel. It's interesting because it's an offshore prize with an onshore cost. The geology mirrors offshore Brazil and Angola. Historical wells confirmed petroleum systems. A successful well could confirm up to 400 million barrels of recoverable resource. Drilling onshore costs $20 million versus over $100 million offshore. It’s a capital-efficient opportunity aligned with our strategy. Angola is also seeing increased M&A and exploration activity.
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