Sintana Energy Inc (TSX-V:SEI, OTCQB:SEUSF, FRA:3ZX1, AIM:SEI) said Thursday that TotalEnergies has completed its acquisition of a 40% operated interest in Petroleum Exploration Licence 83 (PEL 83) in Namibia's Orange Basin, home to the Mopane discoveries, in which Sintana holds an indirect stake.
PEL 83 is now held by TotalEnergies as operator with 40%, Galp with 40%, NAMCOR with 10%, and Custos Energy (Pty) Ltd. with 10%.
Sintana holds an indirect 49% interest in Custos, giving it an effective 4.9% interest in PEL 83.
The Mopane discoveries carry a current 3C resource estimate of approximately 1.3 billion barrels equivalent. TotalEnergies, as operator, plans to launch a three-well exploration and appraisal campaign on PEL 83 in 2026, ahead of a potential final investment decision on a phase 1 development in 2028 and targeted first oil production in 2032.
"The completion of TotalEnergies' entry into PEL 83 marks a defining milestone for Mopane, for the Joint Venture and for Sintana," said Robert Bose, CEO of Sintana Energy.
Bose said the entry of "one of the world's premier deepwater operators" driving the three-well campaign, set to begin in the fourth quarter of 2026, brings together the technical and financial resources needed to accelerate the asset toward development.
Bose also said the transaction sharpens the read-through from Mopane's growing resource base to value in Sintana's indirect interest, and that the company is positioned for progress across its licenses in Namibia and Uruguay in the coming quarters.
Sintana said it remains committed to supporting the responsible development of Namibia's resources for the benefit of its people, including through its indirect interest in Custos, a proudly Namibian company, and to the opportunities the partnership creates for local capacity building and broad-based benefit.
Shares of Sintana were up around 2.5% on Thursday afternoon.