NDN Staffer
WINDHOEK, April 22 — Sintana Energy Inc. is a Canadian oil and gas exploration company with a focus on Africa. Recently, the company confirmed that it has gathered over 50% of the 6,872 square kilometres of 3D seismic survey data from Petroleum Exploration License 87 (PEL 87) and the surrounding area in the Orange Basin in Namibia. This is a significant milestone for Sintana as the initial processed results are expected to be available and interpreted by the end of August 2023.
The PEL 87 is an important exploration site as it includes the massive Saturn turbidite complex that has been mapped. This complex shares many geological characteristics with the Venus oil discovery made by TotalEnergies in February 2022. The Saturn Turbidite Complex, which covers approximately 2,400 square kilometres, lies entirely within the PEL 87 area. As per the statement made by Robert Bose, President and Director of Sintana, the results from the survey are expected to confirm that the company is on trend with the recent massive discoveries in the basin.
Woodside Energy (GOM), Inc., a subsidiary of Woodside Energy Group Ltd., entered into an agreement with Sintana in March 2023, whereby it has the option to acquire a 56% participating interest in PEL 87. As part of the agreement, Woodside will pay the full cost of a 3D seismic survey covering an area of at least 5,000 square kilometres within PEL 87. Woodside has a period of at least 180 days after delivery of the survey to exercise its option. If the option is exercised, Woodside has agreed to enter into a farmout agreement whereby it will carry existing joint venture partners for the full cost of drilling the first exploration well.
Custos Investments (Pty) Ltd., which retains a 15% interest in PEL 87, benefits from this carrier and other elements related to the farmout and joint venture agreements. Sintana owns an indirect 49% interest in Custos, and therefore, it indirectly benefits from the farmout agreement.
The exploration and drilling activities in the PEL 87 area could potentially unlock significant offshore deep-water oil opportunities. This would not only benefit Sintana and Woodside but also the Namibian economy, as it would lead to job creation and revenue generation. However, it is important to note that the exploration and drilling activities in the area come with certain risks, and the results are not guaranteed.
In conclusion, Sintana’s confirmation that over 50% of the 3D seismic survey data has been gathered from PEL 87 is an important development for the company. The initial processed results expected to be available by the end of August 2023 will provide valuable insights into the potential oil opportunities in the area. The agreement with Woodside Energy Group Ltd. also provides Sintana with financial support and technical expertise that could aid in the successful exploration and drilling of the area. – Namibia Daily News
