PEL 83 Second Campaign – Update 3 Acceleration of Operations Including Spud of Mopane 2-A Well

TORONTO, Dec. 11, 2024 (GLOBE NEWSWIRE) -- Sintana Energy Inc. (TSX-V: SEI, OTCQB: SEUSF) (“Sintana” or the “Company”) is pleased to provide the following further update regarding the second campaign on blocks 2813A and 2814B located in the heart of Namibia’s Orange Basin. The blocks are governed by Petroleum Exploration License 83 (“PEL 83”) which is operated by a subsidiary of Galp Energia (“Galp”) of Portugal. Sintana maintains an indirect 49% interest in Custos Energy (Pty) Ltd. (“Custos”), which owns a 10% working interest in PEL 83. NAMCOR, the National Petroleum Company of Namibia, also maintains a 10% working interest.

With reference to Galp’s corporate website (at galp.com) and updates provided therein, we are pleased to announce that further to recent successful appraisal operations conducted at the Mopane 1-A location as announced on December 2^nd, Galp and its partners decided to retain the Santorini drillship to continue the ongoing exploration and appraisal campaign during the southern hemisphere summer whilst avoiding mobilisation and de-mobilisation costs.

Specifically, we note that the Mopane-2A (well #4) has been spud in nearby AVO-3, and Mopane-3X (well #5) is expected to be spud in early 2025 in AVOs 10 and 13 (stacked) taking advantage of newly processed 3D seismic. The upcoming activities also include a high-density and high-resolution proprietary 3D development seismic campaign over the Mopane complex set to start in December 2024.

Results of Mopane-1A (well #3) released on December 2^nd noted that the well encountered light oil and gas-condensate in high-quality reservoir-bearing sands, once again indicating good porosities, high permeabilities, and high pressures, as well as low oil viscosity characteristics with minimum CO₂ and no H₂S concentrations. Together with the Mopane-1X (well #1) and Mopane-2X (well #2) findings, this appraisal well confirmed the extension and quality of AVO-1 and supported the acceleration of the program.

“The acceleration of operations in this second campaign is emblematic of the ongoing progress at Mopane. We look forward to the exploration and appraisal activities anticipated over coming months to further unveil its world class scale and quality,” said Robert Bose, Chief Executive Officer of Sintana.

ABOUT SINTANA ENERGY:

The Company is engaged in petroleum and natural gas exploration and development activities on five large, highly prospective, onshore and offshore petroleum exploration licenses in Namibia, and in Colombia’s Magdalena Basin.

On behalf of Sintana Energy Inc.,
“A. Robert Bose”
Chief Executive Officer

For additional information or to sign-up to receive periodic updates about Sintana’s projects, and corporate activities, please visit the Company’s website at www.sintanaenergy.com

Forward-Looking Statements

Certain information in this release are forward-looking statements. Forward-looking statements consist of statements that are not purely historical, including statements regarding beliefs, plans, expectations or intensions for the future, and include, but not limited to, statements with respect to potential future farmout agreements on PEL 83 and/or PEL 87, and proposed future exploration and development activities on PEL 83 and/or PEL 90 and neighbouring properties, as well as the prospective nature of the Company’s property interests. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including, but not limited to risks relating to the receipt of all applicable regulatory approvals, results of exploration and development activities, the ability to source joint venture partners and fund exploration, permitting and government approvals, and other risks identified in the Company’s public disclosure documents from time to time. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company assumes no obligation to update such information, except as may be required by law.

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A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/89b9290c-a6c0-42b8-be65-7a695a27e05d

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