[Jack_Bolander]

More News:

https://www.hartenergy.com/exclusives/sintana-reports-two-discoveries-offshore-namibia-211542?utm_source=morning-rush&utm_medium=email&utm_content=title&mkt_tok=NDMzLU9ESy04ODkAAAGX2nZu-AjFtPVy-adB0o2dzo_FDO4Pv8sGtENtLBbwUlfBDEA6QSw9iRDbUQFWn5IchP7BYPkuJc2WwvIVWbAqh05FbIcupIabXpKJAxcMMa2G

[farrell90]

Third Mopane well appears to be contiguous with first 2. It may prove an already massive discovery.

"Therefore, Galp concludes that this appraisal well confirms the extension and quality of AVO-1, together with the Mopane-1X (well #1) and Mopane-2X (well #2) findings."

https://www.offshore-energy.biz/saipem-rig-finds-more-light-oil-gas-condensate-offshore-namibia/

Good luck, Farrell

[manuel06]

thanks to Jaonmud
Auctus report on SEUSFSintana Energy Inc. (TSX-V: SEI): Pure play on the world’s exploration hotspot
• ~11 high impact appraisal/exploration wells will be drilled on various licences in Namibia over the coming months. This is very material and is expected to attract the attention of investors. Sintana provides exposure to three out of the six licences with high impact drilling.
• We believe that the recent weakness of Sintana’s share price offers an opportunity with an asymmetric risk/reward profile.
• We estimate that Sintana’s current share price trades at a discount to the market value of its interests in the Mopane discovery (PEL 83) that could be crystalized by an upcoming partial divestment process initiated by Galp. While further exploration and appraisal drilling is expected to take place before a sale is agreed, Sintana’s costs are carried by Galp.
• The 4 well programme at PEL 83 is expected to include 2 exploration wells that could have a material impact on the size of the hydrocarbon volumes on PEL 83. Increasing the size of Mopane by 20% would add C$0.24/sh.
• Chevron will also start drilling at PEL 90 by YE24. Sintana holds an indirect 4.9% WI in PEL 90. Not much detailed information is available but PEL 90 is adjacent to the licence with the Venus discovery. Our unrisked NAV for Sintana’s interest in PEL 90 is C$0.79/sh as Sintana is carried for this well.
• We anticipate that Woodside will exercise its option to farm into PEL 87 to also start exploration activities in 2025. Sintana would be carried until development. Our unrisked NAV is C$1.77/sh.
• Rhino Resources and Azule Energy (bp/Eni) will also start drilling at PEL 85 around YE24 (2 wells). The block is located to the south east of PEL 83 and a success could have positive implications for the prospectivity of PEL 83. BWE Energy is also expected to drill 2 exploration wells near the Kudu field to test different plays.
• As we incorporate the latest readthrough value of transactions in Impact Oil & Gas, we have increased our target price to C$1.85/sh in line with our new ReNAV.

Value build-up
Based on the limited disclosures on Mopane (PEL 83) and Venus (PEL 56), the discovered resources on Galp’s and TotalEnergy’s licences appear to be of a similar order of magnitude. Using the last price paid by Africa Oil for 7% in Impact suggests a value of ~US$983 mm for Impact’s ~9.5% carried interests in PEL 56. Adjusting for respective carried interests leads to an unrisked value of US$507 mm for Sintana’s interests in PEL 83. Deducting a worst case of 32% capital gain tax (assuming Sintana sell its interests) and using 90% chance of success leads to a value for the company of ~C$1.08/sh based on PEL 83 alone. As we apply a similar approach to the other licences, our total unrisked NAV for Sintana is ~C$4.54/sh.
21/11/2024
1
EN

[manuel06]

https://clients2.weblink.com.au/clients/pancon/article.asp?asx=PCL&view=61217002

[farrell90]

Galp review of Namibia PEL 38; 4/30/2024 1st qtr transcript
I re read Galps best review of PEL 38 to date.
All share holders should read first quarter transcript completely.

https://www.galp.com/corp/Portals/0/Recursos/...deo_QA.pdf

High lights:
Galp confident of 10 billion barrel or higher light oil estimate
AVO 1 and AVO3 have extensions;only a part of Mopane has been drilled
Quick development planned with 4 additional Mopane wells,"keepers"
Drilling may begin as soon as 4th quarter 2024
Oil has no substantial impurities; not a gas discovery
Galp describes a project as too big for its resources alone to develop; a multiple FSPO project
Seekiing partner to pay for rest of capital expenses and perhaps over see development ASAP
Galp to use proceeds from sale directly into PEL83 project
Ideal well conditions; low viscosity,,good porosity ,high pressures and permeabilities should lower pre drill estimated expenses
Namibia cooperation is first rate
More seismic for northern PEL83 to outline additional potential drill sites
Potential large multiple world class oil fields in north PEL 83

Most upbeat review of an oil field development I have ever read. Guyanna parallels are well deserved in my opinion
Farrell

[farrell90]

I agree.

[manuel06]

farrell90
Custos has 10% and NAMCOR has 10%
I don't see NAMCOR a seller as it is the National Namibian company.
Sintana has bought 49% of the Custos 10%
Baz

[farrell90]

Latest from Upstream ???who is the minority partner who may be interested in selling?

Namibia showdown looms in battle for stake in Galp’s ‘crazy’ Mopane discovery

"The battle to buy a big part of Galp Energia’s mighty Mopane oil and gas discovery offshore Namibia is hotting up, with all the big beasts of the Western upstream world said to be assessing options. At stake is entry into a discovery that Upstream has been told recently may hold substantially more in-place resources than even the 10 billion barrels of oil equivalent revealed by the operator in April. Adding to the intrigue is speculation that a minority partner in Galp’s sought-after acreage may also be open to offers.

Mopane was discovered in January in Petroleum Exploration Licence 83, located just west of BW Energy’s Kudu gas discovery. An appraisal well was drilled quickly, before Galp returned to Mopane-1X to carry out a production test that flowed at an impressive rate of 14,000 barrels of oil equivalent per day. Good news about the reservoir characteristics came thick and fast, with the operator reporting good porosities, high pressures, high permeabilities and large hydrocarbon columns, with fluid samples indicating very low oil viscosity with minimal impurities.

As a result, when Galp said it was open to offloading half of its 80% stake in PEL 83, it lit the touchpaper for what is set to be one of the most competitive farm-in opportunities of recent years. Last month, Bloomberg reported that offers are due to be submitted in mid-June, with ExxonMobil, Shell, TotalEnergies and Equinor among the potential bidders for a discovery valued at about $20 billion. However, in recent weeks, some other serious contenders are believed to have shown their colours, including Chevron, Azule Energy, Woodside Energy — all existing Orange basin players — as well as Brazil’s Petrobras."

"Woodside is also said to be interested, because Galp’s acreage is located directly south of PEL 87 over which the Australian player has still not exercised a farm-in option. Exploration sources spoken to by Upstream said that some companies wanting to visit Galp’s data rooms are unlikely to submit bids because they are more interested in gleaning geological and geophysical information on Mopane that could inform their own exploration initiatives in the Orange basin."

"Galp’s two Mopane probes, 1X and 2X, intercepted three distinct reservoirs, only one of which was tested, with the Lisbon-based player reluctant to say whether the 10 billion boe resource figure applies to all the reservoirs or not. However, Upstream was advised recently by a source with knowledge of the drilling programme that the resource estimate applies only to the main AVO 1 reservoir found at both well locations. The AVO 2 and AVO 3 reservoirs are said to be “independent discoveries that will require further appraisal to establish their size”. AVO 1 is believed to extend “far beyond” the Mopane 1X and 2X locations, with some of Galp’s exploration team understood to be talking about resources of 12 billion boe for this reservoir. The informed source said the operator was, until recently, carrying internal resource estimates for AVO 2 and AVO 3 of at least 1 billion boe each.

“It’s crazy stuff,” remarked the well-watcher, who added that the “most exciting part is Galp clearly has the amplitude variations absolutely nailed on in calibration”. Another exploration source cautioned that Mopane may have more gas than originally thought which could complicate any development and potentially jeopardise plans for a fast-track project. Asked about the PEL 83 farm-out process, a Galp spokesperson declined to comment, while Custos could not be reached for comment. Chevron, Eni, Petrobras, Shell and TotalEnergies also declined to comment. Azule, Equinor, ExxonMobil and Woodside had not responded to Upstream inquiries by the time of publisLatest from Upstream ???who is the minority partner who may be interested in selling?

Namibia showdown looms in battle for stake in Galp’s ‘crazy’ Mopane discovery

"The battle to buy a big part of Galp Energia’s mighty Mopane oil and gas discovery offshore Namibia is hotting up, with all the big beasts of the Western upstream world said to be assessing options. At stake is entry into a discovery that Upstream has been told recently may hold substantially more in-place resources than even the 10 billion barrels of oil equivalent revealed by the operator in April. Adding to the intrigue is speculation that a minority partner in Galp’s sought-after acreage may also be open to offers.

Mopane was discovered in January in Petroleum Exploration Licence 83, located just west of BW Energy’s Kudu gas discovery. An appraisal well was drilled quickly, before Galp returned to Mopane-1X to carry out a production test that flowed at an impressive rate of 14,000 barrels of oil equivalent per day. Good news about the reservoir characteristics came thick and fast, with the operator reporting good porosities, high pressures, high permeabilities and large hydrocarbon columns, with fluid samples indicating very low oil viscosity with minimal impurities.

As a result, when Galp said it was open to offloading half of its 80% stake in PEL 83, it lit the touchpaper for what is set to be one of the most competitive farm-in opportunities of recent years. Last month, Bloomberg reported that offers are due to be submitted in mid-June, with ExxonMobil, Shell, TotalEnergies and Equinor among the potential bidders for a discovery valued at about $20 billion. However, in recent weeks, some other serious contenders are believed to have shown their colours, including Chevron, Azule Energy, Woodside Energy — all existing Orange basin players — as well as Brazil’s Petrobras."

"Woodside is also said to be interested, because Galp’s acreage is located directly south of PEL 87 over which the Australian player has still not exercised a farm-in option. Exploration sources spoken to by Upstream said that some companies wanting to visit Galp’s data rooms are unlikely to submit bids because they are more interested in gleaning geological and geophysical information on Mopane that could inform their own exploration initiatives in the Orange basin."

"Galp’s two Mopane probes, 1X and 2X, intercepted three distinct reservoirs, only one of which was tested, with the Lisbon-based player reluctant to say whether the 10 billion boe resource figure applies to all the reservoirs or not. However, Upstream was advised recently by a source with knowledge of the drilling programme that the resource estimate applies only to the main AVO 1 reservoir found at both well locations. The AVO 2 and AVO 3 reservoirs are said to be “independent discoveries that will require further appraisal to establish their size”. AVO 1 is believed to extend “far beyond” the Mopane 1X and 2X locations, with some of Galp’s exploration team understood to be talking about resources of 12 billion boe for this reservoir. The informed source said the operator was, until recently, carrying internal resource estimates for AVO 2 and AVO 3 of at least 1 billion boe each.

“It’s crazy stuff,” remarked the well-watcher, who added that the “most exciting part is Galp clearly has the amplitude variations absolutely nailed on in calibration”. Another exploration source cautioned that Mopane may have more gas than originally thought which could complicate any development and potentially jeopardise plans for a fast-track project. Asked about the PEL 83 farm-out process, a Galp spokesperson declined to comment, while Custos could not be reached for comment. Chevron, Eni, Petrobras, Shell and TotalEnergies also declined to comment. Azule, Equinor, ExxonMobil and Woodside had not responded to Upstream inquiries by thhing."

[farrell90]

Exxon,Shell,as well as total interested in buying into PEL 83

https://finance.yahoo.com/news/exxonmobil-shell-considering-bids-stake-102243971.html

[loki]

Overview with valuation opinion

https://zerogcos.substack.com/p/sintana-energy-finding-diamonds-in?publication_id=1668412&utm_campaign=email-post-title&r=3660xu&utm_medium=email

[farrell90]

New Sintana comprehensive summary:

https://sintanaenergy.com/wp-content/uploads/2024/05/sintana_web_presentation_may-12-24.pdf

[farml1234]

More drillg on the big find
What lies north of Galp's mopane?

Namibia: Galp to drill four new wells on huge discovery and is already talking of multi-FPSO project

"Portuguese player justifies Mopane's 10 billion barrel resource estimate and says more exploration potential lies in north of licence

"Galp Energies is set to fire-up a fast-track, four-well exploration and appraisal (E&A) drilling campaign at the end of 2024 on its huge Mopane oil discovery offshore Namibia, where a multiple-floater project is on the cards and first oil is predicted to flow this decade.

The Lisbon-based operator also believes that the story of Petroleum Exploration Licence (PEL) 83 has a long way to go because the northern part of this acreage — Mopane lies in the south — hosts other major hydrocarbon prospects.

Galp recently revealed that Mopane holds estimated in-place resources of at least 10 billion barrels of oil equivalent, with the E&A programme set to refine this big number — up or down — and offer better insight into recoverable reserves.

Up until now, Galp has been rather tight-lipped about its Namibian operations, but in the company’s first-quarter analyst call on Tuesday, chief executive Filipe Silva and head of upstream projects Adriano Bastos, offered intriguing insights into Mopane."

.…………
If look to Guyana to the discoveries of ExxonMobil there, I get optimistic and see a very good chance and geological analogy that the other turbidites in this block are full of oil as well, charged from the source rock Kudu shale.

jmho

[farml1234]

What lies north of Galp's mopane?

Namibia: Galp to drill four new wells on huge discovery and is already talking of multi-FPSO project

"Portuguese player justifies Mopane's 10 billion barrel resource estimate and says more exploration potential lies in north of licence

"Galp Energies is set to fire-up a fast-track, four-well exploration and appraisal (E&A) drilling campaign at the end of 2024 on its huge Mopane oil discovery offshore Namibia, where a multiple-floater project is on the cards and first oil is predicted to flow this decade.

The Lisbon-based operator also believes that the story of Petroleum Exploration Licence (PEL) 83 has a long way to go because the northern part of this acreage — Mopane lies in the south — hosts other major hydrocarbon prospects.

Galp recently revealed that Mopane holds estimated in-place resources of at least 10 billion barrels of oil equivalent, with the E&A programme set to refine this big number — up or down — and offer better insight into recoverable reserves.

Up until now, Galp has been rather tight-lipped about its Namibian operations, but in the company’s first-quarter analyst call on Tuesday, chief executive Filipe Silva and head of upstream projects Adriano Bastos, offered intriguing insights into Mopane."

.…………
If look to Guyana to the discoveries of ExxonMobil there, I get optimistic and see a very good chance and geological analogy that the other turbidites in this block are full of oil as well, charged from the source rock Kudu shale.

jmho

[farrell90]

Sintana releases more good news.
Custos Energy (Pty) Ltd. (“Custos” or the “Company”) is pleased to announce that Chevron Namibia Exploration Limited (“CNEL”), an affiliate of Chevron Corp. (“CVX”) has executed an agreement that provides for their entry in Petroleum Exploration License 82 (“PEL 82) with the assumption of an 80% working interest and operatorship. NAMCOR, the National PetroleumCorporation of Namibia, and Custos will each maintain a 10% carried interest in PEL 82.PEL 82 governs blocks 2112B AND 2212A located in the Walvis Basin, offshore Namibia. PEL 82 is one of the Walvis Basin’smost attractive opportunities.

Sintana owns 49% of Custos

https://finance.yahoo.com/news/pel-82-chevron-farm-154633336.html

[farrell90]

Galp seeking a large international oil company to partner with 50% of its holdings in PEL83,field may contain 10 billion barrels of light, low sulfur oil.
LONDON, April 22 (Reuters) - Portuguese oil company Galp Energia has launched the sale of half of its stake in an exploration block offshore Namibia where it has made a major oil discovery, three industry sources familiar with the matter told Reuters.

Galp's Mopane field discovery appears to be one of the largest made in the nascent oil basin which could help kickstart the southern African country's oil industry even as governments around the world seek to reduce fossil fuel consumption.

Galp has an 80% stake in Petroleum Exploration Licence 83 (PEL 83), which covers almost 10,000 square kilometres (3,860 square miles) in the Orange Basin, with Namibia's national oil company NAMCOR and independent exploration group Custos each holding another 10%.

Lisbon-based Galp is offering to sell half of its stake in the block, said the sources, who could not be named because they are not authorised to speak to the media.

It is also offering to cede control of the development of the project to the potential buyer, expected to be a major international rival with a strong track record in project management, the sources said.

Galp declined to comment. It has previously indicated it could launch a process to raise capital for the development of its projects in Namibia, as they could reach a large scale.

It has hired Bank of America to run the sale process, which could raise several billion dollars for Galp, although the exact value is unclear, the sources said. Bank of America declined to comment.

Galp shares were up almost 20% at 1506 GMT following Galp's update on the Mopane field and Reuters reporting the sale process.

The discovery followed successful exploration campaigns in the same area by rivals TotalEnergies and Shell in recent years.

Namibia has attracted huge interest from international oil companies seeking to increase production as demand is forecast to remain strong for years.

Redburn analysts said Galp's update on the discovery implied the field had a resource three time larger than previously estimated.

The United Nations has said that by 2050 global oil use must drop by 60% and gas use by 45% if the world is to avoid temperatures increasing above 1.5 degrees Celsius - the threshold beyond which climate change would unleash more disastrous and irreversible impacts.

Global oil demand has yet to peak and is forecast to grow to around 103 million barrels per day in 2024 by the West's energy watchdog the International Energy Agency.

Oil companies say they need to continue to develop new fields to meet rising demand and to compensate for falling production from older fields.

Galp itself aims to reduce its carbon emissions to net zero by 2050 and in 2021 committed to allocate half of its spending towards low-carbon energy by 2025.

Namibia could become a new source of revenue for Galp, which currently has strong investments off the coast of Brazil and is also present in a natural gas project in Mozambique's Rovuma basin. (Reporting by Ron Bousso; Editing by Emelia Sithole-Matarise and Mark Potter)

https://www.msn.com/en-gb/money/other/portugals-galp-says-field-off-namibia-could-contain-10-billion-barrels-of-oil/ar-AA1noW7o

https://www.upstreamonline.com/exploration/10-billion-barrels-galp-stock-price-hits-all-time-high-as-it-confirms-vast-scale-of-namibia-discovery/2-1-1630753

[farml1234]

PEL 83 Exploration Campaign Update 5 - Successful Completion of Well Testing Operations at Mopane-1X
V.SEI | 17 hours ago
TORONTO, April 21, 2024 (GLOBE NEWSWIRE) -- Sintana Energy Inc. (TSX-V: SEI, OTCQB: SEUSF) (“Sintana” or the “Company”) is pleased to provide the following update regarding the ongoing exploration campaign on blocks 2813A and 2814B located in the heart of Namibia’s Orange Basin, emerging as one of the world’s most prospective oil and gas regions. 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”), a 10% working interest owner in PEL 83. NAMCOR, the National Petroleum Company of Namibia, also maintains a 10% working interest.
Map of Region
We refer to press releases from Galp (available at galp.com) and Custos (available at newsdirect.com) noting that further to previous updates provided during Q1 2024, Galp (the license operator with an 80% interest) together with its partners NAMCOR and Custos, has successfully completed the first phase of the Mopane exploration campaign with the conclusion of the Mopane-1X Well Testing operations.

The Mopane-1X well discovered, in January, significant oil columns containing light oil in high-quality reservoir sands at two different levels: AVO-1 and AVO-2. The rig then moved to the Mopane-2X location, where in March significant light oil columns were discovered in high-quality reservoir sands across exploration and appraisal targets; AVO-3, AVO-1 and a deeper target. In particular, the Mopane-2X well found AVO-1 to be in the same pressure regime as in the Mopane-1X discovery well, around 8km to the east, confirming its lateral extension.

The reservoirs’ log measures contain good porosities, high pressures and high permeabilities in large hydrocarbon columns. Fluid samples present very low oil viscosity and contain minimum CO2 and no H2S concentrations. The flows achieved during the well test have reached the maximum allowed limits of approximately 14 thousand barrels oil equivalent per day, positioning Mopane potentially as an important commercial discovery. In the Mopane complex alone, and before drilling additional exploration and appraisal wells, hydrocarbon in-place estimates are 10 billion barrels of oil equivalent, or higher.

All acquired data from the current Mopane drilling campaign will be analyzed and integrated into an updated reservoir model. The model will serve as the basis to refine Galp´s near-term drilling plan to further explore, appraise and develop the wider Mopane complex.

PEL 83 is located immediately north of PEL 39 home to Shell’s basin opening discoveries at Graff-1, La Rona-1 and Jonker-1. Additionally, it is located north and east of PEL 56 where TotalEnergies announced its giant oil discovery at Venus-1.

“The successful culmination of the exploration campaign at Mopane, including a well test reaching the maximum allowable limit, further demonstrates the scope and potential of PEL 83 with Mopane alone containing potential in excess of 10 billion barrels of original oil in place making it one of the largest discoveries globally.” said Knowledge Katti, Chairman and Chief Executive Officer of Custos.

“The results of the initial exploration campaign on PEL 83 are a true milestone for all stakeholders including the people of Namibia, our local partners and Sintana. We are thrilled to be a part of this world class discovery and want to express our sincere gratitude and appreciation for the efforts and tenacity of the Joint Venture partners, including Custos.” said Robert Bose, CEO and Board Member of Sintana. “The timeliness of our entry and the unmatched nature of our portfolio continue to be demonstrated as the Orange Basin emerges as the world’s next great hydrocarbon province.” he added.

ABOUT SINTANA ENERGY:

jmho

[farrell90]

link seems broken

Farrell

[farrell90]

Galp up 19% today.This field may have the potential of Shell's and Total's fields in their Namibian blocks.

Company making news for Sintana.

IMO Sintana still cheap

JMO Farrell

[farml1234]

SEUSF on fire today , to the moon , heeck the sun .

jmho

[farml1234]

News from another board Galp Energy

Galp Energia SGPS S A : Update 5 on Namibia exploration
April 21, 2024 at 06:42 pm IST
Share
Galp (80%, operator), together with its partners NAMCOR and Custos (10% each), has successfully completedthe first phase of theMopane exploration campaign with the conclusion of the Mopane-1X Well Testing operations.

The Mopane-1X well discovered, in January, significant oil columns containing light oil in high-quality reservoir sands at two different levels: AVO-1 and AVO-2.The rig then moved to the Mopane-2X well location, where in March significant light oil columns were discovered in high-quality reservoir sands across exploration and appraisal targets: AVO-3, AVO-1 and a deeper target. In particular, the Mopane-2X well found AVO-1 to be in the same pressure regime as in the Mopane-1X discovery well, around 8 km to the east, confirming its lateral extension.

The reservoirs log measures confirm good porosities, high pressures and high permeabilities in large hydrocarbon columns. Fluid samples present very low oil viscosity and contain minimum CO2 and no H2S concentrations. The flows achieved during the well test have reached the maximum allowed limits of 14 kboepd, potentially positioning Mopane as an important commercial discovery. In the Mopane complex alone, and before drilling additional exploration and appraisal wells, hydrocarbon in-place estimates are 10 billion barrels of oil equivalent, or higher.

All acquired data from the current Mopane drilling campaign will be analysed and integrated into an updated reservoir model. The model will serve as the basis to refine Galp´s near-term drilling plan to further explore, appraise and develop the wider Mopane complex

jmho

[farml1234]

Everything i have read they are trying to keep this quite and i do not know why.

This post says it all .

Worth a watch...

https://vimeo.com/935013696/0eabd4bc15

jmho

[farrell90]

Like: PEL 83... multi-billion light oil discovery

[farml1234]

Hey we have a leak PEL 83

Robert Bose, Charlestown Managing Member, said:
"I am very pleased to be joining the Challenger Energy board. Charlestown Energy Partners has been an active investor in global exploration opportunities, including in Namibia where we have developed significant insights into the conjugate margin's opportunity through our exposure to multiple blocks in the Orange and Walvis offshore basins, including PEL83 which is home to the recent multi-billion-barrel light oil discoveries by Galp Energia. We believe over time these results should translate across to the Uruguay conjugate margin. Challenger Energy's unique position in Uruguay, capital strength and upcoming catalysts position the Company for significant growth and value creation over the coming years. We are extremely excited to be part of the Challenger Energy stor

from another board

jmho

[farml1234]

100 % cortrect

[farrell90]

The news in PEL 83 just gets better and better.

Farrell

[farml1234]

RE:Galp
https://miningandenergy.com.na/galp-plans-10-appraisal-wells-in-namibia/

jmho

[farml1234]

PEL 83 Exploration Campaign Update 4 - New Significant Light Oil Discovery & Successful Appraisal at Mopane-2X
V.SEI | 15 hours ago
TORONTO, March 14, 2024 (GLOBE NEWSWIRE) -- Sintana Energy Inc. (TSX-V: SEI, OTCQB: SEUSF) (“Sintana” or the “Company”) is pleased to provide the following update regarding the ongoing exploration campaign on blocks 2813A and 2814B located in the heart of Namibia’s Orange Basin, emerging as the one of the world’s most prospective oil and gas regions. 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”), a 10% working interest owner in PEL 83. NAMCOR, the National Petroleum Company of Namibia, also maintains a 10% working interest.
Map of region
We refer to press releases from Galp (available at galp.com) and Custos (available at newsdirect.com) noting that further to previous updates provided in January, Galp, together with its partners NAMCOR and Custos, has successfully drilled the Mopane-2X well to its designated depth on PEL 83.

Drilling operations encountered a significant column of light oil in reservoirs of high quality.

The AVO-3 exploration target, the AVO-1 appraisal target and a deeper target were fully cored and logged.

The AVO-1 appraisal target found the same pressure regime as in the Mopane-1X discovery well located approximately 8 km to the east, confirming its lateral extension.

The rig will now return to the Mopane-1X well location to conduct a drill stem test until early April.

Galp will continue to analyze the acquired data during the coming weeks to assess the commerciality of the discoveries.

PEL 83 is located immediately north of PEL 39 home to Shell’s basin opening discoveries at Graff-1, La Rona-1 and Jonker-1. Additionally, it is located north and east of PEL 56 where TotalEnergies announced its giant oil discovery at Venus-1.

“The continuing success of the exploration campaign further demonstrates the scope and potential of PEL 83. We extend our further congratulations to our partners Galp and NAMCOR.” said Knowledge Katti, Chairman and Chief Executive Officer of Custos. “This is another significant milestone for Custos positioning us for further growth and continued success underpinned by our unmatched position in the heart of the basin.” he added.

“The announcement of another significant discovery and the appraisal success at the upper target is further testament to the hard work and dedication of the partners involved, as well as another demonstration of the potential for further growth in our oil industry. With this discovery, we are one step closer to harnessing the full potential of this campaign.” said Maggy Shino, Petroleum Commission for the Ministry of Mines and Energy. “We are proud to have achieved this milestone.” she added.

“This third light oil discovery in the Mopane complex and the appraisal results at the AVO-1 reservoir 8 km away from the 1X location provide further evidence of the scale and quality of our exploration portfolio held through our local partners, including Custos. We continue to be reminded of the timeliness of our entry into Namibia with the ongoing progress and success.” said Robert Bose, Chief Executive Officer of Sintana. “We extend our further congratulations to the joint venture partners on this additional success.”

ABOUT SINTANA ENERGY:

The Company is engaged

jmho

[farml1234]

Oil Seeps...
https://www.linkedin.com/posts/cl%C3%A9ment-blaizot-297192129_mopane-namibia-orange-activity-7165384392289292288-qhf0/?utm_source=share&utm_medium=member_desktop

Here's is a temporal close up over #mopane area, Orange Basin, Namibia.
Historical baseline (1990-2010) with potential oil seeps detected by satellite in time-lapse, colored by 3 years' period.
A pronounced seep repetition (seep anomaly) can be found in between Cullinan and PEL90 prospects.
Not at all the only sweet spot regarding oil seeps in Orange, with plenty of other similar anomalies.
Let's hope for a back to back strike at Mopane 2 for Galp Sintana Energy Inc. (TSXV: SEI) (OTCQB: SEUSF) NAMCOR NAMIBIA and good luck to all operators involved in the vicinity.

From a poster on another board

jmho

[farrell90]

"estimating up to 10 billion barrels of original oil in place." Video included in link

https://finance.yahoo.com/news/sintana-energy-ceo-confirms-2nd-151232381.html
Sintana Energy CEO Robert Bose shared significant developments regarding the Mopane-1X well during an interview with Steve Darling from Proactive.

According to Bose, Sintana Energy, in partnership with Galp through the AVO-2 consortium, has successfully and safely drilled, cored, and logged a deeper target in the Mopane-1X well, located on block 2813 governed by PEL83 in Namibia.

Bose also revealed that Galp has made another noteworthy discovery within the Mopane-1X well. A second substantial column of light oil has been identified in reservoir-bearing sands of high quality. Following these discoveries, the drilling rig is expected to be relocated to the Mopane-2X well location to further evaluate the extent of the Mopane discoveries. Subsequently, a Drill Stem Test will be conducted in Mopane-1X to assess commercial viability.

Bose highlighted the strategic importance of the Multani 1x location, emphasizing its position as the first well drilled beyond Shell and Total's concentrated efforts. The discoveries, announced on January 10th and 26th, showcased the basin's extensive resources, estimating up to 10 billion barrels of original oil in place.

Sintana Energy maintains an indirect 49% interest in Custos Energy, which holds a 10% working interest in PEL 83. The National Petroleum Company of Namibia (NAMCOR) also maintains a 10% working interest in the project. The consortium partners, including Sintana Energy and Galp, will continue to analyze the acquired data to determine the commercial potential of these discoveries.
Contact Details

Proactive Canada

GLTA Farrell

[farrell90]

Should be we hit more crude...JMHO

Farrell

[farml1234]

PEL 83 Exploration Campaign Update - Second Significant Light Oil Discovery at Mopane-1X
V.SEI | 7 hours ago
TORONTO, Jan. 26, 2024 (GLOBE NEWSWIRE) -- Sintana Energy Inc. (TSX-V: SEI, OTCQB: SEUSF) (“Sintana” or the “Company”) is pleased to provide the following update regarding the ongoing exploration campaign on blocks 2813A and 2814B located in the heart of Namibia’s Orange Basin, emerging as the one of the world’s most prospective oil and gas regions. 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”), a 10% working interest owner in PEL 83. NAMCOR, the National Petroleum Company of Namibia, also maintains a 10% working interest.
Map of Region
We refer to press releases from Galp (available at galp.com) and Custos (available at newsdirect.com) noting that further to previous updates provided on January 2nd and January 10th, Galp, together with its partners NAMCOR and Custos, has successfully and safely drilled, cored, and logged a deeper target (“AVO-2”) in the Mopane-1X well on block 2813 governed by PEL83.

In AVO-2, Galp has also discovered a second significant column of light oil in reservoir-bearing sands of high quality.

The rig is expected to be relocated to the Mopane-2X well location to evaluate the extent of the Mopane discoveries, after which a Drill Stem Test (“DST”) is expected to be performed in Mopane-1X.

Galp and the JV Partners will continue to analyze the acquired data during the coming weeks to assess the commerciality of the discoveries.

PEL 83 is located immediately north of PEL 39 home to Shell’s basin opening discoveries at Graff-1, La Rona-1 and Jonker-1. Additionally, it is located north and west of PEL 56 where TotalEnergies announced is giant oil discovery at Venus-1.

“The continuing success of the initial exploration campaign, including a second light oil discovery at Mopane-1X, further demonstrate the scope and potential of PEL 83. We extend our further congratulations to our partners Galp and NAMCOR on this second discovery,” said Knowledge Katti, Chairman and Chief Executive Officer of Custos. “This is another significant milestone for Custos positioning us for further growth and continued success underpinned by our unmatched position in the heart of the basin,” he added.

“The announcement of this significant additional discovery is further testament to the hard work and dedication of the partners involved, as well as another demonstration of the potential for further growth in our oil industry. With this discovery, we are one step closer to harnessing the full potential of this campaign and wish Galp and its partners Custos Energy and Namcor success with the remaining drilling campaign,” said Maggy Shino, Petroleum Commission for the Ministry of Mines and Energy. “We are proud to have achieved this milestone,” she added.

“This second light oil discovery at Mopane-1X provides further evidence of the scale and quality of our exploration portfolio held through our local partners, including Custos. We continue to be reminded of the timeliness of our entry into Namibia with the ongoing progress and success,” said Robert Bose, Chief Executive Officer of Sintana. “We extend our further congratulations to the joint