Trago Energy, Namibian Affiliate of Sintana, Completes Transaction in Respect to Its Interests in PEL 90
10:57 am ET October 4, 2022 (Globe Newswire) Print
GlobeNewswireOctober 04, 2022
TORONTO, Oct. 04, 2022 (GLOBE NEWSWIRE) -- Sintana Energy Inc. (TSX-V:SEI) (OTCQB:SEUSF) ("Sintana" or the "Company") is pleased to announce that Trago Energy (Pty) Limited ("Trago"), a Namibian affiliate of the Company, has completed a transaction (the "Transaction") with Chevron Namibia Exploration Limited, a wholly-owned subsidiary of Chevron, in respect of its interest in Petroleum Exploration License 90 ("PEL 90") located in the Orange Basin in Namibia.
Trago will retain a 10% interest in PEL 90 ON Block 2813B. Chevron will carry Trago through initial exploration activities including 3D seismic and drilling of the first exploration well. Post the carry period, Trago will be responsible with approved expenses associated with its interest. Additional terms of the transaction have not been publicly disclosed.
PEL 90 represents one of the most exciting exploration opportunities in the Orange Basin sitting directly above TotalEnergies' Venus-1 oil discovery.
"We are very happy to partner with Chevron in the Orange Basin," said Knowledge Katti, Chairman and CEO of Trago and a Director of Sintana. "This transaction in our emerging, globally significant deepwater province brings partnership with an aligned, highly experienced and committed deep water drilling operator.
"This partnership demonstrates the continuing emergence of Namibia as an important hydrocarbon province, and the timeliness of our entry in March of this year," said Robert Bose, President and Director of Sintana. "We look forward to the near-term exploration activity on PEL 90."
ABOUT SINTANA ENERGY:
The Company is engaged in petroleum and natural gas exploration and development activities in Colombia's Magdalena Basin and five large, highly prospective, onshore and offshore petroleum exploration licenses in Namibia. Sintana's exploration strategy is to acquire, explore, develop and produce superior quality assets with substantial reserves potential.
On behalf of Sintana Energy Inc.,
