Sintana/Eco Atlantic
(Thanks to Malcy's blog)
5/1/24
Sintana has announced that Chevron Namibia Exploration Limited has executed an agreement effective April 28th that provides for their entry into Petroleum Exploration License 82 (“PEL 82”) with the assumption of an 80% working interest and operatorship. NAMCOR, the National Petroleum Corporation of Namibia, and Custos Energy will each maintain a 10% carried interest in PEL 82. Sintana maintains an indirect 49% interest in Custos.
PEL 82 governs blocks 2112B AND 2212A located in the Walvis Basin, offshore Namibia. PEL 82 is one of the Walvis Basin’s most attractive opportunities.
Approximately 70% of total block area is covered by existing seismic – over 3,500 km of 2D and 9,500 km2 of 3D data.
Previous drilling activity on PEL 82 includes the Murombe-1 and Wingat-1 wells.
– Results confirmed the regional extension and presence of the Barremian-Aptian oil-prone source rock (Kudu shale).
– The Murombe-1 penetrated the Baobab sands returning approximately 20% porosity.
– The Wingat-1 well recovered 38-41 degree API oil to surface.
“We are pleased to announce the continuing expansion of our in-country partnership with Chevron through their entry in PEL 82. This is one of the most advanced and interesting opportunities offshore Namibia outside of the Orange Basin.” said Knowledge Katti, Chairman and Chief Executive Officer of Custos, and a director of Sintana. “We are pleased to see our efforts over the last decade on PEL 82 result in this important step forward adding further to Namibia’s world class offshore opportunity.” he added.
“The expanding partnership with Chevron in Namibia speaks to the quality of our Namibian portfolio.” 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 Namibia emerges as the world’s next great hydrocarbon province.” he added.
I have written quite a bit about Sintana in recent weeks and months, this dynamic company has been active in the Orange Basin and indeed Robert Bose has popped up as a director and investor in Challenger Energy Group. But it has now joined with Chevron in the Walvis Basin, ironically in a block where Exxon and Galp were involved a while ago. Also it’s Important to note that Bose and his fund (Charlestown Capital Partners) are a significant shareholders in Eco (this is how they first got introduced to Namibia).
But the big winner must be Eco Atlantic who have carefully built up a substantial portfolio in the Walvis Basin and as the long predicted dash for acreage here has finally got underway. The best way of showing it is via this map, where Eco are very strongly represented, their licences are in pale blue and they own 85% of each and are operators.
Gil Holzman, CEO of Eco Atlantic said to me that ‘this is a farm-out basin opener and as we knew and expected everyone will now rush to the Walvis Basin, after Chevron showed has signed up for this block. We are the largest acreage holder in the Basin and expected intensified exploration activity going forward’.
