Core Viewpoint - Sintana Energy Inc. is updating on the developments related to blocks 2713A and 2713B in Namibia's Orange Basin, highlighting the current status of the Petroleum Exploration License 87 and the implications of Woodside Energy's decision not to farm-in [1][2]. Group 1: Project Status - Sintana holds a 49% indirect interest in Custos, which has a 15% interest in PEL 87, while Pancontinental Energy NL holds a 75% interest [1]. - Woodside Energy has opted not to exercise its farm-in option for the PEL 87 project before the deadline of May 18, 2025 [2]. - An alternative farm-in partner is being sought to fund exploration drilling in PEL 87 as soon as possible [3]. Group 2: Exploration Potential - A comprehensive 6,593 km² 3D seismic dataset, funded by Woodside, has identified significant prospectivity within PEL 87, leading to an inventory of intra-Saturn leads and prospects [4]. - The size and scale of these leads and prospects are estimated to be consistent with previous discoveries in the Orange Basin [4]. - The partners in PEL 87 are actively working to refine and mature the inventory of leads and prospects [4]. Group 3: Strategic Outlook - The CEO of Sintana expressed optimism about leveraging relationships with major operators to advance the potential of PEL 87 [5]. - The extensive seismic dataset positions the partners to expedite discussions for securing a new farm-in partner [6]. - PEL 87 is considered a crucial component of Sintana's overall portfolio in the Orange Basin [6].
Sintana Provides Update for PEL 87