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Friday, December 23, 2022
Sintana Energy has announced the recently approved extension to Petroleum Exploration License 87 (PEL 87) offshore Namibia.
Earlier this month, Namibia’s Minister of Mines and Energy granted a second one-year extension to the current, first four-year Initial Exploration Period associated with PEL 87 located in Orange Basin.
The revised Initial Exploration Period will now expire in January 2024. Three additional periods totaling six years are available after the current period, with further possible extensions thereafter. The extension will be used to conduct, among other things, an extensive 3D seismic survey.
An obligatory relinquishment of the license area of PEL 87 was waived by the Minister, preserving an area of 10,970 sq km.
Sintana maintains a 7.4% indirect, carried interest in PEL 87. The other working interest owners include National Petroleum Corporation of Namibia (Namcor) owner of 10% and Pancontinental Orange (Pty) Ltd. (Pancontinental) the operator and owner of a 75% interest. Pancontinental issued a detailed release on the relinquishment waiver and extension on December 5.
PEL 87 includes the 2,400 sq km Saturn turbidite complex that has been mapped by Pancontinental. This complex has similar geologic characteristics and is on-trend with TotalEnergies’ Venus oil discovery, made in February 2022.
The working interest partners continue to have discussions with potential farmout partners.
Sintana has also provided a full operational update which can be found here.
Image credit: Pancontinental
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