PEL 83 Second Campaign – Update 4: Successful Operations at Mopane 2-A & Mopane 3-X Spud Date

TORONTO, Dec. 31, 2024 (GLOBE NEWSWIRE) — Sintana Energy Inc. (TSX-V: SEI, OTCQB: SEUSF) (“Sintana” or the “Company”) is pleased to provide the following further update regarding the second campaign on blocks 2813A and 2814B located in the heart of Namibia’s Orange Basin. 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”), which owns a 10% working interest in PEL 83. NAMCOR, the National Petroleum Company of Namibia, also maintains a 10% working interest.

With reference to Galp’s corporate website (at galp.com) and updates provided therein in addition to a release from Custos (available at newsdirect.com), we are pleased to announce that the PEL 83 Joint Venture partners have successfully drilled and logged the Mopane-2A well (Well #4) on PEL 83 which was spud on December 2nd.

Mopane-2A successfully encountered hydrocarbons in two reservoirs – a column of gas-condensate in AVO-3 with a thin net pay in the reservoir sweet spot, and also a column of light oil in a smaller reservoir at AVO-4.

Both reservoirs showed good quality sands, with good porosities and permeabilities, high pressures and low fluid viscosity characteristics, with minimum CO2 and no H2S concentrations. Also, in line with all previous Mopane wells, no water contacts were found.

Galp and its partners will continue to analyze and integrate all of the newly acquired data to allow a better understanding of the Mopane complex, which will support the continuing assessment of the commerciality of the discoveries.

As part of the ongoing E&A campaign in the wider Mopane area, the drillship is now moving to the Mopane-3X exploration well location (Well #5), targeting two stacked prospects AVO-10 & AVO-13 with an expected spud date around January 1st, 2025.

“The ongoing success at Mopane is emblematic of the world class scale and quality of the complex. We look forward to further exploration and appraisal activities anticipated over coming months to further unveil the unmatched quality of our position at the heart of Namibia’s Orange Basin,” said Robert Bose, Chief Executive Officer of Sintana.

ABOUT SINTANA ENERGY:

The Company is engaged in petroleum and natural gas exploration and development activities on five large, highly prospective, onshore and offshore petroleum exploration licenses in Namibia, and in Colombia’s Magdalena Basin.

On behalf of Sintana Energy Inc.,

“A. Robert Bose”
Chief Executive Officer

For additional information or to sign-up to receive periodic updates about Sintana’s projects, and corporate activities, please visit the Company’s website at www.sintanaenergy.com.

Forward-Looking Statements

Certain information in this release are forward-looking statements. Forward-looking statements consist of statements that are not purely historical, including statements regarding beliefs, plans, expectations or intensions for the future, and include, but not limited to, statements with respect to potential future farmout agreements on PEL 83 and/or PEL 87, and proposed future exploration and development activities on PEL 83 and/or PEL 90 and neighbouring properties, as well as the prospective nature of the Company’s property interests. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including, but not limited to risks relating to the receipt of all applicable regulatory approvals, results of exploration and development activities, the ability to source joint venture partners and fund exploration, permitting and government approvals, and other risks identified in the Company’s public disclosure documents from time to time. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company assumes no obligation to update such information, except as may be required by law.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1554bd38-69f3-4741-aa0f-0b64ccab3a49