[Namibia] NAMCOR Announced Significant Discovery in Block 2813A (PEL 83), Orange Basin, Offshore Namibia

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escveritas
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[Namibia] NAMCOR Announced Significant Discovery in Block 2813A (PEL 83), Orange Basin, Offshore Namibia

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Windhoek, Namibia. The National Petroleum Corporation of Namibia; NAMCOR with 10% carried interest, in conjunction with its partners Galp Energia (80%, operator) and Custos (10%), is excited to announce a significant oil discovery in the Mopane-1X exploration well, situated in the PEL83, Orange Basin, offshore Namibia.

Following the initial announcement on January 2, 2024, PEL 83 JV partners have now confirmed the discovery of a significant column of light oil in high-quality, reservoirbearing sands in the Cenomanian-Turonian interval. This is the second oil discovery in the Upper Cretaceous Orange Basin, demonstrating a working petroleum system in the Upper Cretaceous in addition to the proven hydrocarbon presence in the Lower Cretaceous by 2022 oil discoveries. This discovery is a pivotal moment in Namibia's journey towards becoming an influential player in the global energy market PEL 83 JV partners are set to continue the analysis of the acquired data and plan to perform a Drill Stem Test (DST) in the coming weeks. This test is crucial for assessing the commercial potential of the discovery.

The Mopane-1X drilling operations will proceed to explore deeper targets within the block. Upon completion of these operations, the rig will relocate to the Mopane-2X site to further evaluate the extent of the discovery.
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Re: [Namibia] NAMCOR Announced Significant Discovery in Block 2813A (PEL 83), Orange Basin, Offshore Namibia

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MOPANE EXPLORATION CAMPAIGN YIELDS PROMISING RESULTS

22 April 2024

The National Petroleum Corporation of Namibia: NAMCOR (10%) and its partners Galp Energia (80%) and Custos Energy (10%) are pleased to announce the successful completion of the first phase of the Mopane exploration campaign marking a significant milestone in Namibia’s oil and gas sector. The Mopane-1X Well Testing operations revealed substantial oil columns containing light oil in high-quality reservoir sands at two different levels: AVO-1 and AVO-2. This initial success was followed by further promising findings at the Mopane-2X well location in March, where significant light oil columns were uncovered across exploration and appraisal targets, including AVO-3, AVO-1, and a deeper target. Particularly noteworthy is the confirmation of AVO-1's lateral extension, reinforcing its potential commercial significance.

The reservoirs' log measures showcase favorable porosities, high pressures, and high permeabilities in extensive hydrocarbon columns. Fluid samples reveal very low oil viscosity and minimal concentrations of CO2 and no H2S, underscoring the quality of the resource. During the well test, flows reached the maximum allowed limits of approximately 14 thousand barrels of oil equivalent per day (14 kboe/d), positioning Mopane as a potentially significant commercial discovery. Preliminary estimates suggest hydrocarbon figures of 10 billion barrels of oil equivalent or higher within the Mopane complex alone before further exploration and appraisal wells are drilled.

All data acquired during the current Mopane drilling campaign will undergo comprehensive analysis and integration into an updated reservoir model. This model will inform Galp's near-term drilling plan, facilitating continued exploration, appraisal, and development of the broader Mopane complex.
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Re: [Namibia] NAMCOR Announced Significant Discovery in Block 2813A (PEL 83), Orange Basin, Offshore Namibia

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PEL 83 Second Campaign – Update 3 – Acceleration of Operations Including Spud of Mopane 2-A Well

December 11, 2024

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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, we are pleased to announce that further to recent successful appraisal operations conducted at the Mopane 1-A location as announced on December 2nd, Galp and its partners decided to retain the Santorini drillship to continue the ongoing exploration and appraisal campaign during the southern hemisphere summer whilst avoiding mobilisation and de-mobilisation costs.

Specifically, we note that the Mopane-2A (well #4) has been spud in nearby AVO-3, and Mopane-3X (well #5) is expected to be spud in early 2025 in AVOs 10 and 13 (stacked) taking advantage of newly processed 3D seismic. The upcoming activities also include a high-density and high-resolution proprietary 3D development seismic campaign over the Mopane complex set to start in December 2024.

Results of Mopane-1A (well #3) released on December 2nd noted that the well encountered light oil and gas-condensate in high-quality reservoir-bearing sands, once again indicating good porosities, high permeabilities, and high pressures, as well as low oil viscosity characteristics with minimum CO2 and no H2S concentrations. Together with the Mopane-1X (well #1) and Mopane-2X (well #2) findings, this appraisal well confirmed the extension and quality of AVO-1 and supported the acceleration of the program.

“The acceleration of operations in this second campaign is emblematic of the ongoing progress at Mopane. We look forward to the exploration and appraisal activities anticipated over coming months to further unveil its world class scale and quality,” said Robert Bose, Chief Executive Officer of Sintana.
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Re: [Namibia] NAMCOR Announced Significant Discovery in Block 2813A (PEL 83), Orange Basin, Offshore Namibia

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PEL 83 Second Exploration Campaign Commencement of Operations – Spud of Mopane 1-A Well

October 24, 2024

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Sintana Energy Inc. (TSX-V: SEI, OTCQB: SEUSF) (“Sintana” or the “Company”) is pleased to provide the following update regarding a second exploration and appraisal campaign on blocks 2813A and 2814B located in the heart of Namibia’s Orange Basin, emerging as one of the world’s most prospective oil and gas regions. 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 in turn owns a 10% working interest owner in PEL 83. NAMCOR, the National Petroleum Company of Namibia, also maintains a 10% working interest.

This appraisal well is the first of an up to four well program potentially consisting of two exploration wells and two appraisal wells. This second campaign on PEL 83 is predicated on providing additional insights into the scope and quality of the Mopane complex.

We refer to press releases from Galp (available at galp.com) and Custos (available at newsdirect.com) throughout Q1 and Q2 of 2024, noting that an inaugural two well exploration campaign that commenced in Q4 2023 resulted in multiple discoveries of significant columns of light oil in high-quality reservoir sands providing for an initial estimate of original oil in place (“OOIP”) of 10 billion barrels of oil equivalent. A drill stem test was also conducted resulting in an infrastructure constrained flow of 14,000 boe/d.

Initial analysis suggests the reservoirs have good porosities, high pressures and high permeabilities in large hydrocarbon columns with very low oil viscosity, and no CO2 nor H2S. The flows achieved during the well test have reached the maximum allowed limits, positioning Mopane as, potentially, an important commercial discovery.

“We look forward to the continuing progress on PEL 83, further unveiling of the potential and quality of the Mopane complex. These efforts should provide additional insights into this world class opportunity and into our broader Orange Basin portfolio located at the heart of this emerging hydrocarbon province.” said Robert Bose, Chief Executive Officer of Sintana.
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