PEL 103 – About the Permit

The Group holds an indirect interest in PEL103 (Block 1918B) which is located onshore in the North-East of Namibia, in the Waterberg Basin. Thick Permian Karoo Supergroup sediments are present in the Waterberg Basin, which provide a favourable setting for hydrocarbon exploration. Waterberg Basin geology is characterised by coal and shales, with 19 million tons of coal reserves indicated within the vicinity of PEL103; Permian source rocks are expected as well as several reservoir intervals from Permian to Triassic. A small portion of the Basin has been drilled to date and more untested sub-basins are likely to exist.

The Waterberg Basin is adjacent to the Kavango Basin, where ReconAfrica holds acreage. ReconAfrica’s first Stratigraphic Test well on its acreage resulted in a discovery, confirming an active petroleum system with porous and permeable sediments containing marine hydrocarbons. PEL103 is located ~55 km to the south-west of ReconAfrica’s acreage, and based on the results of ReconAfrica’s well it is believed that the Permian sediments on PEL103 could hold similar hydrocarbons.

As reported in December 2025, ReconAfrica’s Kavango West 1X well in Namibia encountered approximately 400 metres of hydrocarbon-bearing Otavi carbonate section, including 64 metres of confirmed net pay, with production testing scheduled for Q1 2026.

Highlights

Near recent ReconAfrica well in Kavango Basin which proved up reservoir quality rocks and active petroleum system.
Modest committed work program. $700k in first 4 years.

Partners	Participation Interest
Apprentice Investments (Pty) Ltd.	90%*
NAMCOR	10%

* Effective Interest – On March 9th 2022, the Company completed the acquisition of 49% of Inter Oil (Pty) Ltd. resulting in an effective interest to Sintana Energy in PEL 103 of 15% interest.

PEL 103 Snapshot

Location	Waterberg Basin, NE Namibia
Area	5860 km2
Grant Date	TBD
Licence Term	5 years + 2 renewal terms of 2 years
Magnetics	20,000 km2 available
Nearby Wells