About the Permit
Sintana holds a limited carried interest in the PEL 90 license (Block 2813B) which covers 5,433 km2 offshore southern Namibia, in the northern Orange Basin, in water depths between 2,300m and 3,300m.
The Namibian offshore is an under-explored province, having just 19 wells drilled along a 1,600km coastline. Many of these wells have proven the existence of good quality regional source rocks and reservoir intervals, but until recently commercial success had proved elusive.
In early 2022, Total Energies announced a light oil discovery at Venus-1, with the well encountering 84 meters of net oil pay in good quality Lower Cretaceous reservoir. The pre-drill resource was reported to be in excess of 1 billion bbls, and more recent reports suggest the resource could now be greater than 2 billion bbls. Venus-1 is located less than 60km from the southern boundary of PEL 90.
Highlights
- Seismic coverage includes 1,100 km of 2D seismic (2012) and 1,300 km of 2D seismic (2018) licensed from Spectrum.
- Chevron entered into a farm-in and assumed operatorship on October 4th, 2022.
- Trago will maintain a 10% interest in the block which will be carried by Chevron through an initial 3D seismic shoot and one exploration well.
- Sintana has a 49% indirect interest in Trago.
| Partners | Participation Interest |
|---|---|
| Chevron Namibia (Operator) | 80% |
| Inter Oil (Pty) Ltd. | 10% |
| NAMCOR | 10% |
* Effective Interest – On March 9th 2022, the Company completed the acquisition of 49% of Inter Oil (Pty) Ltd (Trago). Inter Oil subsequently completed a farm-out with Chevron resulting in an effective interest to Sintana Energy in PEL 90 of 5% carried interest through the initial exploration phase.
PEL 90 Snapshot
| Location | Upper Orange Basin |
| Area | 5,433 km2 |
| Water Depth | 2300m – 3100m |
| Grant Date | 20-Jun-18 |
| Licence Term | 4 years + 2 renewal terms of 2 years |
| 2D Seismic | 1260 km |
| 3D Seismic | |
| Nearby Wells | Venus-1X (Total 2022) Graff-1X (Shell 2022) La Rona-1X (Shell 2022) Moosehead-1 (HRT 2014) |