Update on PEL 87 in Namibia’s Orange Basin Shared by Sintana Energy
Last month, Frontier Energy member and sponsor of the Africa Energies Summit, Sintana Energy confirmed that over 50% of the 6,872 square kilometres of 3D seismic survey data has been gathered from Petroleum Exploration License 87 (“PEL 87”) and the surrounding area in the Orange Basin in Namibia. Initial processed results are expected to be available and interpreted by the end of August 2023.
SEL Orange Basin Map
The very large Saturn turbidite complex which has already been mapped by Pancontinental, is contained completely within PEL 87. On-trend with the Venus oil discovery made by TotalEnergies in February 2022, Saturn at approximately 2,500 sq km shares many of the same geologic characteristics.
Robert Bose, President and Director of Sintana comments: “Survey activities on PEL 87 are well advanced and we remain confident that the results will confirm that we are on-trend with the recent massive discoveries in the basin, further demonstrating the Saturn Turbidite Complex is a significant offshore deep water oil province.”
Woodside has the option to acquire a 56% stake in the PEL 87 offshore block in consideration for, among other things, paying the full cost of a 3-D seismic survey covering an area of at least 5,000 square kilometres within the PEL 87. The Australian supermajor has a period of at least 180 days after delivery of the survey to exercise its option. If the option is exercised, it has agreed to enter a farm-out agreement under which it will carry existing joint venture partners for the full cost of drilling the first exploration well.
Custos Investments (Pty) Ltd., in which Sintana owns an indirect 49% interest, retains a 15% interest in PEL 87 and benefits from this carry and other elements related to the farmout and joint venture agreements.
Robert Bose concludes: “In addition to the significant progress on PEL 87, the operators on our other two orange basin blocks continue to advance exploration activities. We are expecting more activity and announcements, including the potential drilling of exploration wells on each one of our blocks, specifically PEL 83 (Galp), PEL 87 (Woodside) and PEL 90 (Chevron), over the next few quarters. We are carried on these blocks for all these operations.”
Hear more from Robert Bose, President of Sintana Energy at the Africa Energies Summit, 16 – 18 May 2023, London.
