Sintana Energy Inc. (“Sintana” or the “Company”) provides the following update regarding the operations associated with the Kapana 1-X exploration well located on Block 2813B which is governed by Petroleum Exploration License 90 (“PEL 90”) and operated by Harmattan Energy Limited, an indirect subsidiary of Chevron Corporation (“Chevron”). Trago Energy (Pty) Ltd. (“Trago”), a wholly owned subsidiary of Custos Energy (Pty) Ltd. (“Custos”) in which Sintana maintains a 49% indirect interest, is a 10% working interest owner in PEL 90.
Trago has been notified by Chevron that while operations reached total depth 25% ahead of plan, the well did not find commercial hydrocarbons. Operations did return valuable information on important aspects of the basin and increased confidence in the future program on PEL 90.
“The geologic insights and improved confidence in the future program on PEL 90 from these operations provides strong support for continued progress and value in our portfolio in Namibia’s Orange Basin, the world’s exploration hotspot” said Knowledge Katti, Chairman and CEO of Custos and a director of Sintana.
“We look forward to the many opportunities ahead to further unveil the quality of our unmatched position in the heart of the Orange Basin including the future activity on PEL 90 and the ongoing activity on PEL 83”. added Robert Bose, Chief Executive Officer of Sintana.