{"id":13016,"date":"2022-12-22T21:17:14","date_gmt":"2022-12-22T21:17:14","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=13016"},"modified":"2022-12-22T21:17:14","modified_gmt":"2022-12-22T21:17:14","slug":"namibia-sintana-energy-receives-petroleum-exploration-license-87-extension-approval","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/namibia-sintana-energy-receives-petroleum-exploration-license-87-extension-approval\/","title":{"rendered":"NAMIBIA: Sintana Energy Receives Petroleum Exploration License 87 Extension Approval"},"content":{"rendered":"
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Sintana Energy has provided the following update on several matters including a recently approved extension to Petroleum Exploration License 87 (PEL 87), a year-end review and 2023 outlook.<\/p>\n

\u201c2022 was a seminal year in Sintana\u2019s history underpinned most notably by our entry into Namibia in March,\u201d said Robert Bose, President and Director. \u201cThe significant progress in 2022 on both our licenses and on the blocks around us, particularly in the offshore Namibian basins, continue to demonstrate the timeliness of our entry. Multiple catalysts in the near-term position the Company and its shareholders for success in 2023,\u201d he added.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Orange Basin \u2013 Block & Activity Overview<\/strong><\/p>\n<\/div>\n<\/div>\n

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PEL 87 Extension & Relinquishment Waiver<\/strong><\/p>\n

Earlier this month, Namibia\u2019s Minister of Mines and Energy granted a second one-year extension to the current, first four-year Initial Exploration Period associated with PEL 87 located in Orange Basin.<\/p>\n

The revised Initial Exploration Period will now expire in January 2024. Three additional periods totaling six years are available after the current period, with further possible extensions thereafter. The extension will be used to conduct, among other things, an extensive 3D seismic survey.<\/p>\n

An obligatory relinquishment of the license area of PEL 87 was waived by the Minister, preserving an area of 10,970 square kilometers.<\/p>\n

Sintana maintains a 7.4% indirect, carried interest in PEL 87. The other working interest owners include National Petroleum Corporation of Namibia (Namcor) owner of 10% and Pancontinental Orange (Pty) Ltd.\u00a0 the operator and owner of a 75% interest.<\/p>\n

PEL 87 includes the 2,400 square kilometer Saturn turbidite complex that has been mapped by Pancontinental. This complex has similar geologic characteristics and is on-trend with TotalEnergies\u2019 Venus oil discovery, made in February 2022.<\/p>\n

The working interest partners continue to have discussions with potential farmout partners.<\/p>\n

Year End Review & Outlook<\/strong><\/p>\n

2022 included numerous milestones and events associated with the Company\u2019s entry into Namibia. These included the following:<\/p>\n