Sintana Energy has announced that Custos Investments (Pty) Ltd., one of its Namibian affiliates (together with Custos Energy (Pty) Ltd, has confirmed the completion of a 6,593 square kilometer 3D seismic acquisition program over and around Petroleum Exploration License 87 (PEL 87) in Namibia’s Orange Basin.
The completed seismic acquisition program exceeds the initially planned area by more than 1,500 square kilometers. Initial acquisition results indicate a high-quality dataset can be expected. Early “fast-track” processed results available for interpretation are expected in August 2023.
Woodside Energy, a wholly-owned subsidiary of Woodside Energy Group Ltd. entered into an agreement in March of 2023 whereby it has the option to acquire a 56% Participating Interest in PEL 87 in consideration for, among other things, paying the full cost of a 3-D seismic shoot. Woodside has a period of 180 days after delivery of the survey to exercise its option. If the option is exercised, Woodside has agreed to enter a farmout agreement whereby it will carry existing joint venture partners during the drilling of the first exploration well. Custos retains a 15% interest in PEL 87 and benefits from this carry and other elements related to the farmout and joint venture agreements. Sintana has an indirect interest in Custos.
PEL 87 includes the very large Saturn turbidite complex that has been mapped. This complex shares many geologic characteristics and is on-trend with the recent discoveries by TotalEnergies and Shell.
“We are very pleased by the pace and data quality of this seismic program over PEL 87,” said Knowledge Katti, Chairman and CEO of Custos, and a board member of Sintana. “We are confident that the results will further demonstrate that we are on the same trend as the recent in-basin discoveries by Shell and Total, and highlight the Saturn Turbidite Complex as a significant, world-class deep-water oil opportunity,” he added.
“The quality of our unique position in the heart of Namibia’s Orange Basin continues to be highlighted by the pace of activity and interest in our blocks. We are looking forward to continued progress and exploration success over the next several quarters,” said Robert Bose, President and Director of Sintana.