Sintana Energy provides the following further update regarding the second campaign on blocks 2813A and 2814B located in the heart of Namibia’s Orange Basin. The blocks are governed by Petroleum Exploration License 83 (“PEL 83”) which is operated by a subsidiary of Galp Energia. Sintana maintains an indirect 49% interest in Custos Energy, which owns a 10% working interest in PEL 83. NAMCOR, the National Petroleum Company of Namibia, also maintains a 10% working interest.

The PEL 83 Joint Venture partners have successfully drilled, cored and logged the Mopane-3X well (Well #5) on PEL 83, which spud on January 2nd, 2025.

Mopane-3X, located 18km from the Mopane-1X well, targeted two stacked prospects, AVO-10 and AVO- 13, as well as a deeper sand, in the southeast region of the Mopane complex at an approximate water depth of 1,200 meters.

Preliminary data has confirmed significant columns of light oil and gas-condensate in high-quality sandstones across AVO-10. Further, the presence of light oil columns was confirmed in AVO-13 and the deeper sand, again in high-quality sandstones.

Reservoir log measures confirm good porosities, high pressures and high permeabilities. Initial fluid samples show low oil viscosity and minimum CO2 and H2S concentrations. Samples have been sent for lab testing.

Higher-than-estimated pressures and preliminary results at Mopane 3X unlock further exploration and appraisal opportunities in the southeast region of the Mopane complex. All acquired data will be integrated into the reservoir model and support the planning of potential further activities.

The proprietary 3D development seismic acquisition campaign is on track to be completed in Q125, with processing of the data acquired to follow.

“These additional discoveries in an entirely new section further demonstrate the scale and quality of the Mopane complex.” said Robert Bose, Chief Executive Officer of Sintana. “Our exposure to this world class asset together with the balance of our portfolio give us an unmatched position in the heart of Namibia’s Orange Basin.” he added.

“The stacked discoveries in this most recent exploration program at Mopane are emblematic of the size and potential of the complex.” said Knowledge Katti, Chairman and Chief Executive Officer of Custos and a director of Sintana. “We congratulate our Joint Venture partners on another safe and successful outing.” he added.