Sintana Energy is engaged in petroleum and natural gas exploration and development in highly prospective geographies that have huge unconventional and conventional resource potential. The company have created a diversified asset portfolio of carried interests in exploration and development projects with major upside potential comprised of four large, highly prospective offshore licenses in the Wallis, Luderitz and Orange Basins and one onshore petroleum exploration license in Namibia, Southwest Africa and an unconventional resource at VMM-37 in Colombia’s Magdalena Basin.

The Sintana management team has over 200 years of combined international oil and gas experience, and has operated companies with over 150,000 boepd in more than 20 countries.

OVERVIEW OF OPERATIONS

NAMIBIA

PEL 79 Offshore – Orange Basin

Sintana holds an indirect interest in the PEL 79 license (Blocks 2815/2915) which is located in the northern Orange sub-basin off the south-west coast of Namibia.

Adjacent to the west is PEL 3, home to the Kudu gas field, discovered by the drilling of the Kudu-1 well in 1974 and delineated by seven subsequent wells. During 2023, BW Energy acquired 4600 km2 of 3D seismic across all of PEL 3 aimed at further developing the oil prospectivity on the block. 

The Barremian Aptian source rock (Kudu shale) is mature and believed to be within the oil mature window across PEL 79. The initial interpretation of the block led to the identification of three potential targets. These targets have been identified at three stratigraphic levels; Upper Cretatceous deltaics and Lower Cretaceous deltaics; as the block is adjacent to the Kudu Field there is also potential for the extension of the Kudu trend in this block. The Syn-rift graben clastics play establishes a working petroleum system in the non-marine part of the syn-rift succession. The 2815/15-1 well, drilled by Chevron had gas shows. It also validated the succession of shale intercalated with thin fluvial deltaic sandstones.

In April of 2024, Galp successfully completed the first phase of the Mopane exploration campaign with the conclusion of the Mopane-1X well testing operations. The Mopane discovery further underscores the exploration potential for PEL 79.

* Effective Interest – On April 24th 2024, the Company acquired 49% of Giraffe Energy Investments (Pty) Ltd. resulting in an effective interest to Sintana Energy in PEL 79 of 16.5% interest.

Highlights

• PEL 79 sits outboard and east of PEL 3 (BW Energy – Kudu), PEL 85 (Rhino Energy) and PEL 39 (Shell).
• There is significant existing 2D and 3D as well as on-block well data.
• The Mopane discovery in the acreage immediately west of Kudu is beneficial for prospects on PEL 79.
• Adjacent to Shell’s largest commercial find (Graff-1) and Venus Discovery by TotalEnergies.

PEL 79 Snapshot

Location: Upper Orange Basin
Area: 13,829 km²
Water Depth: 0m – 210m
Grant Date: 01-July-15
Licence Term: 5 years + 1 year extension + 2 renewal terms of 2 years
2D Seismic: 4760 km
3D Seismic: 1137 km²

PEL 82 Offshore – Walvis Basin

Sintana holds a carried interest in the PEL 82 license (Blocks 2112B/2212A) which is located offshore in the Walvis Basin area known as the North West Shelf, one of the most prolific gas provinces in the world.

Oil was recovered from the Wingat-1 well drilled by HRT (now PetroRio) in 2013 that is located in the block. The Murombe-1 well, drilled in the same license as Wingat-1, intersected a world class mature oil-prone source in the Aptian sequence.

The acquisition of a 3,440 square kilometers 3D seismic survey in PEL 82 resulted in the delineation of a number of significant prospects consisting of Lower Cretaceous submarine fans that are stratigraphically trapped.

Recent drilling in the Namibian offshore has proven the presence of an Aptian Type II source rock with >3% Total Organic Carbon as intersected in the Murombe-1 and Wingat-1 wells in the Walvis Basin.

* Sintana owns 49% of Inter Oil (Pty) Ltd. resulting in an effective interest in PEL 82 of 5% carried interest.

Highlights

• Chevron Namibia Exploration Limited (“CNEL”) entered into a farm-out for an 80% working interest and operatorship on April 28, 2024.
• Seismic programs conducted cover more than 3,500 km of 2D and 9,500 km2 of 3D seismic data.
• 3D coverage represents 70% of total block area.
• Wingat-1 Well recovered oil of 38-41 degree API.
• Prospects Channel E, F and Paris were fully evaluated, other possible analogous channels and leads exist.
• Licence area also indciates a deeper Aptian/Albian Fan play.

PEL 82 Snapshot

Location: Walvis Basin
Area:11,464 km²
Water Depth: 260m to 2460m
Grant Date: 2-Sept-16
Licence Term: 5 years + 1 year extension + 2 renewal terms of 2 years
2D Seismic: 3500 km
3D Seismic: 7920 km²

PEL 83 Offshore – Orange Basin

Sintana holds an investment interest in the PEL 83 license (Blocks 2813A/2814B) which is located in the northern Orange sub-basin approximately 150 km off the south-west coast of Namibia offshore. The Barremian Aptian source rock (Kudu shale) is mature and believed to be within the oil mature window across PEL 83.

In November of 2023, Galp spudded the Mopane-1X well and in January Galp announced the discovery of AVO-1 and AVO-2 both significant columns of light oil in reservoirs of high quality sands. In March Galp reported several discoveries at the Mopane-2X location, the AVO-1 appraisal target, AVO-3 exploration target and a deeper target were fully cored and logged. The AVO-1 appraisal target found the same pressure regime as in the Mopane-1X discovery well located approximately 8 km to the east, confirming its lateral extension.

In April of 2024, Galp successfully completed drill stem testing (DST) operations at the Mopane-1X well and reported that the reservoirs’ log measures contain good porosities, high pressures and high permeabilities in large hydrocarbon columns. Fluid samples present very low oil viscosity and contain minimum CO2 and no H2S concentrations.

Late in 2024, the Mopane-1A, an AVO-1 appraisal well was drilled, cored and logged, the well encountered light oil and gas-condensate. The Mopane-2A well successfully appraised and extended the AVO-3 reservoir and the AVO-4 discovery, a column of light oil in a deeper reservoir. Galp recently completed drilling the Mopane-3X exploration well to the south-east and announced light oil discoveries in two stacked prospects, AVO-10 & AVO-13 plus a deeper target.

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

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.

* Effective Interest – On March 9th 2022, the Company completed the acquisition of 49% of Inter Oil (Pty) Ltd. resulting in an effective interest to Sintana Energy in PEL 83 of 5% carried interest.

Highlights

• Adjacent to Shell’s largest commercial find (Graff-1) in Africa since 1996 and 2nd largest globally in 10 years.
• The license also lies north and east of Venus Discovery by TotalEnergies, currently has a 5-Year drilling plan estimated at $800M.
• In January 2024, Galp confirmed the discovery of a significant column of light oil in reservoir-bearing sands of high quality at the Mopane-1X.
• In mid March, Galp confirmed the Mopane-2X discovery of three high quality reservoirs including the lateral extension of the Mopane AVO-1 reservoir.
• Galp subsequently drilled the Mopane-1A and -2A wells to appraise several reservoirs including the lateral extension of the AVO-1 and AVO-3 discoveries.
• In February Galp drilled the Mopane-3X, an 18km offset well and discovered three high quality, light oil reservoirs.

PEL 83 Snapshot

Location: Upper Orange Basin
Area: 9,890 km²
Water Depth: 250m – 2550m
Grant Date: 02-Sep-16
Licence Term: 5 years + 1 year extension + 2 renewal terms of 2 years
2D Seismic: 5000 km
3D Seismic: 6300 km²

PEL 87 Offshore – Orange Basin

Sintana holds a carried interest in the PEL 87 license (Block 2713) which is located offshore in the Orange Basin and to the northwest of the Kudu Gas Field.

Seismic conducted covers more than 1,400 km of 3D and regional grid of 2D seismic ties to other blocks and key wells. The Moosehead-1 drilled by HRT in 2013 encountered a thick Barremian carbonates source rock section and thick shale seal section, but lacked maturity and porosity at well location. PEL 87 contains the Saturn turbidite complex that spans more than 2,400 sq km and has significant oil potential. The Aptian/Albian age fan rests directly on top of source rocks and contains several sand members within the 280m gross section.

• Venus-1 and Graff-1 are on-trend and about 130 Km south of Pancontinental’s PEL 87 area.
• On-trend, the very large Saturn turbidite complex in PEL 87 has geologically similar to Total’s Venus Prospect.
• Venus and Saturn overlie the same high-quality mature Oil Source Rock, and both lie immediately below the major Regional Seal.
• The Maersk Voyager drillship has commenced Venus drilling in 3,000m of water.
• Shell Exploration & Production drilled the Graff-1 well with the drillship Ensco DS-10. Graff-1 well tested a stratigraphically younger target than Venus and Saturn structures.

* Effective Interest – On March 9th 2022, the Company completed the acquisition of 49% of Inter Oil (Pty) Ltd. resulting in an effective interest to Sintana Energy in PEL 87 of 7.5% carried interest.

Highlights

• 3D Seismic covers more than 1,400 km and regional 2D seismic ties to other blocks and key wells.
• Moosehead well (HRT 2013) in southeast part of block demonstrates thick shale and seal section.
• Saturn Floor Fan (2,400 km²) has similar geology to the Venus Super fan discovery by Total Energies.
• Block was optioned by Woodside in March 2023 who completed a 6,593 km² 3D seismic survey in June 2023.
• Woodside’s elected not to exercise it’s option to farm-in, a process is underway to secure an alternate farm-in partner to fund exploration drilling.

PEL 90 Offshore – Orange Basin

Sintana holds a limited carried interest in the PEL 90 license (Block 2813B) which covers 5,433 km² offshore southern Namibia, in the northern Orange Basin, in water depths between 2,300m and 3,300m.

The Namibian offshore is an under-explored province, having just 19 wells drilled along a 1,600km coastline prior to 2022. Many of these wells have proven the existence of good quality regional source rocks and reservoir intervals, but until recently commercial success had proved elusive.

In early 2022, Total Energies announced a light oil discovery at Venus-1, with the well encountering 84 meters of net oil pay in good quality Lower Cretaceous reservoir. The Venus appraisal program was followed by the drilling of the Mangetti-1X well in early 2024 which is located less than 30km from the southern boundary of PEL 90.

* Effective Interest – On March 9th 2022, the Company completed the acquisition of 49% of Inter Oil (Pty) Ltd (Trago). Inter Oil subsequently completed a farm-out with Chevron resulting in an effective interest to Sintana Energy in PEL 90 of 5% carried interest through the initial exploration phase.

PEL 90 Snapshot

Location: Upper Orange Basin
Area: 5,433 km²
Water Depth: 2300m – 3100m
Grant Date: 20-Jun-18
Licence Term: 4 years + 2 renewal terms of 2 years
2D Seismic: 1260 km
3D Seismic: 5400 km²

PEL 103 Onshore – Waterberg Basin

Sintana holds a carried interest in the PEL 103 license (Block 1918B) which is located is located in the North-East corner of Namibia, in the Waterberg Basin.

The Waterberg Basin shares similarities in respect to ReconAfrica’s Kavango Basin acreage as confirmed in it’s first Stratigraphic Test well (6-2). ReconAfrica’s discovery confirmed an active petroleum system with porous and permeable sediments containing marine hydrocarbons. PEL 103 located ~55 km to the south-west of ReconAfrica contains Permian sediments that are expected to hold similar hydrocarbons.

Thick Permian Karoo Supergroup sediments are present which provide a favorable setting for hydrocarbon exploration. Waterberg Basin geology has coal and shales, 19 million tons of coal reserves were indicated within the vicinity of PEL 103 (Block 1918B). Permian source rocks are expected as well as several reservoir intervals from Permian to Triassic. Conventional targets are expected to have favorable timing of the matured source rocks. A small portion of the Basin has been drilled to date and more untested sub-basins are likely to exist.

* Effective Interest – On March 9th 2022, the Company completed the acquisition of 49% of Inter Oil (Pty) Ltd. resulting in an effective interest to Sintana Energy in PEL 103 of 15% interest.

Data snapshot

Location: Waterberg Basin, NE Namibia
Area: 5860 km²
Grant Date: TBD
Licence Term: 5 years + 2 renewal terms of 2 years
Magnetics: 20,000 km² available
2D/3D Seismic: NIL

COLOMBIA

The Middle Magdalena Basin

Colombia’s unconventional shale resources could possibly offer more value than the conventional production it has developed thus far. Colombia’s conventional reserves are at just under 2.6 billion barrels of oil equivalent. Prospective unconventional reserves based in the Middle Magdalena Valley, by comparison, are 2.7 to 4.6 times larger based on estimates from Ecopetrol, the state-owned oil company

The case for shale resource development in Colombia is borne out by the size of the resource potential it represents. Colombia’s 1P reserves (conventional) are at just under 2.6 billion barrels of oil equivalent (bboe; this figure combines oil and gas together). Colombia’s prospective unconventional reserves, by comparison, are 2.7 times to 4.6 times larger than current 1P reserves, based on Ecopetrol’s estimate of shale resource potential equal to between seven and twelve bboe.

Colombia’s shale resources are principally contained in La Luna formation, with the greatest potential located in the Middle Magdalena Valley basin, home to the country’s first oil production in 1918 at La Cira-Infantas. The thickness of La Luna formation, its geological maturity, and its high percentage of light oil make it particularly attractive.

The Middle Magdalena Valley Basin (MMVB) is a north-south trending intermontane basin located between the Eastern and Central cordilleras of Colombia which has produced most of the oil and gas in Colombia with over 40 discovered conventional oil fields, sourced out of Tertiary sandstone reservoirs. It has been the focus of shale exploration leasing and drilling activities. Historically, the MMVB has been an important source for the conventional onshore production of hydrocarbons.

VMM 37 Onshore – Middle Magdalena Basin

The VMM-37 block (43,158 gross acres) provides Sintana with a strategic position in the Middle Magdalena play with exposure to significant unconventional resource potential. The Middle Magdalena is the oldest producing basin in Colombia, dating back to the 1918 discovery of the giant La Cira-Infantas field complex (900 million barrels). Historically, only the Tertiary section (conventional reservoirs) has been systematically explored. Approximately two billion barrels of oil have been produced in the basin over the last century.

In late 2015, the Company announced that the Manati Blanco-1 exploration well located on VMM-37 was successfully drilled and cased through multiple unconventional tight crude oil formations to a measured depth of 14,345 feet. The well confirmed approximately 2,600 feet of gross pay in the La Luna formations which is similar to the Eagle Ford Shale found in Texas.

Highlights

• Colombia also has proven hydrocarbon systems with established production and infrastructure in multiple basins.
• Interests can be acquired with attractive economics and participation terms via the government bid process or thru private transactions.
• Colombia provides exceptional opportunities to explore and develop major oil and gas fields that have the potential for world-class discoveries.

Leadership

Keith Spickelmier Executive Chairman
Robert Bose Chief Executive Officer
Douglas Manner President
Carmelo Marrelli Chief Financial Officer
David Cherry Chief Operating Officer
Sean Austin Vice President, Controller, Secretary & Treasurer

Contact

Sintana Energy Inc. Corporate Office
82 Richmond Street East
Toronto, Ontario M5C 1P1
Canada

Tel: 1 713 825 9591

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