Trago Energy, Namibian Affiliate of Sintana, Completes Transaction in Respect to Its Interests in PEL 90
05 October 2022 - 1:57AM
Sintana Energy Inc. (TSX-V:SEI) (OTCQB:SEUSF)
(“Sintana” or the “Company”) is pleased to announce that Trago
Energy (Pty) Limited (“Trago”), a Namibian affiliate of the
Company, has completed a transaction (the “Transaction”) with
Chevron Namibia Exploration Limited, a wholly-owned subsidiary of
Chevron, in respect of its interest in Petroleum Exploration
License 90 (“PEL 90”) located in the Orange Basin in Namibia.
Trago will retain a 10% interest in PEL 90 ON
Block 2813B. Chevron will carry Trago through initial exploration
activities including 3D seismic and drilling of the first
exploration well. Post the carry period, Trago will be responsible
with approved expenses associated with its interest. Additional
terms of the transaction have not been publicly disclosed.
PEL 90 represents one of the most exciting
exploration opportunities in the Orange Basin sitting directly
above TotalEnergies’ Venus-1 oil discovery.
“We are very happy to partner with Chevron in
the Orange Basin,” said Knowledge Katti, Chairman and CEO of Trago
and a Director of Sintana. “This transaction in our emerging,
globally significant deepwater province brings partnership with an
aligned, highly experienced and committed deep water drilling
operator.
“This partnership demonstrates the continuing
emergence of Namibia as an important hydrocarbon province, and the
timeliness of our entry in March of this year,” said Robert Bose,
President and Director of Sintana. “We look forward to the
near-term exploration activity on PEL 90.”
ABOUT SINTANA ENERGY:
The Company is engaged in petroleum and natural
gas exploration and development activities in Colombia’s Magdalena
Basin and five large, highly prospective, onshore and offshore
petroleum exploration licenses in Namibia. Sintana’s
exploration strategy is to acquire, explore, develop and produce
superior quality assets with substantial reserves potential.
On behalf of Sintana Energy Inc.,“Douglas G,
Manner”Chief Executive Officer
For additional information or to sign-up to receive periodic
updates about Sintana’s projects, and corporate activities, please
visit the Company’s website at www.sintanaenergy.com
Corporate
Contacts: |
|
Investor
Relations Advisors: |
|
|
|
Douglas G. Manner |
Sean J. Austin |
Jonathan Paterson |
Chief Executive Officer |
Vice-President |
Founder & Managing Partner |
832-279-4913 |
713-825-9591 |
Harbor Access |
|
|
475-477-9401 |
Forward-Looking Statements
Certain information in this release constitutes
forward-looking statements. Forward-looking statements consist of
statements that are not purely historical, including statements
regarding beliefs, plans, expectations, or intensions for the
future, and include, but not limited to, statements with respect to
the prospective nature of the Company’s property interests, and
potential exploration and development activities at PEL 90. Such
statements are subject to risks and uncertainties that may cause
actual results, performance or developments to differ materially
from those contained in the statements, including, but not limited
to risks relating to the receipt of all applicable regulatory
approvals and permits, actual results of exploration and
development activities, the ability to fund exploration,
determinations of joint venture partners, permitting and government
approvals, and other risks identified in the Company’s public
disclosure documents from time to time. Readers are cautioned that
the assumptions used in the preparation of such information,
although considered reasonable at the time of preparation, may
prove to be imprecise and, as such, undue reliance should not be
placed on forward-looking statements. The Company assumes no
obligation to update such information, except as may be required by
law.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE
POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS RELEASE.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/d6161088-dada-43b0-80b5-8f119a862277
Sintana Energy (TSXV:SEI)
Historical Stock Chart
From Apr 2024 to May 2024
Sintana Energy (TSXV:SEI)
Historical Stock Chart
From May 2023 to May 2024