Sintana Energy Inc. (LON:SEI, TSXV:SEI, OTCQX:SEUSF) has noted the announcement that QatarEnergy has agreed to acquire a 25% participating interest in Petroleum Exploration Licence 82 (PEL 82), offshore Namibia, from an affiliate of Chevron Corporation. Custos Energy (Pty) Ltd. holds a 10% participating interest in PEL 82 and Sintana maintains a 49% indirect interest in Custos.
Following completion of the transaction, Chevron will retain operatorship of PEL 82 with a 55% interest (reduced from 80%), QatarEnergy will hold 25%, and the National Petroleum Corporation of Namibia (NAMCOR) and Custos will each continue to hold 10%. Custos’ interest in PEL 82, and therefore Sintana’s indirect interest, is unchanged by the transaction.
QatarEnergy, which is also a participant in PEL 90 alongside Chevron, joins the PEL 82 joint venture as the partners progress exploration activities on the licence.
Completion of the transaction remains subject to customary regulatory approvals. The consideration payable to Chevron has not been disclosed.
Robert Bose, Chief Executive Officer of Sintana Energy, said:
“We welcome QatarEnergy’s entry into PEL 82. Its decision to take a 25% interest alongside Chevron is a further endorsement of the Walvis Basin, the potential of PEL 82 and another confirmation of the quality and scale of our Namibian portfolio.
Through Custos, Sintana retains exposure to the significant prospectivity of PEL 82 with its interest unchanged. We look forward to unveiling the potential of PEL 82 together the JV partners as exploration activities progress.”
PEL 82 is located offshore Namibia in the Walvis Basin, covering Blocks 2112B and 2212A, in water depths of 350 to 2,300 metres, and has an area of approximately 11,450 km². Existing seismic data covers approximately 70% of the licence area, and previous drilling on the licence includes the Wingat-1 and Murombe-1 wells. The licence is operated by Chevron. Following completion of the transaction, the PEL 82 participants will be Chevron (55%), QatarEnergy (25%), NAMCOR (10%) and Custos (10%). The licence is currently in an exploration period. No reserves or resources have been attributed to PEL 82.
