farrell90
7 days ago
Galp seeking a large international oil company to partner with 50% of its holdings in PEL83,field may contain 10 billion barrels of light, low sulfur oil.
LONDON, April 22 (Reuters) - Portuguese oil company Galp Energia has launched the sale of half of its stake in an exploration block offshore Namibia where it has made a major oil discovery, three industry sources familiar with the matter told Reuters.
Galp's Mopane field discovery appears to be one of the largest made in the nascent oil basin which could help kickstart the southern African country's oil industry even as governments around the world seek to reduce fossil fuel consumption.
Galp has an 80% stake in Petroleum Exploration Licence 83 (PEL 83), which covers almost 10,000 square kilometres (3,860 square miles) in the Orange Basin, with Namibia's national oil company NAMCOR and independent exploration group Custos each holding another 10%.
Lisbon-based Galp is offering to sell half of its stake in the block, said the sources, who could not be named because they are not authorised to speak to the media.
It is also offering to cede control of the development of the project to the potential buyer, expected to be a major international rival with a strong track record in project management, the sources said.
Galp declined to comment. It has previously indicated it could launch a process to raise capital for the development of its projects in Namibia, as they could reach a large scale.
It has hired Bank of America to run the sale process, which could raise several billion dollars for Galp, although the exact value is unclear, the sources said. Bank of America declined to comment.
Galp shares were up almost 20% at 1506 GMT following Galp's update on the Mopane field and Reuters reporting the sale process.
The discovery followed successful exploration campaigns in the same area by rivals TotalEnergies and Shell in recent years.
Namibia has attracted huge interest from international oil companies seeking to increase production as demand is forecast to remain strong for years.
Redburn analysts said Galp's update on the discovery implied the field had a resource three time larger than previously estimated.
The United Nations has said that by 2050 global oil use must drop by 60% and gas use by 45% if the world is to avoid temperatures increasing above 1.5 degrees Celsius - the threshold beyond which climate change would unleash more disastrous and irreversible impacts.
Global oil demand has yet to peak and is forecast to grow to around 103 million barrels per day in 2024 by the West's energy watchdog the International Energy Agency.
Oil companies say they need to continue to develop new fields to meet rising demand and to compensate for falling production from older fields.
Galp itself aims to reduce its carbon emissions to net zero by 2050 and in 2021 committed to allocate half of its spending towards low-carbon energy by 2025.
Namibia could become a new source of revenue for Galp, which currently has strong investments off the coast of Brazil and is also present in a natural gas project in Mozambique's Rovuma basin. (Reporting by Ron Bousso; Editing by Emelia Sithole-Matarise and Mark Potter)
https://www.msn.com/en-gb/money/other/portugals-galp-says-field-off-namibia-could-contain-10-billion-barrels-of-oil/ar-AA1noW7o
https://www.upstreamonline.com/exploration/10-billion-barrels-galp-stock-price-hits-all-time-high-as-it-confirms-vast-scale-of-namibia-discovery/2-1-1630753
farml1234
7 days ago
PEL 83 Exploration Campaign Update 5 - Successful Completion of Well Testing Operations at Mopane-1X
V.SEI | 17 hours ago
TORONTO, April 21, 2024 (GLOBE NEWSWIRE) -- Sintana Energy Inc. (TSX-V: SEI, OTCQB: SEUSF) (“Sintana” or the “Company”) is pleased to provide the following update regarding the ongoing exploration campaign on blocks 2813A and 2814B located in the heart of Namibia’s Orange Basin, emerging as one of the world’s most prospective oil and gas regions. The blocks are governed by Petroleum Exploration License 83 (“PEL 83”) which is operated by a subsidiary of Galp Energia (“Galp”) of Portugal. Sintana maintains an indirect 49% interest in Custos Energy (Pty) Ltd. (“Custos”), a 10% working interest owner in PEL 83. NAMCOR, the National Petroleum Company of Namibia, also maintains a 10% working interest.
Map of Region
We refer to press releases from Galp (available at galp.com) and Custos (available at newsdirect.com) noting that further to previous updates provided during Q1 2024, Galp (the license operator with an 80% interest) together with its partners NAMCOR and Custos, has successfully completed the first phase of the Mopane exploration campaign with the conclusion of the Mopane-1X Well Testing operations.
The Mopane-1X well discovered, in January, significant oil columns containing light oil in high-quality reservoir sands at two different levels: AVO-1 and AVO-2. The rig then moved to the Mopane-2X location, where in March significant light oil columns were discovered in high-quality reservoir sands across exploration and appraisal targets; AVO-3, AVO-1 and a deeper target. In particular, the Mopane-2X well found AVO-1 to be in the same pressure regime as in the Mopane-1X discovery well, around 8km to the east, confirming its lateral extension.
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. The flows achieved during the well test have reached the maximum allowed limits of approximately 14 thousand barrels oil equivalent per day, positioning Mopane potentially as an important commercial discovery. In the Mopane complex alone, and before drilling additional exploration and appraisal wells, hydrocarbon in-place estimates are 10 billion barrels of oil equivalent, or higher.
All acquired data from the current Mopane drilling campaign will be analyzed and integrated into an updated reservoir model. The model will serve as the basis to refine Galp´s near-term drilling plan to further explore, appraise and develop the wider Mopane complex.
PEL 83 is located immediately north of PEL 39 home to Shell’s basin opening discoveries at Graff-1, La Rona-1 and Jonker-1. Additionally, it is located north and east of PEL 56 where TotalEnergies announced its giant oil discovery at Venus-1.
“The successful culmination of the exploration campaign at Mopane, including a well test reaching the maximum allowable limit, further demonstrates the scope and potential of PEL 83 with Mopane alone containing potential in excess of 10 billion barrels of original oil in place making it one of the largest discoveries globally.” said Knowledge Katti, Chairman and Chief Executive Officer of Custos.
“The results of the initial exploration campaign on PEL 83 are a true milestone for all stakeholders including the people of Namibia, our local partners and Sintana. We are thrilled to be a part of this world class discovery and want to express our sincere gratitude and appreciation for the efforts and tenacity of the Joint Venture partners, including Custos.” said Robert Bose, CEO and Board Member of Sintana. “The timeliness of our entry and the unmatched nature of our portfolio continue to be demonstrated as the Orange Basin emerges as the world’s next great hydrocarbon province.” he added.
ABOUT SINTANA ENERGY:
jmho
farml1234
1 week ago
News from another board Galp Energy
Galp Energia SGPS S A : Update 5 on Namibia exploration
April 21, 2024 at 06:42 pm IST
Share
Galp (80%, operator), together with its partners NAMCOR and Custos (10% each), has successfully completedthe first phase of theMopane exploration campaign with the conclusion of the Mopane-1X Well Testing operations.
The Mopane-1X well discovered, in January, significant oil columns containing light oil in high-quality reservoir sands at two different levels: AVO-1 and AVO-2.The rig then moved to the Mopane-2X well location, where in March significant light oil columns were discovered in high-quality reservoir sands across exploration and appraisal targets: AVO-3, AVO-1 and a deeper target. In particular, the Mopane-2X well found AVO-1 to be in the same pressure regime as in the Mopane-1X discovery well, around 8 km to the east, confirming its lateral extension.
The reservoirs log measures confirm 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. The flows achieved during the well test have reached the maximum allowed limits of 14 kboepd, potentially positioning Mopane as an important commercial discovery. In the Mopane complex alone, and before drilling additional exploration and appraisal wells, hydrocarbon in-place estimates are 10 billion barrels of oil equivalent, or higher.
All acquired data from the current Mopane drilling campaign will be analysed and integrated into an updated reservoir model. The model will serve as the basis to refine Galp´s near-term drilling plan to further explore, appraise and develop the wider Mopane complex
jmho
farml1234
2 weeks ago
Hey we have a leak PEL 83
Robert Bose, Charlestown Managing Member, said:
"I am very pleased to be joining the Challenger Energy board. Charlestown Energy Partners has been an active investor in global exploration opportunities, including in Namibia where we have developed significant insights into the conjugate margin's opportunity through our exposure to multiple blocks in the Orange and Walvis offshore basins, including PEL83 which is home to the recent multi-billion-barrel light oil discoveries by Galp Energia. We believe over time these results should translate across to the Uruguay conjugate margin. Challenger Energy's unique position in Uruguay, capital strength and upcoming catalysts position the Company for significant growth and value creation over the coming years. We are extremely excited to be part of the Challenger Energy stor
from another board
jmho
farml1234
1 month ago
PEL 83 Exploration Campaign Update 4 - New Significant Light Oil Discovery & Successful Appraisal at Mopane-2X
V.SEI | 15 hours ago
TORONTO, March 14, 2024 (GLOBE NEWSWIRE) -- Sintana Energy Inc. (TSX-V: SEI, OTCQB: SEUSF) (“Sintana” or the “Company”) is pleased to provide the following update regarding the ongoing exploration campaign on blocks 2813A and 2814B located in the heart of Namibia’s Orange Basin, emerging as the one of the world’s most prospective oil and gas regions. The blocks are governed by Petroleum Exploration License 83 (“PEL 83”) which is operated by a subsidiary of Galp Energia (“Galp”) of Portugal. Sintana maintains an indirect 49% interest in Custos Energy (Pty) Ltd. (“Custos”), a 10% working interest owner in PEL 83. NAMCOR, the National Petroleum Company of Namibia, also maintains a 10% working interest.
Map of region
We refer to press releases from Galp (available at galp.com) and Custos (available at newsdirect.com) noting that further to previous updates provided in January, Galp, together with its partners NAMCOR and Custos, has successfully drilled the Mopane-2X well to its designated depth on PEL 83.
Drilling operations encountered a significant column of light oil in reservoirs of high quality.
The AVO-3 exploration target, the AVO-1 appraisal 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.
The rig will now return to the Mopane-1X well location to conduct a drill stem test until early April.
Galp will continue to analyze the acquired data during the coming weeks to assess the commerciality of the discoveries.
PEL 83 is located immediately north of PEL 39 home to Shell’s basin opening discoveries at Graff-1, La Rona-1 and Jonker-1. Additionally, it is located north and east of PEL 56 where TotalEnergies announced its giant oil discovery at Venus-1.
“The continuing success of the exploration campaign further demonstrates the scope and potential of PEL 83. We extend our further congratulations to our partners Galp and NAMCOR.” said Knowledge Katti, Chairman and Chief Executive Officer of Custos. “This is another significant milestone for Custos positioning us for further growth and continued success underpinned by our unmatched position in the heart of the basin.” he added.
“The announcement of another significant discovery and the appraisal success at the upper target is further testament to the hard work and dedication of the partners involved, as well as another demonstration of the potential for further growth in our oil industry. With this discovery, we are one step closer to harnessing the full potential of this campaign.” said Maggy Shino, Petroleum Commission for the Ministry of Mines and Energy. “We are proud to have achieved this milestone.” she added.
“This third light oil discovery in the Mopane complex and the appraisal results at the AVO-1 reservoir 8 km away from the 1X location provide further evidence of the scale and quality of our exploration portfolio held through our local partners, including Custos. We continue to be reminded of the timeliness of our entry into Namibia with the ongoing progress and success.” said Robert Bose, Chief Executive Officer of Sintana. “We extend our further congratulations to the joint venture partners on this additional success.”
ABOUT SINTANA ENERGY:
The Company is engaged
jmho
farrell90
2 months ago
"estimating up to 10 billion barrels of original oil in place." Video included in link
https://finance.yahoo.com/news/sintana-energy-ceo-confirms-2nd-151232381.html
Sintana Energy CEO Robert Bose shared significant developments regarding the Mopane-1X well during an interview with Steve Darling from Proactive.
According to Bose, Sintana Energy, in partnership with Galp through the AVO-2 consortium, has successfully and safely drilled, cored, and logged a deeper target in the Mopane-1X well, located on block 2813 governed by PEL83 in Namibia.
Bose also revealed that Galp has made another noteworthy discovery within the Mopane-1X well. A second substantial column of light oil has been identified in reservoir-bearing sands of high quality. Following these discoveries, the drilling rig is expected to be relocated to the Mopane-2X well location to further evaluate the extent of the Mopane discoveries. Subsequently, a Drill Stem Test will be conducted in Mopane-1X to assess commercial viability.
Bose highlighted the strategic importance of the Multani 1x location, emphasizing its position as the first well drilled beyond Shell and Total's concentrated efforts. The discoveries, announced on January 10th and 26th, showcased the basin's extensive resources, estimating up to 10 billion barrels of original oil in place.
Sintana Energy maintains an indirect 49% interest in Custos Energy, which holds a 10% working interest in PEL 83. The National Petroleum Company of Namibia (NAMCOR) also maintains a 10% working interest in the project. The consortium partners, including Sintana Energy and Galp, will continue to analyze the acquired data to determine the commercial potential of these discoveries.
Contact Details
Proactive Canada
GLTA Farrell
farml1234
3 months ago
PEL 83 Exploration Campaign Update - Second Significant Light Oil Discovery at Mopane-1X
V.SEI | 7 hours ago
TORONTO, Jan. 26, 2024 (GLOBE NEWSWIRE) -- Sintana Energy Inc. (TSX-V: SEI, OTCQB: SEUSF) (“Sintana” or the “Company”) is pleased to provide the following update regarding the ongoing exploration campaign on blocks 2813A and 2814B located in the heart of Namibia’s Orange Basin, emerging as the one of the world’s most prospective oil and gas regions. The blocks are governed by Petroleum Exploration License 83 (“PEL 83”) which is operated by a subsidiary of Galp Energia (“Galp”) of Portugal. Sintana maintains an indirect 49% interest in Custos Energy (Pty) Ltd. (“Custos”), a 10% working interest owner in PEL 83. NAMCOR, the National Petroleum Company of Namibia, also maintains a 10% working interest.
Map of Region
We refer to press releases from Galp (available at galp.com) and Custos (available at newsdirect.com) noting that further to previous updates provided on January 2nd and January 10th, Galp, together with its partners NAMCOR and Custos, has successfully and safely drilled, cored, and logged a deeper target (“AVO-2”) in the Mopane-1X well on block 2813 governed by PEL83.
In AVO-2, Galp has also discovered a second significant column of light oil in reservoir-bearing sands of high quality.
The rig is expected to be relocated to the Mopane-2X well location to evaluate the extent of the Mopane discoveries, after which a Drill Stem Test (“DST”) is expected to be performed in Mopane-1X.
Galp and the JV Partners will continue to analyze the acquired data during the coming weeks to assess the commerciality of the discoveries.
PEL 83 is located immediately north of PEL 39 home to Shell’s basin opening discoveries at Graff-1, La Rona-1 and Jonker-1. Additionally, it is located north and west of PEL 56 where TotalEnergies announced is giant oil discovery at Venus-1.
“The continuing success of the initial exploration campaign, including a second light oil discovery at Mopane-1X, further demonstrate the scope and potential of PEL 83. We extend our further congratulations to our partners Galp and NAMCOR on this second discovery,” said Knowledge Katti, Chairman and Chief Executive Officer of Custos. “This is another significant milestone for Custos positioning us for further growth and continued success underpinned by our unmatched position in the heart of the basin,” he added.
“The announcement of this significant additional discovery is further testament to the hard work and dedication of the partners involved, as well as another demonstration of the potential for further growth in our oil industry. With this discovery, we are one step closer to harnessing the full potential of this campaign and wish Galp and its partners Custos Energy and Namcor success with the remaining drilling campaign,” said Maggy Shino, Petroleum Commission for the Ministry of Mines and Energy. “We are proud to have achieved this milestone,” she added.
“This second light oil discovery at Mopane-1X provides further evidence of the scale and quality of our exploration portfolio held through our local partners, including Custos. We continue to be reminded of the timeliness of our entry into Namibia with the ongoing progress and success,” said Robert Bose, Chief Executive Officer of Sintana. “We extend our further congratulations to the joint venture partners on this additional success.”
ABOUT SINTANA ENERGY:
The Company is engaged in petroleum and natural gas exploration and development activities on five large, highly prospective, onshore and offshore petroleum exploration licenses in Namibia, and also in Colombia’s Magdalena Basin.
On behalf of Sintana Energy Inc.,
“A. Robert Bose”
farrell90
3 months ago
End of 2023 review of Sintana Energy
Year End Review & Outlook
Since the basin opening Graff and Venus discoveries in February of 2022 by Shell and TotalEnergies respectively, the potential of the Orange Basin in Namibia has continued to emerge.
Officials at Namibia’s Ministry of Mines and Energy and NAMCOR, Namibia’s national oil and gas company, estimate that at least 11 billion barrels of light oil-in-place and up to 8.7 trillion cubic feet of gas-in-place have been discovered by Shell and TotalEnergies over the past 20 months.
Specific notable events in 2023 for Sintana included the following.
Petroleum Exploration License 83
(“PEL 83”)
Initiation in November of a two well drilling campaign, including an optional drill stem test.
Petroleum Exploration License 87 (“PEL 87”)
Entry in March by a subsidiary of Woodside Corp. (“Woodside”) into an agreement whereby in exchange for financing and completing a 5,500 square kilometer 3D seismic program, Woodside would earn the option to become operator with a 56% working interest. Additionally, Woodside will carry the existing working interest owners, including Sintana’s local affiliate, on an initial exploration campaign. Woodside ultimately acquired 6,600 square kilometers of 3D seismic data which was completed in May 2023. Initial fast-tracked results were delivered in Q3 2023.
Petroleum Exploration License 90 (“PEL 90”)
Completion in March of the acquisition of 6,500 square kilometers 3D seismic data by an affiliate of Chevron Corp. (“Chevron”) in March.
In November, the application by Chevron to the Ministry of Environment, Forestry and Tourism for the Republic of Namibia for an Environmental Clearance Certificate which would provide for the drilling of up to 5 exploration and 5 appraisal wells.
The Company expects substantial exploration and evaluation activities to occur throughout 2024, both on and around our offshore blocks including:
Completion of the initial two well drilling campaign by Galp on PEL 83 in Q1.
Delivery of the final results of the 3D seismic analysis by Woodside and the triggering of its option to become operator of PEL 87.
Initiation of a drilling campaign on PEL 90 by Chevron in Q4.
Additional exploration and appraisal activity by both Shell and TotalEnergies in the Orange Basin on their respective blocks which immediately offset blocks in which Sintana has indirect interests.
“The numerous catalysts expected in the coming quarters will provide a number of opportunities to further assess and substantiate the multi-billion barrel potential of the Orange Basin in Namibia,” said Robert Bose. “Specifically for Sintana, we look forward to the progress of drilling and other exploration activities on our blocks unveiling the quality and opportunity associated with our unmatched position in the heart of the basin,” he added.
Management Update
Effective January 1, 2024, Robert Bose will assume the role of Chief Executive Officer and relinquish his role as President. Doug Manner, currently CEO, will assume the role of President. Both Mr. Bose and Mr. Manner will continue to serve on the Company’s Board of Directors.
Incentive Awards
The Company reports that its Board of Directors has approved grants of a total of 5.3 million incentive common stock options to several directors and officers of the Company and four other parties. The options have an exercise price of $0.27, vest in three equal tranches over the next 24 months and will expire on December 19, 2033.
ABOUT SINTANA
The Company is engaged in petroleum and natural gas exploration and development activities on five large, highly prospective, onshore and offshore petroleum exploration licenses in Namibia, and also in Colombia’s Magdalena Basin.
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."
https://sintanaenergy.com/news-release/year-end-review-2024-outlook-management-changes-and-2023-incentive-
farrell90
3 months ago
Sintana announces successful drilling on Namibia block 83 . Sintana holds a 10% interest through Custos Energy. Sintana's stock appears to be way under valued.
JMO, Farrell
TORONTO, Jan. 10, 2024 (GLOBE NEWSWIRE) -- Sintana Energy Inc. (TSX-V: SEI, OTCQB: SEUSF) (“Sintana” or the “Company”) is pleased to provide the following update regarding the ongoing exploration campaign on blocks 2813A and 2814B located in the heart of Namibia’s Orange Basin, emerging as the one of the world’s most prospective oil and gas regions. The blocks are governed by Petroleum Exploration License 83 (“PEL 83”) which is operated by a subsidiary of Galp Energia (“Galp”) of Portugal. Sintana maintains an indirect 49% interest in Custos Energy (Pty) Ltd. (together with Custos Investments (Pty) Ltd. “Custos”), a 10% working interest owner in PEL 83. NAMCOR, the National Petroleum Company of Namibia, also maintains a 10% working interest.
https://markets.businessinsider.com/news/stocks/pel-83-exploration-campaign-update-mopane-1x-significant-light-oil-discovery-1032957896?op=1
farml1234
6 months ago
https://www.namibian.com.na/hercules-oil-rig-arrives-at-walvis-bay/
Hercules oil rig arrives at Walvis Bay
H I G H LY E F F I - CIENT’ ... The Hercules semi-submersible oil rig has arrived at the coast. The rig, which boasts a stateof- the-art, highly efficient drilling system, will drill in PEL 83.
By
Suzie Shefeni
8 November 2023
The National Petroleum Corporation of Namibia (Namcor) welcomed the arrival of the Hercules semi-submersible rig last week.
The rig arrived at Walvis Bay last Tuesday.
Namcor spokesperson Utaara Hoveka said the company welcomes progress towards the exploration of oil reserves in Namibia.
“This is a positive build-up to the oil discoveries already made, and an opportunity to potentially further discover more oil reserves on Namibian territory.
“As the country is largely underexplored, we see every exploration activity as an opportunity to gain insight in Namibia’s hydrocarbon prospectivity from well data to be acquired, which would ultimately amplify potential hydrocarbon discoveries in future,” she said.
The Hercules rig has been contracted by Galp Energia, operating in a consortium with Namcor and Custos Investments.
Galp holds an 80% interest in the project, while Namcor and Custos Investments both hold 10% shares individually.
The rig will explore offshore in the Petroleum Exploration Licence 83 (PEL 83) area. The exploration zone is located in the Orange Basin, 150km off the Namibian coast.
The Hercules rig has been contracted for 115 days. The contracting period will cover two well explorations and optional well testing. The initial target will be the Mopane complex at the southern end of PEL 83.
Custos Energy is owned by Namibian entrepreneur Knowledge Katti, who has a 51% share in the company.
Katti noted the significance of the Mopane complex in a press release from Custos Energy.
The oil-in-place estimations show that Mopane may contain 10 billion barrels of oil.
“Mopane represents one of the most significant and attractive known opportunities in the basin today. The significant prospectivity of PEL 83, together with its relatively shallower water depth position it to be one of the most significant and profitable developments in the Orange Basin,’’ Katti said.
The basin is one of the world’s most prospective oil and gas regions.
It is the site of several appraisal and exploration wells operated by Shell, including Jonker-1X, Venus-1X and Graff-1X.
Maggy Shino, the petroleum commissioner in the Ministry of Mines and Energy, says the ministry is enthusiastic about the upcoming drilling campaign.
“This drilling marks Namibia’s commitment to advancing energy exploration and our contribution to the ever-growing global energy demand.
“As we are taking strides towards a more sustainable and energy secure future, we will embark on this journey with the objective of unlocking the vital energy resources located within the prolific Orange Basin.
“We are looking forward to the potential these blocks hold for our country and the industry at large.”
Galp concluded its three-dimensional seismic acquisition campaign in 2019.
In June last year, the mines ministry approved an extension of the first renewal exploration period for PEL 83.
The initial exploration period will expire in January.
jmho
farrell90
7 months ago
New update!
https://finance.yahoo.com/news/sintana-energys-reveals-exciting-updates-170532599.html
Plus...SEUSF has hired a financial...investment banker:
Sintana Energy Inc. Provides Update on Upcoming Communications and Investor Relations Initiatives
"Further, Sintana is pleased to announce the engagement of Auctus Advisors LLP ("Auctus"), a specialist Equity Capital Markets and Advisory firm based in the United Kingdom with a focus on the energy sector. Auctus is owned by its partners who together have decades of experience across Equity Capital Markets, Investment Banking and the Energy industry, having worked previously at Societe Generale, Canaccord Capital, BMO Capital Markets and Schlumberger. Most recently the partners worked together for many years at GMP FirstEnergy.
Auctus will provide capital markets advisory and investor relations services to the Company including enhancing Sintana's communications and investor outreach efforts with a specific focus on Europe.
The initial term of the engagement is for 6 months (subject to extension) with total fees of £30,000. In addition, in the event the retainer continues beyond the original term, the Company shall pay an annual retainer of £60,000. Auctus does not own or control, directly or indirectly, any securities of the Company.
Auctus provides Corporate Broking, Equity Research and Investment Banking services. Auctus is authorised and regulated by the Financial Conduct Authority and is registered in England and Wales under the partnership number OC429983. Its registered address is Robsacks, Long Barn Road, Weald, Sevenoaks, Kent TN14 6NJ."
Investment banking ? Things are heating up.
GLTA,
Farrell
farml1234
11 months ago
3D Seismic Program on PEL 87 Complete
V.SEI | 1 hour ago
TORONTO, May 25, 2023 (GLOBE NEWSWIRE) -- Sintana Energy Inc. (TSX-V: SEI, OTCQB: SEUSF) (“Sintana” or the “Company”) is pleased to announce that Custos Investments (Pty) Ltd., one of its Namibian affiliates (together with Custos Energy (Pty) Ltd., “Custos”), 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.
Infographic 1
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 (GOM), Inc., a wholly-owned subsidiary of Woodside Energy Group Ltd. (“Woodside”) 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.
Infographic 2
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.
ABOUT SINTANA ENERGY:
The Company is engaged in petroleum and natural gas exploration and development activities in five large, highly prospective, onshore and offshore petroleum exploration licenses in Namibia, and also in Colombia’s Magdalena Basin. Sintana’s exploration strategy is to acquire, explore and develop superior quality assets with substantial reserves potential.
On behalf of Sintana Energy Inc.,
“Douglas G, Manner”
Chief Executive Officer
For additional informa
jmho
Ebenezer3
11 months ago
Rig updates: May 25, 2023 - Hamilton, Bermuda
Northern Ocean Ltd. is pleased to announce an extension of the contract with a
subsidiary of Shell Plc for continued work in Namibia using the Deepsea Bollsta.
The firm term of the contract is extended from December 2023 for six months into
June 2024 and provides an additional option for six months. The extension from
December provides revenue backlog of approximately $88.6 million with the option
to extend for an additional six month potentially adding a further $81.0
million.
Operational update concerning Deepsea Mira
At the beginning of April 2023, the Deepsea Mira departed from Bergen, Norway,
and began mobilization to the first well location in Namibia for its
multi-country contract with TotalEnergies. The rig has experienced some delays
loading equipment and performing required maintenance during the transit, and we
are now targeting commencement of the contract at the end of the second quarter.
Ebenezer3
11 months ago
Total energies Venus1A discovery Comments upstream article 5/22/23: Upstream was told earlier this month that Venus-1A, which began drilling in early March, was in the reservoir and results to date are promising, according to two people with knowledge of the drilling operation. “They are in the reservoir,” said one source, while the second person said “the well has come in on target” — a comment that implies the geology and the reservoir have met pre-drill expectations.
Vantage Drilling’s Tungsten Explorer will not carry out a flow test on Venus-1A, with this operation instead left to Odfjell’s drillship Deepsea Mira, which is due to arrive in Walvis Bay on Monday, according to marine intelligence provider VesselsValue. Before carrying out a flow test on Venus-1A, however, the Deepsea Mira will carry out production tests on the Venus-1X discovery well. Once the Tungsten Explorer wraps up Venus-1A, it will head west to spud and possibly test the Nara-1 probe, targeting what could be a huge extension of Venus.
One person familiar with the drilling campaign in Namibia, told Upstream that if the western extension of Venus meets expectations, then a development could involve multiple floating production, storage and offloading vessels. “If (Nara) is as big as it appears to be, then it could require up to six or seven FPSO’s,” each with a capacity of at least 180,000 barrels per day.
Maggy Shino, Namibia’s Petroleum Commissioner, has suggested that the recoverable reserves discovered in Venus to date stand at about 2 billion barrels. However, one informed source said this figure “probably” applies to the “main” part of Venus in Block 2913B, and not its potential extension into Block 2912."
Ebenezer3
11 months ago
From the Hot copper board V10: NEWS BULLETIN, 17 May 2023
Woodside hopeful of Namibian play following recent discoveries
WOODSIDE Energy Group chief Meg O’Neill told Energy News at the APPEA Conference 2023 in Adelaide that recent oil discoveries offshore Namibia could be just the beginning of a wave of investment in the region.
The oil and gas giant signed an option agreement with ASX-listed minnow Pancontinental Oil & Gas recently, giving it the right to acquire a majority 56% interest in offshore block PEL 87 offshore Namibia.
The permit is located north of the 2022 Venus discovery - which was declared the largest ever deep-water oil find in Sub-Saharan Africa by analysts.
Speaking to Energy News on Tuesday, O'Neill said the company was hopeful of a seismic campaign being undertaken across the block and said offshore Namibia was highly prospective for the company.
Woodside recently expanded the campaign to 7200sq.km. The campaign is underway and should be finished next month.
"When we think about our exploration business we want to make sure that it does a few things, first off that it strategically meets where we want the business to go," she said.
"The real imperative for exploration is we've got to be exploring for things that we can commercialise rapidly."
When the move was first announced it left industry watchers scratching their heads given Woodside's recent insistence frontier exploration and elephant hunting is off the table.
Late last year O'Neil maintained exploration would be targeted and close to existing operations that could offer tie-back options, such as within its Gulf of Mexico portfolio.
"Where we explore needs to be with a clear pathway to commercialisation...the oil industry has a track record of technical success and the commercialisation side takes tremendous time," she said then.
The Orange Basin has been home to some stunning oil discoveries in recent years but all are at the very earliest stages of development.
Woodside is paying for the full cost of the seismic survey estimated US$35 million in exchange for the option to join Pancon in the future. If it exercises its option it will carry the junior's drill costs.
On the broader potential of the basin, O'Neill noted that recent discoveries including Venus may just be the start for the African nation.
"Namibia is a country that, in the offshore, has been underexplored, but there were a couple of quite significant discoveries in the last few years," she told Energy News.
"We think the prospectivity is broader than that, and that's why we entered that agreement with Pancontinental."
farrell90
12 months ago
Sintana energy partner ,Galp Energia , has sign a drilling rig for PEL 83 for 2 wells.
https://www.energyvoice.com/oilandgas/africa/rigs-vessels-africa/500815/galp-signs-ojfell-rig-orange-basin-test/
https://sintanaenergy.com/projects/offshore-africa/pel-83/
GLTA,Farrell
Galp has signed up a harsh environment semi-submersible rig for two wells offshore Namibia.
SFL Corp. announced the contract today, worth $50 million, for the Hercules rig. The drilling company reported the contract covered two wells, plus optional well testing.
It expects work to begin in the fourth quarter of 2023, and run for 115 days including mobilisation.
The Hercules is undergoing a special survey in Norway ahead of mobilisation to Canada. After Canada, it will re-cross the ocean and head to Namibia.
Galp entered Namibia in 2012 and now holds the PEL 83 area in the Orange Basin. The operator shot 3D seismic on the block in 2019. Galp relinquished another area, PEL 82 in the Walvis Basin, in 2021.
Galp has an 80% stake in PEL 83, which is next to Shell’s three discoveries at Graff, La Rona and Jonker.
Sintana Energy, partner on PEL 83, has said the licence is thought to hold “mature, oil-prone source rock intervals of Barremian-Aptian (Kudu) shale and Cenomanian-Turonian ages”. The main source rock is a “very thick Barremian-Aptian” of around 300 metres, covering the whole basin, the minnow said.
Must be Hercules
“We are pleased to announce this follow-on contract for the Hercules, which will keep the rig continuously employed until the end of the first quarter of 2024,” said SFL CEO Ole Hjertaker.
“The new contract illustrates the attractiveness and versatility of the Hercules as a harsh environment oil exploration and development rig for the international market. With increasing demand and few available drilling rigs with Hercules’ capabilities, we see additional upside in day rates and contract term from 2024 onwards.”
Odjfell Drilling manages the rig on behalf of SFL. Odjfell CEO Kjetil Gjersdal said the company had been working “tirelessly” to prepare the rig for work in Canada since taking over management and marketing.
“Agreeing this contract with Galp Energia, the third contract for work in Namibia we have agreed within the last year, is very exciting for our company and we look forward to working with SFL and Galp Energia to meet expectations safely and efficiently,” Gjersdal said.
ExxonMobil and SFL signed a contract for the Hercules in November 2022. The rig will begin work in Canada in the second quarter. It has a firm duration of 135 days and an optional extension for another 60 days.
Odjfell also manages the Deepsea Bollsta and Deepsea Mira, which are working in Namibia for Shell and TotalEnergies respectively. The drilling company has cited recent discoveries in Namibia as creating interest in “securing long-term contracts in the area”.
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Ebenezer3
12 months ago
Galp looking to drill 4 quarter 2 well drill with option to flow test: SFL Bags $50M Contract for Hercules Offshore Drilling Rig
Friday, May 5, 2023
Credit: Hans Hausmann/MarineTraffic.com
SFL Corporation Ltd. has signed a $50 million contract with a subsidiary of Portugal's Galp Energia for the deployment of harsh environment semi-submersible rig Hercules in Namibia.
The contract is for two wells plus optional well testing and is expected to start in the fourth quarter of 2023. Without any options, the duration is approximately 115 days, including mobilization to Namibia.
The Hercules is currently undergoing its special survey in Norway before its mobilization to Canada for a contract with ExxonMobil, before starting transit to Namibia.
Ole B. Hjertaker, CEO of SFL Management AS, said: "We are pleased to announce this follow-on contract for the Hercules, which will keep the rig continuously employed until the end of the first quarter of 2024. The new contract illustrates the attractiveness and versatility of the Hercules as a harsh environment oil exploration and development rig for the international market. With increasing demand and few available drilling rigs with Hercules’ capabilities, we see additional upside in day rates and contract term from 2024 onwards”.
Kjetil Gjersdal, Chief Executive Officer of Odfjell Drilling, a company responsible for management and marketing of the rig:"“Since taking on management and marketing for the Hercules, we have worked tirelessly on facilitating the vessel being ready for operations in Canada while
also working to secure work after this. Agreeing this contract with Galp Energia, the third contract for work in Namibia we have agreed within the last year, is very exciting for our company and we look forward to working with SFL and Galp Energia to meet expectations safely and efficiently.”"
Ebenezer3
1 year ago
Sintana Provides Update on VMM-37 Joint Operating Agreement and Contract
V.SEI | 1 hour ago
TORONTO, April 18, 2023 (GLOBE NEWSWIRE) -- Sintana Energy Inc. (TSXV: SEI OTCQB: SEUSF) (the “Company” or “Sintana”) reports that ExxonMobil sent Patriot Energy Oil and Gas Inc. (“Patriot”), a subsidiary of the Company, a notice stating that, based on the terms of the Joint Operating Agreement between ExxonMobil and Patriot (the “JOA”), it had decided to withdraw from the JOA as of May 31, 2023. The notice also states that ExxonMobil will withdraw from the Contract with the Agencia Nacional de Hidrocarbons (the “Contract”), effective after obtaining required Government approvals. Both the JOA and Contract pertain to the 43,158 acres property known as the VMM-37 block which is in Colombia’s Middle Magdalena Valley Basin (“VMM-37”).
Chief Executive Officer Doug Manner commented: "We are disappointed that our VMM-37 partner for more than a decade, ExxonMobil, has voluntarily chosen to withdraw from both the JOA and Contract. Management has engaged legal and technical advisors for assistance in addressing this unexpected change of events”.
The Company fully reserves its rights under the contracts governing VMM-37 and applicable laws and regulations.
Further updates will be provided with respect to these matters as additional information becomes available.
About Sintana
farml1234
1 year ago
From the RECO news
Interesting statistic on this line from news release
"Importantly, a natural gas seep has been located on top of one of these elongated anticlines."
82% of wells drilled near seeps were comercially successful according to this Schumacher article
"To assess the association of seepage and subsurface accumulations of petroleum, Schumacher (2012) compiled seepage survey results for more than 2,700 exploration wells and compared the results with subsequent drilling outcomes. Locations were in frontier and mature basins, onshore and offshore, and in a wide variety of geologic settings. Subsurface drilling targets were from 300 m (984 ft) to more than 4,900 m (16,076 ft), and there was a full spectrum of trap styles. The presence of seepage was inferred from soil gas, microbial, iodine, radiometric, and/or magnetic surface surveys. Eighty-two percent of wells associated with surface seepage anomalies were considered commercial discoveries, and 11 % of wells drilled without a documented surface seepage anomaly resulted in discoveries. The measure of association was economic viability determined by external factors, and not the presence or absence of petroleum in the subsurface. The sites chosen for analysis in this study were not random; they were based on conventional prospect evaluation methods. This study illustrates that seeps are often only surveyed for in areas suspected of being oil and gas prospects, thus limiting geographic coverage."
jmho
farml1234
1 year ago
shell confirmed big find next door
Shell - Barnstorming Offshore Discovery...
https://www.upstreamonline.com/exclusive/strike-three-shell-scores-its-largest-oil-discovery-yet-in-world-s-top-exploration-hotspot/2-1-1414274
6 March 2023 11:06 GMT UPDATED 6 March 2023 11:32 GMT
Shell scores its largest oil discovery yet in world’s top exploration hotspot
The Jonker-1x probe hit light oil, with Upstream told it is huge find, better than the supermajor's previous discoveries in same block
Shell has made a barnstorming offshore oil discovery in Namibia’s prolific Orange basin that looks to be far bigger than its two earlier oil finds in probably the world’s top exploration play.
QatarEnergy and state-owned Namcor, Shell’s partners, today confirmed Upstream’s recent exclusive that the Jonker-1x probe had hit light oil in Block 2913A, but did not go into detail.
However, informed sources told Upstream that the Jonker discovery is jumbo-sized, fully justifying Shell’s decision to focus on a new geological play in the block as opposed to going back to drilling in the area of last year’s Graff-1x and La Rona-1x discoveries.
One knowledgeable source said the exploration fraternity is abuzz with talk that the Jonker prospect could house “over 1 billion barrels of recoverable oil”.
Another seasoned explorer said this estimate was utterly reasonable: “This is entirely possible.”
Namcor, Namibia’s state oil company, said today that Jonker-1x probe hit light oil, adding that it is a “major” oil discovery that will be appraised.
“The acquired data is currently being evaluated and further appraisal drilling is planned to determine the size and recoverable resources potential of the discovery,” said Namcor.
Odfjell’s semi-submersible rig Deepsea Bollsta drilled the exploration well to a total depth of 6168 metres in a water depth of 2210 metres.
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