madmax
5 days ago
Here is news from SEUSF,
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.
carsonckid
1 month ago
We made upstream news!!!
Australian junior 'sitting pretty' on
Namibia block coveted by Woodside
Initial interpretation of 3D seismic data and Galp's recent Orange basin discoveries boost prospectivity of PanContinental asset.
"Woodside Energy’s decision a year ago to secure a farm-in option over a promising exploration block in Namibia’s Orange basin is looking very astute based on the latest findings from a 3D seismic survey shot over the deepwater tract.
Last March, the Australian major struck a deal that gives it an option to take a 56% interest in Petroleum Exploration Licence 87, which is operated by PanContinental Energy, an Australia-listed minnow whose shares currently languish at A$0.02, or just over one US cent.
This block was already in a well-regarded exploration zip code, but since that deal was agreed, significant oil discoveries made this year by Galp Energia in the block immediately to the south and processed data from the 3D shoot, have made it an even more desirable address.
Woodside can secure a stake in PEL 87 — which covers Block 2713 — in return for, among other things, paying the full cost of the 5600 square kilometre 3D seismic survey that was completed last May.
Once it has received the remaining seismic products and secures a seismic licence, the Australian major has up to 180 days to exercise this option.
In late January, Woodside and PanContinental received final post-stack depth migration (PSDM) products from the shoot which are now being interpreted to initially assess the block’s key geological plays, before a deep dive into individual prospects.
Iain Smith, board advisor to PanContinental, told investors today that Galp’s discoveries combined with results from the 3D survey leave the company “sitting pretty” in block 2713.
Before the new 3D seismic data was acquired, the exploration target PanContinental had always highlighted was Saturn.
But that has all changed, with Smith now talking about prospectivity “across variety of formations and ages, not just Saturn; we’re very pleased with what we’ve seen so far. “We’re extremely encouraged by the prospectivity”.
He explained that the interpretation process for such as large survey is labour-intensive and takes time to get right.
“We’re not simply looking for structures. We’re looking for quite subtle features and not just structures,” he said, adding that the interpretation teams will be looking for amplitude-versus-offset anomalies as well as direct hydrocarbon indicators.
Smith said seven Cretaceous play concepts have been identified to date — in a variety of structural, stratigraphic and combination trapping styles — with additional non-Cretaceous plays, including Tertiary, under evaluation.
What are known as seismic “bright” spots — widely regarded as potential hydrocarbon indicators — have also been mapped.
The 180-day clock has yet to start ticking on Woodside option, and will only be triggered when it receives all seismic products and it secures the seismic licence.
Woodside’s global new ventures team in Houston is evaluating the seismic data."
douginil
4 months ago
FYI guys
Namibia
(Thanks to Malcy's blog)
Jan 11,2024
It’s worth mentioning Namibia today as yesterday there were two interesting stories concerning one of the energy world’s most exciting post codes and Galp announced yesterday the following.
Galp (80%, operator), together with its partners NAMCOR and Custos (10% each), has drilled and logged the first exploration well (Mopane-1X) in block PEL83, offshore Namibia.
Building on the previous announcement dated January 2, Galp now confirms the discovery of a significant column of light oil in reservoir-bearing sands of high quality.
Galp will continue to analyse the acquired data and anticipates performing a Drill Stem Test (DST) in the coming weeks to assess the commerciality of this discovery.
The drilling operations at Mopane-1X will proceed to explore deeper targets. Upon completion, the rig will be relocated to the Mopane-2X location to further evaluate the extent of the Mopane discovery.
My spies tell me that this is a ‘beast’ of a discovery which has truly blown the model, for those in the Orange Basin a bit of ‘nearology’ never did any harm and for the likes of Eco Atlantic must have been music to their ears.
There are two interesting features for investors to bear in mind, one is that Sintana Energy, quoted on the TSX-V is carried by Galp and has a 5% indirect interest in this find. The second is that yesterday saw this from Impact Oil.
Impact Oil announced the signing of a farmout transaction related to its interests in Blocks 2912 and 2913B offshore Namibia with TotalEnergies EP Namibia B.V. The transaction includes a full carry on Impact’s retained interest, for all joint venture costs, with no cap, through to receipt of the first sales proceeds from first oil production.
Impact, through its wholly owned subsidiary, Impact Oil and Gas Namibia (Pty) Ltd, has signed a farmout agreement with TotalEnergies EP Namibia B.V., a wholly-owned subsidiary of TotalEnergies S.E., for the sale of a 9.39% undivided participating interest in Block 2912, Petroleum Exploration Licence 91, and a 10.5% undivided participating interest in Block 2913B, Petroleum Exploration Licence 56. On completion of this transaction, Impact will hold a 9.5% interest in each of Blocks 2912 and 2913B.
Impact will also be reimbursed in cash for its share of the past costs incurred on the Blocks, net to the farmout interests, which is estimated to be approximately USD 99 million.
This Agreement provides Impact with a carry loan for all of Impact’s remaining development, appraisal and exploration costs on the Blocks from January 1st, 2024, until the First Oil Date.
The carry is repayable to TotalEnergies from Impact’s after-tax cash flow and net of all joint venture costs, including capital expenditures, from production on the Blocks post the First Oil Date. During the repayment of the carry, Impact will pool its entitlement barrels with those of TotalEnergies for more regular off-takes and a more stable cashflow profile, and will also benefit from TotalEnergies’ marketing and sales capabilities.
Completion of the transaction will be subject to customary third party approvals from the Namibian authorities and joint venture parties.
Siraj Ahmed, Chief Executive Officer of Impact, commented:
“This is a pivotal transaction for Impact that paves the way for its transition from an exploration company to a hydrocarbon producing company, through its participation in the development of the world class Venus discovery. This transaction also enables Impact to participate in further significant exploration opportunities in the Blocks, offering the potential to significantly grow the existing discovered resource base. We are delighted to be able to continue in this exciting journey with TotalEnergies.
We thank our Shareholders for their steadfast support that has enabled us to reach this position.”
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ecmoney
3 months ago
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