London
16 °C
Manchester
Glasgow
19 °C
Dublin
13 °C
Belfast
Washington
25 °C
Denver
24 °C
Atlanta
Dallas
Houston Texas
34 °C
New Orleans
El Paso
Phoenix
Los Angeles
18 °C
12 °C
26 °C
TotalEnergies' Completes Entry and Becomes Operator of PEL 83
TotalEnergies' Completes Entry and Becomes Operator of PEL 83
TORONTO, ON AND LONDON, UK / ACCESS Newswire / September 3, 2026 / Sintana Energy Inc. (TSXV:SEI)(AIM:SEI)(OTCQX:SEUSF) ("Sintana" or the "Company") is pleased to announce the completion of the previously announced transaction between TotalEnergies and Galp Energias, under which TotalEnergies has acquired a 40% operated interest in Petroleum Exploration Licence 83 ("PEL 83"), home to the giant Mopane discoveries in Namibia's Orange Basin.
PEL 83 is now held by TotalEnergies (40% as operator), Galp (40%), NAMCOR (10%) and Custos Energy (Pty) Ltd. ("Custos") (10%). Sintana maintains an indirect 49% interest in Custos, providing the Company with an effective 4.9% interest in PEL 83.
The Mopane discoveries have a current 3C resource estimate of approximately 1.3 billion barrels equivalent. As operator, TotalEnergies has indicated it plans to initiate a 3-well exploration and appraisal campaign on PEL83 in 2026. This is in anticipation of a potential final investment decision in relation to a phase 1 development in 2028, targeting first oil production in 2032.
"The completion of TotalEnergies' entry into PEL 83 marks a defining milestone for Mopane, for the Joint Venture and for Sintana," said Robert Bose, Chief Executive Officer of Sintana Energy. "With one of the world's premier deepwater operators now driving a three-well exploration and appraisal campaign commencing in Q4 2026, the full scope of technical and financial resources has been coalesced to accelerate this asset toward development. For our shareholders, this transaction sharpens the read-through from Mopane's growing resource base to tangible value in our indirect interest. We look forward to the upcoming activity on PEL 83 to further define and illuminate its potential, and the progress towards FID. Together with upcoming activity on our additional licenses in Namibia and Uruguay, we are positioned across the Atlantic margin for significant progress in the coming quarters" he added.
Sintana remains committed to supporting the responsible development of Namibia's resources for the benefit of its people, including through its indirect interest in Custos, a proudly Namibian company, and to the opportunities this partnership creates for local capacity building and broad-based benefit.
For further information, please contact:
Sintana Energy Inc | Tel: +44 (0)7 747 845 987 |
Zeus - Nomad and Joint Broker | Tel: +44 (0) 20 3829 5000 |
Stifel - Joint Broker | Tel: +44 (0) 20 7710 7600 |
Jonathan Paterson - Investor Relations | Tel: +1 475 477 9401 |
CAMARCO - Financial PR | Tel: +44 (0) 20 3757 4980 |
About Sintana
Sintana, the Canadian parent company of a group of companies, is focused on the acquisition, exploration, potential development, and ultimately the monetisation of a diverse portfolio of interests in high-impact assets with significant hydrocarbon resource potential in emerging "frontier" geographies. Specifically, this includes interests in eight licences in two countries, Namibia and Uruguay, as well as pending indirect interests in additional licences in Namibia and Angola (and legacy assets in Colombia and The Bahamas), providing exposure to a range of geologic plays, basins, operators, regulators, jurisdictions and geopolitical regimes.
Forward-looking statements
Certain statements in this announcement are, or may be deemed to be, forward looking statements, including statements with respect to the anticipated completion of the Acquisition on terms currently proposed or at all, the receipt of all associated regulatory approvals and satisfaction of all closing conditions, and the prospective nature of PEL 37. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Company's current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Company's current beliefs and assumptions and are based on information currently available to the Company. Several factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions, competition, failure to obtain regulatory approvals or satisfy conditions precedent to the completion of the Acquisition, changes in project parameters as plans continue to be refined, environmental and other regulatory changes, actions by governmental authorities, the availability of capital markets, reliance on key personnel, uninsured and underinsured losses and other factors, many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Company believes to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with such forward looking statements. The Company disclaims any obligation to update forward-looking statements contained herein other than as required by applicable 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.
SOURCE: Sintana Energy Inc.
View the original press release on ACCESS Newswire
L.Côte--SMC
