on Sintana Energy Inc. (CVE:SEI)
TotalEnergies Becomes Operator of PEL 83 in Landmark Transaction
Toronto-based Sintana Energy Inc. announced the completion of a significant transaction, where TotalEnergies has acquired a 40% operated interest in Petroleum Exploration Licence 83 (PEL 83) in Namibia's Orange Basin. TotalEnergies joins Galp, NAMCOR, and Custos Energy in holding stakes in PEL 83.
This region is notable for the Mopane discoveries, boasting a 3C resource estimate of approximately 1.3 billion barrels equivalent. TotalEnergies plans to initiate a three-well exploration campaign in 2026, aiming for a potential investment decision by 2028 and first oil by 2032.
Sintana, with an indirect 4.9% interest in PEL 83 through Custos, is optimistic about the transaction’s impact on its portfolio. The company anticipates that TotalEnergies' expertise will accelerate development, enhancing the value of its stake.
R. E.
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