Sintana Energy Inc. announced that while its Kapana 1-X well, in which it holds a 10% indirect working interest, did not uncover commercial hydrocarbons, it has yielded valuable geological and geophysical data about the basin.
According to the oil and gas exploration company, these findings have increased confidence in the exploration potential of Petroleum Exploration Licence 90 (PEL 90), fostering optimism for future drilling programs in the region.
“The geologic insights and improved confidence in the future program on Petroleum Exploration Licence 90 (PEL 90) from these operations provide strong support for continued progress and value in our portfolio in Namibia’s Orange Basin, the world’s exploration hotspot,” said Knowledge Katti, Chairman and CEO of Custos Energy and Director of Sintana Energy.
“We look forward to the many opportunities ahead to further unveil the quality of our unmatched position in the heart of the Orange Basin, including the future activity on PEL 90 and the ongoing activity on PEL 83,” added Robert Bose, Chief Executive Officer of Sintana.
Chevron, the majority stakeholder in the Kapana 1-X well, similarly noted on Wednesday that the well did not find commercial hydrocarbon reserves. However, the U.S. oil producer highlighted the valuable information gathered about the basin and reaffirmed its plans to pursue further exploration in Namibia.
Last week, Shell announced a $400 million write-down related to an offshore oil discovery in Namibia that it deemed commercially unviable.
The Kapana 1-X exploration well is located on Block 2813B, governed by PEL 90 and operated by Harmattan Energy Limited, an indirect subsidiary of Chevron Corporation. Trago Energy (Pty) Ltd., a wholly owned subsidiary of Custos Energy (Pty) Ltd., in which Sintana holds a 49% indirect interest, has a 10% working interest in PEL 90.-miningandenergy.com.na
