TORONTO, Dec. 09, 2025 (GLOBE NEWSWIRE) — Sintana Energy Inc. (TSX-V: SEI, OTCQB: SEUSF) (“Sintana” or the “Company”) is pleased to provide the following update regarding blocks 2813A and 2814B located in the heart of Namibia’s Orange Basin. The blocks are governed by Petroleum Exploration License 83 (“PEL 83”) which is currently operated by a subsidiary of Galp Energia, SGPS, S.A. (“Galp”). Sintana maintains an indirect 49% interest in Custos Energy (Pty) Ltd. (“Custos”), which owns a 10% working interest in PEL 83 providing for an effective 4.9% interest in PEL 83. NAMCOR, the National Petroleum Company of Namibia, also maintains a 10% working interest.
With reference to Galp’s corporate website (at galp.com) and updates provided therein, it was announced today that TotalEnergies and Galp have entered into an agreement (the “Agreement”) that provides for TotalEnergies to take over operatorship of PEL 83 in addition to receiving a 40% participating interest in from Galp who currently own 80%.
The Agreement also includes a commitment to launch an exploration and appraisal campaign on PEL 83 that will include at least three wells over the next two years to continue de-risking the block and support definition of an initial development hub. The first potential well is under assessment for 2026.
As part of the transaction Galp and TotalEnergies also signed a funding agreement where 50% of all Galp’s investments for a first development in Mopane will be carried. The carry will be repaid following the first commercial oil through 50% of Galp’s future cash flows from the project. Custos will continue to benefit from the carry that is provided for in the prevailing Joint Operating Agreement associated with PEL 83.
The transaction is subject to customary third-party approvals from the Namibian authorities and joint venture parties, with completion expected to occur during 2026.
“The addition of TotalEnergies to the PEL 83 partnership as operator and significant participating interest owner speaks to the quality and scale of the opportunity including most materially the discoveries at Mopane. The increase in committed technical and financial resources to continue to progress and mature PEL 83 provide an opportunity to increase the value of our interests therein,” said Robert Bose, Chief Executive Officer 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 as well as in Colombia’s Magdalena Basin. The Company is also in advanced stages to acquire Challenger Energy Group Plc, which will add interests in highly prospective offshore petroleum licences in Uruguay to the Company’s portfolio. Sintana’s exploration strategy is to acquire, explore, develop and produce superior quality assets with substantial value-added potential.
On behalf of Sintana Energy Inc.,
“A. Robert Bose”
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
| Corporate Contacts: | Investor Relations Advisor: |
| Robert Bose Chief Executive Officer 212-201-4125 |
Jonathan Paterson Managing Partner Harbor Access 475-477-9401 |
Forward-Looking Statements
Certain information in this release are forward-looking statements. Forward-looking statements consist of statements that are not purely historical, including statements regarding beliefs, plans, expectations or intensions for the future, and include, but not limited to, statements with respect to the prospective nature of the Company’s property interests, the anticipated future operatorship and ownership of PEL 83, the timing and nature of future campaigns, and anticipated future funding. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including, but not limited to risks relating to the receipt of all applicable regulatory and third party approvals, results of exploration activities, completion of the transactions contemplated by the Agreement upon terms presently proposed or at all, the ability to source joint venture partners and fund exploration, permitting and government approvals, and other risks identified in the Company’s public disclosure documents from time to time. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company assumes no obligation to update such information, except as may be required by 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.
A map accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/46f6cc39-e024-4cba-aab5-5e63fce79fe8
