Petroleum Exploration License 87 (“PEL 87”) has recently been extended by one year, according to Sintana Energy Inc.

The existing, initial four-year Initial Exploration Period for PEL 87, which is located in Orange Basin, has been extended a second time by one year by the Minister of Mines and Energy of Namibia. The revised initial exploration timeframe now ends in January 2024.

After the present period, three additional periods totalling six years are available, and further extensions may be made after that. A comprehensive 3D seismic survey will be one of the activities carried out on the project.

The Pancontinental-mapped 2,400 square kilometre Saturn turbidite complex is part of PEL 87. This complex resembles Venus, an oil discovery made by TotalEnergies in February 2022, in terms of its geological properties.

Sintana still has a 7.4% indirect carried interest in PEL 87. Pancontinental Orange (Pty) Ltd. (“Pancontinental”), the operator and owner of a 75% interest, and National Petroleum Corporation of Namibia (“Namcor”) are the other owners of working interests.