BluEnergies Ltd. press release

Sintana Energy CEO confirms 2nd significant light oil discovery at Mopane-1X

2024-02-08

TSXV - TSX Venture Exchange · Drill Results

(NewsDirect)

Sintana Energy CEO Robert Bose shared significant developments regarding the Mopane-1X well during an interview with Steve Darling from Proactive.

According to Bose, Sintana Energy, in partnership with Galp through the AVO-2 consortium, has successfully and safely drilled, cored, and logged a deeper target in the Mopane-1X well, located on block 2813 governed by PEL83 in Namibia.

Bose also revealed that Galp has made another noteworthy discovery within the Mopane-1X well. A second substantial column of light oil has been identified in reservoir-bearing sands of high quality. Following these discoveries, the drilling rig is expected to be relocated to the Mopane-2X well location to further evaluate the extent of the Mopane discoveries. Subsequently, a Drill Stem Test will be conducted in Mopane-1X to assess commercial viability.

Bose highlighted the strategic importance of the Multani 1x location, emphasizing its position as the first well drilled beyond Shell and Total's concentrated efforts. The discoveries, announced on January 10th and 26th, showcased the basin's extensive resources, estimating up to 10 billion barrels of original oil in place.

Sintana Energy maintains an indirect 49% interest in Custos Energy, which holds a 10% working interest in PEL 83. The National Petroleum Company of Namibia (NAMCOR) also maintains a 10% working interest in the project. The consortium partners, including Sintana Energy and Galp, will continue to analyze the acquired data to determine the commercial potential of these discoveries.

Contact Details

Proactive Canada

Proactive Canada

+1 604-688-8158

action@proactiveinvestors.com

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