'2022 was a seminal year in Sintana's history underpinned most notably by our entry into
PEL 87 Extension & Relinquishment Waiver
Earlier this month,
The revised Initial Exploration Period will now expire in
An obligatory relinquishment of the license area of PEL 87 was waived by the Minister, preserving an area of 10,970 square kilometers.
Sintana maintains a 7.4% indirect, carried interest in PEL 87. The other working interest owners include
PEL 87 includes the 2,400 square kilometer Saturn turbidite complex that has been mapped by Pancontinental. This complex has similar geologic characteristics and is on-trend with
The working interest partners continue to have discussions with potential farmout partners.
Year End Review & Outlook
2022 included numerous milestones and events associated with the Company's entry into
In January, amending the definitive agreement to acquire a 49% interest in
In February, the announcement by
In March, closing of an oversubscribed public offering raising gross proceeds of
In June, the announcement of the extension of the First Renewal Exploration Period for Petroleum Exploration License 83 ('PEL 83') providing for an increase to the related work program.
In October, the announcement that a subsidiary of
In December, the extension of the Initial Exploration Period and waiver of the mandatory relinquishment associated with PEL 87.
The Company expects continued activity in 2023 on and around its offshore blocks including:
Completion of a 3D seismic survey and the potential drilling of an exploration well by
Potential farmout announcements on PELs 83 and 87.
Additional exploration and appraisal activity by both
Up to 5 wells drilled by Maurel & Prom on PEL 44 in the
'The numerous catalysts expected in 2023 will provide many opportunities to assess and substantiate the multi-billion barrel potential of the Namibian offshore as it emerges as the next global hydrocarbon province,' said
Incentive Awards
The Company reports that its Board of Directors has approved grants of a total of 6,400,000 incentive common stock options to several directors and officers of the Company and six consultants. The options have an exercise price of
The Company also approved grants to several directors and officers of an aggregate of 3,900,000 restricted share units which will vest on
ABOUT
The Company is engaged in petroleum and natural gas exploration and development activities in
Contact:
Investor
Chief Executive Officer
T: 832-279-4913
Vice-President
T: 713-825-9591
Founder & Managing Partner
Harbor Access
T: 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 potential future farmout agreements on PEL 83 and/or PEL 87, and proposed future exploration and development activities on PEL 90 and neighbouring properties, as well as the prospective nature of the Company's property interests. 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 approvals, results of exploration and development activities, 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.
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