PEL87 Extension Granted
Rhea-AI Summary
Sintana Energy (OTCQX:SEUSF) announced that Namibia's Ministry of Industry, Mines and Energy approved a 12‑month extension of the First Renewal Exploration Period for PEL 87 to January 22, 2027. The extension requires an EIA, reprocessing and interpretation of 3D seismic data, and drilling an exploration well.
The company holds a 7.4% indirect carried interest in PEL 87; seismic reprocessing is focused on a subset of existing 3D data and the EIA began in 2025.
Positive
- Extension of exploration period to Jan 22, 2027
- Work commitments include EIA, 3D seismic reprocessing, seismic interpretation
- Drilling commitment for an exploration well during extension period
- 7.4% indirect carried interest retained in PEL 87
Negative
- Extension delays definitive drilling timeline beyond original period
- Funding / farm‑in required to progress to focused drilling program
News Market Reaction – SEUSF
On the day this news was published, SEUSF gained 6.31%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
TORONTO, ON / ACCESS Newswire / March 18, 2026 / Sintana Energy Inc. (TSX-V:SEI)(AIM:SEI)(OTCQX:SEUSF) ("Sintana" or the "Company") is pleased to provide the following update regarding Petroleum Exploration License 87 ("PEL 87") which governs blocks 2713A and 2713B located in the Orange Basin offshore in the Republic of Namibia. Sintana has a
Pancontinental Energy Limited ("Pancontinental"), the joint venture partner and operator of PEL 87, has received notification from the Namibian Ministry of Industry, Mines and Energy (MIME) that the Minister has granted approval to Pancontinental's application to extend the current First Renewal Exploration Period of PEL 87 by 12 months, to January 22 2027. The extension has been granted with the following work commitments to be carried out on PEL 87 during the extension period:
Undertaking of an Environmental Impact Assessment ("EIA")
Reprocessing of 3D seismic data and seismic interpretation
Drilling of an exploration well
The EIA is well progressed, having commenced in 2025, with the seismic reprocessing work program focusing on a subset of PEL 87 3D. The main purpose of the seismic work will improve seismic signal quality in specific areas.
Robert Bose, Chief Executive Officer of Sintana Energy, commented: "We are grateful to the Minister for the extension of PEL 87. We look forward to the continued refinement of the existing seismic work in anticipation of securing a farmin partner to progress the project to a focused drilling program."
For further information, please contact:
Sintana Energy Inc | Tel: +44 (0)7 747 845 987 | |
Zeus - Nomad and Joint Broker | Tel: +44 (0) 20 3829 5000 | |
Cavendish Capital Markets Limited - Joint Broker | Tel: +44 (0) 20 3493 8000 | |
Jonathan Paterson - Investor Relations | Tel: +1 475 477 9401 | |
CAMARCO - Financial PR | Tel: +44 (0) 20 3757 4980 |
About Sintana Energy
Sintana Energy is an Atlantic Margin-focused oil and gas company, holding interests in a diverse portfolio of high-impact assets that spans the Southern Atlantic conjugate margin. The Company's current portfolio is strategically positioned in the emerging frontier geographies of Namibia, Uruguay and Angola, with additional legacy assets in Colombia and The Bahamas. Led by an experienced team, Sintana Energy is partnered with major industry players, and benefits from significant carry support, on key licenses across multiple jurisdictions. Sintana Energy is listed on the TSX-V in Canada under the symbol "SEI", in the United Kingdom on the LSE-AIM under the symbol "SEI" and in the U.S. on the OTCQX under the symbol "SEUSF".
For further information, please visit sintanaenergy.com
Forward-Looking Statements
The information provided in this announcement contains certain forward-looking statements and information (collectively, "forward-looking statements") within the meaning of applicable securities laws. Such forward-looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to assumptions, risks and uncertainties, many of which are beyond the control of Sintana. Forward-looking statements are predictive in nature, depend upon or refer to future events or conditions, or include words such as "expect", "plan", "anticipate", "believe", "intend", "maintain", "continue to", "pursue", "design", "result in", "sustain" "estimate", "potential", "growth", "near-term", "long-term", "forecast", "contingent" and similar expressions, or are events or conditions that "will", "would", "may", "could" or "should" occur or be achieved. The forward-looking statements contained in this announcement speak only as of the date hereof and are expressly qualified by this cautionary statement.
Forward-looking statements are based upon, among other things, factors, expectations and assumptions that Sintana has made as at the date of this announcement regarding, among other things, the receipt of all applicable regulatory approvals and the anticipated schedule for receipt of funds pursuant to the Settlement Agreement.
Undue reliance should not be placed on the forward-looking statements because no assurance can be given that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These risks include, but are not limited to, the ability of Sintana to receive all necessary regulatory approvals and third party satisfaction of all conditions of the Settlement Agreement.
Except as may be required by applicable securities laws, Sintana does not assume any obligation or intent to update publicly or revise any forward-looking statements made herein, whether as a result of new information, future events or otherwise.
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.
SOURCE: Sintana Energy Inc.
View the original press release on ACCESS Newswire
FAQ
What did Sintana Energy (SEUSF) announce about PEL 87 on March 18, 2026?
How much interest does Sintana Energy (SEUSF) hold in PEL 87 after the extension?
What specific work must be completed on PEL 87 during the extension to January 22, 2027?
Does the PEL 87 extension mean Sintana will immediately drill an exploration well?
How does the seismic reprocessing described by Sintana Energy (SEUSF) affect exploration plans?
