Sintana's Trago Energy completes transaction with Chevron Namibia in respect to its interests in PEL 90
Sintana Energy (Sintana), announced that Trago Energy (Trago), a Namibian affiliate of the Company, has completed a transaction with Chevron Namibia Exploration, a wholly-owned subsidiary of Chevron, in respect of its interest in Petroleum Exploration License 90 (PEL 90) located in the Orange Basin in Namibia.
Trago will retain a 10% interest in PEL 90 ON Block 2813B. Chevron will carry Trago through initial exploration activities including 3D seismic and drilling of the first exploration well. Post the carry period, Trago will be responsible with approved expenses associated with its interest.
Knowledge Katti, Chairman and CEO, Trago and Director, Sintana: ''We are very happy to partner with Chevron in the Orange Basin. This transaction in our emerging, globally significant deepwater province brings partnership with an aligned, highly experienced and committed deep water drilling operator.''
Additional terms of the transaction have not been publicly disclosed. PEL 90 represents one of the most exciting exploration opportunities in the Orange Basin sitting directly above TotalEnergies’ Venus-1 oil discovery.
Robert Bose, President and Director, Sintana: ''This partnership demonstrates the continuing emergence of Namibia as an important hydrocarbon province, and the timeliness of our entry in March of this year. We look forward to the near-term exploration activity on PEL 90.''
