Interesting result for an 8 km step out. Mopane-2X AVO-1 oil...

Interesting result for an 8 km step out. Mopane-2X AVO-1 oil zone continous with Mopane-1X zone based on presures, a significant result.

No mention of Mopane-1X AVO-2 zone being intersected in Mopane-2X well.

New light oil discovery zone potential in Mopane-2X with AVO-3, possibly.

With these stratigraphic plays, horizontal variabilty and surprises to be expected.

All positive for PCL and Saturn,imho

PEL 83 Exploration Campaign Update 4 - New Significant Light Oil Discovery & Successful Appraisal at Mopane-2X

TORONTO, March 14, 2024 (GLOBE NEWSWIRE) -- SintanaEnergy Inc. (TSX-V: SEI, OTCQB: SEUSF) (“Sintana” or the “Company”) is pleasedto provide the following update regarding the ongoing exploration campaign onblocks 2813A and 2814B located in the heart of Namibia’s Orange Basin, emergingas the one of the world’s most prospective oil and gas regions. The blocks aregoverned by Petroleum Exploration License 83 (“PEL 83”) which is operated by asubsidiary of Galp Energia (“Galp”) of Portugal. Sintana maintains an indirect49% interest in Custos Energy (Pty) Ltd. (“Custos”), a 10% working interestowner in PEL 83. NAMCOR, the National Petroleum Company of Namibia, alsomaintains a 10% working interest.

We refer to press releases from Galp (available atgalp.com) and Custos (available at newsdirect.com) noting that further toprevious updates provided in January, Galp, together with its partners NAMCORand Custos, has successfully drilled the Mopane-2X well to itsdesignated depth on PEL 83.

Drilling operations encountered asignificant column of light oil in reservoirs of high quality.

The AVO-3 exploration target, the AVO-1 appraisaltarget and a deeper target were fully cored and logged.

The AVO-1 appraisal target found the samepressure regime as in the Mopane-1X discovery well located approximately 8 kmto the east, confirming its lateral extension.

The rig will now return to the Mopane-1Xwell location to conduct a drill stem test until early April.

Galp will continue to analyze the acquired dataduring the coming weeks to assess the commerciality of the discoveries.

PEL 83 is located immediately north of PEL 39 hometo Shell’s basin opening discoveries at Graff-1, La Rona-1 and Jonker-1.Additionally, it is located north and east of PEL 56 where TotalEnergiesannounced its giant oil discovery at Venus-1.

“The continuing success of the exploration campaignfurther demonstrates the scope and potential of PEL 83. We extend our furthercongratulations to our partners Galp and NAMCOR.” said Knowledge Katti,Chairman and Chief Executive Officer of Custos. “This is another significantmilestone for Custos positioning us for further growth and continued successunderpinned by our unmatched position in the heart of the basin.” he added.

“The announcement of another significant discoveryand the appraisal success at the upper target is further testament to the hardwork and dedication of the partners involved, as well as another demonstrationof the potential for further growth in our oil industry. With this discovery,we are one step closer to harnessing the full potential of this campaign.” saidMaggy Shino, Petroleum Commission for the Ministry of Mines and Energy. “We areproud to have achieved this milestone.” she added.

“Thisthird light oil discovery in the Mopane complex and the appraisal results atthe AVO-1 reservoir 8 km away from the 1X location provide further evidence ofthe scale and quality of our exploration portfolio held through our localpartners, including Custos. We continue to be reminded of the timeliness of ourentry into Namibia with the ongoing progress and success.” said Robert Bose,Chief Executive Officer of Sintana. “We extend our further congratulations tothe joint venture partners on this additional success.”