Trago Energy, Sintana’s Namibian Affiliate Completes Transaction for Interest in PEL 90 of Canadian Business Journal

TORONTO, OCTOBER 4, 2022 (GLOBE NEWSWIRE) — Sintana Energy Inc. (TSX-V:SEI) (OTCQB:SEUSF)) (“Sintana” or the “Company”) announced that its Namibian affiliate Trago Energy (Pty) Limited (“Trago”) has completed a transaction (the “Transaction”) with Chevron Namibia Exploration Limited. increase. A wholly owned subsidiary of Chevron for its interest in Petroleum Exploration License 90 (“PEL 90”) in Namibia’s Orange Basin.

Trago retains a 10% interest in PEL 90 in Block 2813B. Chevron will carry his Trago through initial exploration efforts, including 3D seismic surveys and the drilling of the first exploration wells. After the carry period, Trago will bear the approved costs associated with that interest. Additional terms of the transaction were not disclosed.

PEL 90 is one of the most exciting exploration opportunities in the Orange Basin, located directly above TotalEnergies’ Venus-1 oil field discovery.

Knowledge Katti, Trago Chairman and CEO and Sintana board member, said: “This transaction in an emerging and globally important deepwater state brings us a partnership with a well-coordinated, experienced and committed deepwater drilling operator.

“This partnership demonstrates Namibia’s continued emergence as an important hydrocarbon region and the timeliness of our entry this March. We look forward to near-term exploration activities with PEL 90.”

About Syntana Energy:

The Company conducts oil and natural gas exploration and development activities in the Magdalena Basin of Colombia and obtains five large and highly promising onshore and offshore oil exploration licenses in Namibia. Sintana’s exploration strategy is to acquire, explore, develop and produce superior quality assets with substantial reserve potential.

On behalf of Sintana Energy Inc.,
“Douglas G. Manor”
Chief executive officer

For additional information or to sign up to receive regular updates on Sintana’s projects and corporate activities, please visit our website at www.sintanaenergy.com.

Company Contact:		Investor Relations Advisor:
Douglas G. Manor	Sean J. Austin	Jonathan Paterson
Chief executive officer	vice president	Founder and Managing Partner
832-279-4913	713-825-9591	harbor access
		475-477-9401

Forward-Looking Statements

Certain information in this release constitutes forward-looking statements. Forward-looking statements consist of statements that are not purely historical, including statements regarding future beliefs, plans, expectations or intentions, and include statements regarding the future nature of our proprietary rights. , but not limited to: Potential exploration and development activity at PEL 90. Such statements are subject to risks and uncertainties that could cause actual results, performance or development to differ materially from those contained in the statements. regulatory approvals and permits, actual results of exploration and development activities, ability to fund exploration, determination of joint venture partners, permits and government approvals, and other risks identified from time to time in our public documents. Readers are cautioned that the assumptions used in the preparation of such information, although believed to be reasonable at the time of preparation, may prove to be inaccurate and, therefore, forward-looking statements may not be correct. Please do not place undue reliance on us. We do not undertake any obligation to update such information, except as required by law..

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A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d6161088-dada-43b0-80b5-8f119a862277.

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