The duration of the contract has been set at 115 days and drilling is expected to commence by Q4 of 2023. The rig currently has a contract with ExxonMobil in Canada, and as such, the contract timeframe includes mobilization to Namibia.
“Our Orange Basin licenses, PEL’s 83, 87 and 90, are ideally located at the heart of the play. The significant prospectivity of PEL-83, together with its relatively shallow water depth (250-2,550 meters), position it to be one of the most significant and profitable developments in Namibia,” commented Knowledge Katti, Chairman and CEO of Custos – which holds a 10% share in PEL-83.
PEL-83 lies in closely proximity to PEL-39, the concession where energy major Shell discovered hydrocarbons at the Graff-1 and Jonker-1 wells in 2022 and 2023, respectively, as well as PEL-56, the concession where French energy major TotalEnergies made the Venus-1 discovery in 2022.
“The continuing progress made by the operators of each of our three Orange Basin PELs demonstrates the high-quality potential of our portfolio. Sintana is uniquely positioned, on a carried basis, for near-term exploration activity, including potential drilling, on each of our highly prospective Orange Basin licenses,” stated Robert Bose, President of Sintana – which holds a 49% indirect interest in Custos.