Sintana Energy says its portfolio of five offshore petroleum exploration licences in Namibia recorded significant progress during the six months ended 30 June 2026, with the reporting period marked by TotalEnergies’ farm-in to PEL 83, a 57% increase in the Mopane contingent resource to 1.38 billion barrels of oil equivalent, Chevron’s commitment to drill PEL 90 before the end of 2026, plans for a second Chevron-operated exploration well on PEL 82 in 2027, and the expansion of its Walvis Basin position through an exclusive agreement to acquire an interest in PEL 37.
The company told shareholders that its Namibian portfolio continued to mature during the period, with several assets moving from frontier exploration to appraisal and development. With interests spanning the Orange Basin and Walvis Basin, Sintana said the progress achieved across its core licences further de-risked the portfolio while strengthening its exposure to what is rapidly becoming one of the world’s most active offshore petroleum provinces.
The most significant milestone was recorded on Petroleum Exploration Licence (PEL) 83, where TotalEnergies agreed to farm into the licence and, once the transaction is completed, will assume operatorship of the block from Galp Energia. Under the agreement, TotalEnergies will fund and undertake a fully carried three-well exploration and appraisal campaign, scheduled to begin during the second half of 2026, providing a defined pathway towards a Final Investment Decision in 2028 and first oil targeted for 2032.
The period also saw a substantial increase in the estimated size of the Mopane discovery, with operator Galp Energia announcing a 57% upgrade to the independently assessed 3C contingent resource, increasing it from 875 million barrels of oil equivalent to 1.38 billion barrels of oil equivalent. Through its indirect 4.9% interest in PEL 83, Sintana’s attributable share of the contingent resource has increased to approximately 67 million barrels of oil equivalent, significantly enhancing the value of what has become one of Namibia’s largest offshore discoveries.
Sintana also noted that technical information released by TotalEnergies during the reporting period has provided greater visibility into the project’s scale, commercial value, and development timetable, allowing the company to assess the long-term potential of its investment better.
Elsewhere in the Orange Basin, operator Chevron confirmed that it intends to drill a high-impact exploration well on PEL 90 before the end of 2026, providing another major exploration catalyst within Sintana’s portfolio. The company said it remains fully funded for its share of the anticipated drilling costs associated with the well.
Momentum also continued in the Walvis Basin, where Chevron advised that a high-impact exploration well on PEL 82 is expected to be drilled during 2027. Sintana said it is fully carried for its share of the programme’s costs, allowing it to participate in any exploration success without contributing to drilling expenditure.
The company also strengthened its strategic position in the Walvis Basin by signing a Letter of Intent securing exclusive rights to acquire a significant interest in PEL 37, a highly prospective block immediately adjacent to PEL 82. Sintana said the acquisition is being pursued at modest cost and is expected to be completed in the near future, providing additional leverage to the outcome of Chevron’s planned exploration campaign on the neighbouring licence.
The progress reported during the first half of the year reflects Sintana’s strategy of building minority interests alongside major international operators rather than pursuing operatorship itself. Through partnerships with TotalEnergies, Chevron and Galp Energia, the company has positioned itself to participate in multiple high-impact exploration and appraisal programmes while limiting its direct capital exposure.
With a three-well appraisal programme planned for PEL 83, exploration wells scheduled on PELs 90 and 82, continued advancement of the 1.38-billion-barrel Mopane discovery, and the proposed acquisition of PEL 37, Sintana enters the second half of 2026 with several major milestones expected across its Namibian portfolio. Collectively, the developments reported over the past six months demonstrate how the company’s offshore assets are progressing beyond frontier exploration towards appraisal, commercial evaluation, and, ultimately, development.
