Mopane has 57% more oil than previously estimated, says Sintana

The Mopane complex may have 57% more oil resources than previously estimated, according to one of its shareholders.

Canadian energy company Sintana Energy on Monday told investors that the complex had 1.38 billion barrels of oil equivalent, an upgrade of the previously reported 875 million barrels of oil equivalent.

“We benefit from a substantial 57% increase in the Mopane contingent resource base, taking our interest to 67 million barrels of oil equivalent. This comes ahead of a three well drilling campaign that TotalEnergies is planning to commence later this year and which we expect should further expand what is already a world-scale project,” Sintana chief executive Robert Bose said.

Sintana’s notice is based on Galp Energia’s integrated annual report, which lists 1.38 billion barrels of oil equivalent as the current estimated 3C contingent resources.

3C contingent resources are estimates with high levels of uncertainty. It refers to oil that has been discovered, but where it is not yet clear whether it can be recovered.

Galp Energia is currently the operator of the petroleum exploration licence (PEL) where the Mopane discovery is located (PEL83), but French oil giant TotalEnergies is in the process of completing an agreement through which it will take over as operator of the licence.

Sintana Energy holds a stake in PEL83 through its 49% ownership of Inter Oil, a Namibian company owned by Namibian businessman Knowledge Katti.

Katti is also a non-executive director of Sintana Energy and holds 4.38% of the company’s shares.

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