Sintana Energy (AIM:SEI), an international upstream oil and gas explorer listed on the TSX-V and AIM, highlighted a recent 57% resource upgrade for the Mopane project, in Namibia's Orange Basin, in an operational update covering the six months to 30 June.
Operator Galp Energia raised the gross 3C contingent resource at PEL 83 from 875 million barrels of oil equivalent to 1.38 billion barrels of oil equivalent, with Sintana's 4.9% indirect interest representing approximately 67 million barrels of oil equivalent.
It comes after TotalEnergies' took operatorship, and ahead of a fully carried three-well exploration and appraisal campaign expected to begin in the second half of 2026, with a Final Investment Decision targeted for 2028 and first oil targeted for 2032.
In Uruguay, the first season of 3D seismic acquisition on the AREA OFF-1 block was completed, with Sintana fully carried by operator Chevron for all associated costs; initial fast-track results are expected in the second half, and a second seismic season is on track to begin in the fourth quarter.
The company reported a cash balance of approximately $16.1 million at 30 June, with a further $6.75 million of gross inflows expected over the coming six months from the remainder of an ExxonMobil settlement and deferred proceeds from legacy Trinidad assets.
"We are doing exactly what we said we would do," said Chief Executive Robert Bose.
