10:49 AM EST, 12/31/2024 (MT Newswires) -- Sintana Energy ( SEUSF ) was at last look down near 6% on Tuesday after it provided a further update regarding the second campaign on blocks 2813A and 2814B located in Namibia's Orange Basin.

The losses come even as the company cited "successful operations" at Mopane 2-A well and a Mopane 3-X spud date.

A statement noted the blocks are governed by Petroleum Exploration License 83 (PEL 83) which is operated by a unit of Galp Energia of Portugal. Sintana maintains an indirect 49% interest in Custos Energy, which owns a 10% working interest in PEL 83. NAMCOR, the National Petroleum Company of Namibia, also maintains a 10% working interest.

The company said PEL 83 joint venture partners successfully drilled and logged the Mopane-2A well, which was spud on Dec. 2. It added Mopane-2A successfully encountered hydrocarbons in two reservoirs, both of which showed "good quality sands, with good porosities and permeabilities, high pressures and low fluid viscosity characteristics, with minimum CO2 and no H2S concentrations".

Regarding the E&A campaign in the wider Mopane area, the drillship is now moving to the Mopane-3X exploration well location, targeting two stacked prospects AVO-10 & AVO-13 with an expected spud date around Jan. 1, Sintana said.

"The ongoing success at Mopane is emblematic of the world class scale and quality of the complex. We look forward to further exploration and appraisal activities anticipated over coming months to further unveil the unmatched quality of our position at the heart of Namibia's Orange Basin," said Sintana Chief Executive Robert Bose.

Shares were last seen down $0.07 or 5.9%, at $1.11 on the TSX Venture Exchange.

Price: 1.11, Change: -0.07, Percent Change: -5.93