11:14 AM EDT, 03/17/2025 (MT Newswires) -- Sintana Energy ( SEUSF ) , down 10% on last look, on Monday said Woodside Energy has elected not to exercise its option to farm-in to the PEL 87 project in Namibia's Orange Basin. Woodside had the option to acquire a 56% stake in the PEL 87 offshore blocs.

A process is underway to secure an alternate farm-in partner to fund exploration drilling within PEL 87.

"The extensive dataset arising from the seismic acquisition campaign funded by Woodside, together with the continuing work to define and refine a significant inventory of leads and prospects, position the PEL 87 partners to expedite farm-in discussions," said Sintana chief executive Robert Bose. "PEL 87 is an integral part of our Orange Basin portfolio," he added.

Sintana was last seen down $0.07 to $0.59 on the TSX Venture Exchange.

Price: 0.58, Change: -0.07, Percent Change: -10.77