03:04 PM EDT, 04/29/2024 (MT Newswires) -- Sintana Energy Inc. ( SEUSF ) was up 10% and nearer 52 week high levels on last look Monday after saying that Chevron Namibia Exploration Limited (CNEL), an affiliate of Chevron Corp. (CVX) has executed an agreement effective April 28, that provides for their entry into Petroleum Exploration License 82 (PEL 82) with the assumption of an 80% working interest and operatorship. NAMCOR, the National Petroleum Corporation of Namibia, and Custos Energy (Pty) Ltd. will each maintain a 10% carried interest in PEL 82.

Sintana maintains an indirect 49% interest in Custos.

PEL 82 governs blocks 2112B and 2212A, in the Walvis Basin, offshore Namibia. PEL 82 is one of the Walvis Basin's "most attractive opportunities", according to Monday's statement.

"We are pleased to announce the continuing expansion of our in-country partnership with Chevron through their entry in PEL 82. This is one of the most advanced and interesting opportunities offshore Namibia outside of the Orange Basin," said Knowledge Katti, Chairman and CEO of Custos, and a director of Sintana. "We are pleased to see our efforts over the last decade on PEL 82 result in this important step forward adding further to Namibia's world class offshore opportunity."

Sintana was up 10% and trading at $1.10, having touched a day high $1.1650 -- compared to a 52 week high $1.19.

Price: 1.11, Change: +0.11, Percent Change: +10.50