10:01 AM EDT, 04/22/2024 (MT Newswires) -- Sintana Energy ( SEUSF ) , which closed on Friday just below a 52-week high, surged more than 50% on Monday to its highest level since 2013 after the oil company provided an update on its exploration campaign in Namibia's Orange Basin.

The shares traded at $0.88 in Canada at last look.

The Orange Basin is "emerging as one of the world's most prospective oil and gas regions, the company said in a statement on Sunday, adding that the interested blocks, 2813A and 2814B, are governed by Petroleum Exploration License 83 which is operated by a subsidiary of Portugal's Galp Energia. Sintana maintains an indirect 49% interest in Custos Energy, which has 10% interest in PEL 83. NAMCOR, the National Petroleum Company of Namibia, also maintains a 10% working interest.

Sintana noted press releases from Galp and Custos saying that further to previous updates provided during Q1 2024, Galp (the license operator with an 80% interest) together with its partners NAMCOR and Custos, had successfully completed the first phase of the Mopane exploration campaign with the conclusion of the Mopane-1X Well Testing operations.

"The successful culmination of the exploration campaign at Mopane, including a well test reaching the maximum allowable limit, further demonstrates the scope and potential of PEL 83 with Mopane alone containing potential in excess of 10 billion barrels of original oil in place making it one of the largest discoveries globally." said Knowledge Katti, Chairman and Chief Executive Officer of Custos.

Robert Bose, Sintana's CEO added: "The timeliness of our entry and the unmatched nature of our portfolio continue to be demonstrated as the Orange Basin emerges as the world's next great hydrocarbon province."