11:34 AM EST, 01/16/2025 (MT Newswires) -- (Updates shares.)

Sintana Energy ( SEUSF ) , which fell 15% on Wednesday, edged higher on Thursday as it provided an update on the Kapana 1-X exploration well in Namibia.

Kapana 1-X is located on Block 2813B, which is governed by Petroleum Exploration License 90 and operated by Chevron (CVX) subsidiary Harmattan Energy. Sintana maintains a 49% indirect interest in Custos Energy subsidiary Trago Energy, which is a 10% working interest owner in PEL 90.

While operations reached total depth 25% ahead of plan, the well did not find commercial hydrocarbons, according to the update.

However, operations returned valuable information on important aspects of the basin and increased confidence in the future program on PEL 90, Chevron said in a notification to Trago.

Sintana shares were last seen up $0.01 to $0.84 on the TSX Venture Exchange.

Price: 0.85, Change: +0.02, Percent Change: +2.41