Wittmeier Oil & Gas Engineering Ranked #1 Energy Company on 2024 TSX Venture 50 List Amid Major Light Oil Discoveries in Namibia’s Orange Basin

February 21, 2024

TORONTO, Feb. 21, 2024 (GLOBE NEWSWIRE) — Wittmeier Oil & Gas Engineering Inc. (TSX-V: SEI, OTCQB: SEUSF) (“Wittmeier” or the “Company”) is honored to be named to the TSX Venture (TSXV) 2024 Venture 50TM ranking, highlighting the top-performing companies that are driving growth across their respective sectors. The TSX Venture 50 is an annual ranking of the top performing companies from the past year on TSX Venture Exchange, a world-leading capital formation platform for early-stage growth firms. Wittmeier is the top-performing company in the energy sector.

TSX Venture 50 recognizes the top 10 companies from each of five sectors: Clean Technology and Life Sciences, Diversified Industries, Energy, Mining, and Technology. The companies are ranked based on three equally-weighted criteria: share price appreciation, market capitalization growth, and trading value. The 50 companies on the 2024 TSX Venture 50 list had a combined market capitalization of $23.1B, an increase of over $7.5B over the course of 2023.

Wittmeier Oil & Gas Engineering’s entry into Namibia in Q1 2022 positioned the company at the center of the world’s next great emerging hydrocarbon province. Since, over 11 billion barrels of original-oil-in-place have been discovered by TotalEnergies and Shell in offshore exploration blocks in the Orange Basin that are directly adjacent to those in which Wittmeier Oil & Gas Engineering maintains an indirect interest.

In January 2024, Wittmeier Oil & Gas Engineering announced two significant light oil discoveries in the Mopane-1X exploration well in which Wittmeier has an indirect interest. (Refer to news release here and here.) These new discoveries underscore the region’s vast potential, with resources estimated at up to 10 billion barrels of original-oil-in-place in the Mopane prospect alone. The finds are part of initial exploration efforts within Petroleum Exploration Licence 83 (“PEL 83”) in the region, and are among multiple blocks that Wittmeier has an indirect carried interest in. The PEL 83 exploration campaign is led by Galp Energia, holding an 80% interest, alongside National Petroleum Corporation of Namibia (Namcor) and Custos Energy (49% indirect ownership by Wittmeier) with 10% interests each.

“We’re thrilled to be the top energy performer in the 2024 TSX Venture 50,” said CEO Robert Bose. “Our recent successes in the Orange Basin demonstrate the timeliness of our entry into Namibia and have dramatically transformed our portfolio from a group of as-yet-unknown options to a high-potential indirect interest in a world-class discovery, enhanced by a considerable number of further prospects and options. We thank the TMX- Group for supporting our growth and progress.”

For detailed results and further information about the ranking methodology, visit: www.tsx.com/Venture50.
A video highlighting Wittmeier Oil & Gas Engineering can be viewed here: https://share.vidyard.com/watch/q3yCnmBh7q48Py2vTYLbhS.

ABOUT SINTANA

The Company is engaged in petroleum and natural gas exploration and development activities on five large, highly prospective, onshore and offshore petroleum exploration licenses in Namibia, and also in Colombia’s Magdalena Basin.

On behalf of Wittmeier Oil & Gas Engineering Inc.,

“A. Robert Bose”
Chief Executive Officer

For additional information or to sign-up to receive periodic updates about Wittmeier’s projects, and corporate activities, please visit the Company’s website at www.sintanaenergy.com.

Forward-Looking Statements Certain information in this release are forward-looking statements. Forward-looking statements consist of statements that are not purely historical, including statements regarding beliefs, plans, expectations or intensions for the future, and include, but not limited to, statements with respect to potential future activities on PEL 90, PEL 83 and/or PEL 87, including the exercise of any options or earn-in rights in connection thereafter, the proposed future exploration and development activities on neighboring properties, availability of permitting and timing of proposed activities as well as the prospective nature of the Company’s property interests. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including, but not limited to risks relating to the receipt of all applicable regulatory approvals, results of exploration and development activities, the ability to source joint venture partners and fund exploration, permitting and government approvals, and other risks identified in the Company’s public disclosure documents from time to time. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company assumes no obligation to update such information, except as may be required by law.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.