–News Direct–

Custos Energy (Pty) Ltd. (together with Custos Investments (Pty) Ltd., Custos or the Company) is pleased to provide the following update regarding the ongoing exploration campaign on blocks 2813A and 2814B located in the heart of Namibias Orange Basin, emerging as the one of the worlds most prospective oil and gas regions. The blocks are governed by Petroleum Exploration License 83 (PEL 83) which is operated by a subsidiary of Galp Energia (Galp) of Portugal. Custos is a 10% working interest owner in PEL 83 as is NAMCOR, the National Petroleum Corporation of Namibia.

Galp, together with its partners NAMCOR and Custos, has successfully drilled and logged the Mopane-1X well, the first exploration well at PEL83.

Building on a previous announcement dated January 2nd, Galp now confirms the discovery of a significant column of light oil in reservoir-bearing sands of high quality.

Galp will continue to analyze the acquired data and anticipates performing a Drill Stem Test (DST) in the coming weeks to assess the commercial viability of the discovery.

The drilling operations at Mopane-1X will proceed to explore deeper targets. Upon completion, the rig will be relocated to the Mopane-2X location to further evaluate the extent of the Mopane discovery.

PEL 83 is located immediately north of PEL 39 home to Shells basin opening discoveries at Graff- 1, La Rona-1 and Jonker-1. Additionally, it is located north and west of PEL 56 where TotalEnergies announced is giant oil discovery at Venus-1.

The preliminary results of the initial exploration campaign on PEL 83 demonstrate the expanding scope and potential of Namibias Orange Basin. We extend our sincere congratulations to our partners Galp and NAMCOR on this initialdiscovery. said Knowledge Katti, Chairman and Chief Executive Officer of Custos.

This is a significant milestone for Custos positioning us for further growth and continued success underpinned by our unmatched position in the heart of the basin. he added.

We are proud to have achieved this milestone. said Maggy Shino, Petroleum Commission for the Ministry of Mines and Energy. We congratulate the Joint Venture partners on a safe and successful initial exploration campaign. This oil discovery is a testament to their hard work and dedication, and also showcases our ability to unlock world-scale resources turning Namibia into the worlds next great hydrocarbon province. she added.

Tom Alweendo, Minister of Mines and Energy for the Republic of Namibia noted On behalf of all Namibians, theMinistry extends its congratulations to the Joint Venture partners Galp, Custos and NAMCOR. This discovery furtherdemonstrates Namibias ability to attract top-tier partners making world scale investments we look forward tocontinuing success in this regard. he added.

ABOUT CUSTOS ENERGY:

Custos is a Namibian independent oil and gas exploration company focused on attracting investment and expertise to the Namibian offshore industry. Founded over a decade ago by Mr. Knowledge Katti, Custos continues to develop its portfolio with international partners for the benefit of all Namibians.

On behalf of Custos Energy (Pty) Ltd.,

Knowledge R. Katti

Chairman & Chief Executive Officer

ABOUT CUSTOS ENERGY: Custos is a Namibian independent oil and gas exploration company focused on attracting investment and expertise to the Namibian offshore industry. Founded over a decade ago by Mr. Knowledge Katti, Custos continues to develop its portfolio with international partners for the benefit of all Namibians.

Contact Details

Custos Energy

Knowledge R Katti

+1 475-477-9410

View source version on newsdirect.com: https://newsdirect.com/news/pel-83-exploration-campaign-update-mopane-1x-significant-light-oil-discovery-227754257

Custos Energy

COMTEX_446111953/2655/2024-01-10T07:43:40