News ReleasePEL 83 Second Exploration Campaign Commencement of Operations – Spud of Mopane 1-A
Custos Energy
Custos Energy (Pty) Ltd. (“Custos” or the “Company”) is pleased to provide the following update regarding the second exploration and appraisal campaign on blocks 2813A and 2814B located in the heart of Namibia’s Orange Basin, emerging as the one of the world’s 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. The drill ship Santorini has arrived on location and operations associated with the Mopane 1-A well have commenced. Specifically, the Mopane 1-A was spud 23:30 local time on October 23rd. This appraisal well is the first of an up to four well program consisting of two exploration wells and two appraisal wells. This second campaign on PEL 83 is predicated on providing additional insights into the scope and quality of the Mopane complex. As announced during Q1 and Q2 of 2024, an inaugural two well exploration campaign resulted in multiple discoveries of significant columns of light oil in high quality reservoir sands providing for an initial estimate of original oil in place (“OOIP”) of 10 billion barrels of oil equivalent. A drill stem test was also conducted resulting in an infrastructure constrained flow of 14,000 boe/d. Initial analysis suggests the reservoirs have good porosities, high pressures and high permeabilities in large hydrocarbon columns with very low oil viscosity, and no CO2 nor H2S. The flows achieved during the well test have reached the maximum allowed limits, positioning Mopane as a potentially important commercial discovery. “We look forward to continued progress on PEL 83. The further unveiling of the potential and quality of the Mopane complex will provide additional insights into the scope and quality of this world class opportunity.” said Knowledge Katti, Chairman and Chief Executive Officer of Custos. “We look forward to a safe and successful outing at Mopane 1-A beginning the next chapter of progress on our world class portfolio at the heart of Namibia’s Orange Basin” he added. ABOUT CUSTOS ENERGY:Custos is a Namibian independent oil and gas exploration company focused on attractinginvestment 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 thebenefit of all Namibians.Together with the Knowledge Foundation, Custos is committed to creating a better and sustainablefuture for all especially the stakeholder communities where we are present. We believe thatunderstanding and addressing the interest of our communities is critical. We are particularlyfocused on contributing to and ensuring the full spectrum of support and opportunity for the youthof Namibia. We are proud to be the first local company to make a discovery in Namibia togetherwith our partners. Contact Details Knowledge R Katti +1 475-477-9410
October 24, 2024 03:48 PM Eastern Daylight Time
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