PEL 83 Exploration Campaign Update – Second Significant Light Oil Discovery at Mopane-1X
Namibia
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January 26, 2024 06:17 AM Eastern Standard Time
Custos Energy (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 Namibia’s Orange Basin, emergingas the one of the world’s most prospective oil and gas regions. The blocks are governed by Petroleum ExplorationLicense 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.
Further to the previous updates provided on January 2nd and January 10th, Galp, together with its partners NAMCOR and Custos, has successfully and safely drilled, cored, and logged a deeper target (AVO-2) of the Mopane-1X well in block 2813 governed by PEL 83.
In AVO-2, Galp has also discovered a significant column of light oil in reservoir- bearing sands of high quality.
The rig is expected to be relocated to the Mopane-2X well location to evaluate the extent of the Mopane discoveries, after which a Drill Stem Test (“DST”) is expected to be performed in Mopane-1X.
Galp and the JV Partners will continue to analyze the acquired data during the coming weeks to assess the commerciality of the discoveries.
PEL 83 is located immediately north of PEL 39 home to Shell’s 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 continuing success of the initial exploration campaign, including a second light oil discovery at Mopane-1X, further demonstrate the scope and potential of PEL 83. We extend our further congratulations to our partners Galp and NAMCOR on this second discovery.” said Knowledge Katti, Chairman and Chief Executive Officer of Custos. “This isanother significant milestone for Custos positioning us for further growth and continued success underpinned by ourunmatched position in the heart of the basin.” he added.
“The announcement of this significant additional discovery is further testament to the hard work and dedication of the partnersinvolved, as well as another demonstration of the potential for further growth in our oil industry. With this discovery, we are one step closer to harnessing the full potential of this campaign. We wish Galp and its partners Custos Energy and Namcor success with theremaining drilling campaign.” said Maggy Shino, Petroleum Commission for the Ministry of Mines and Energy. “We are proud to have achieved this milestone.” she 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.
Contact Details
Knowledge R Katti
+1 475-477-9410
