WINDHOEK, Namibia, Feb. 25,
2025 /PRNewswire/ -- Custos Energy (Pty) Ltd.
("Custos" or the "Company") is pleased to provide the following
further 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, SGPS, S.A. ("Galp"). Custos is a 10% working
interest owner in PEL 83 as is NAMCOR, the National Petroleum
Corporation of Namibia.
We are pleased to announce that the PEL 83 Joint Venture
partners have successfully drilled, cored and logged the Mopane-3X
well (Well #5) on PEL83 which spud on January 2nd, 2025.
Mopane-3X, located 18km from the first Mopane-1X well,
targeted two stacked prospects, AVO-10 and AVO-13, as well as a
deeper sand, in the
southeast region of the Mopane complex at an
approximate water depth of 1,200 meters.
Preliminary data confirmed significant columns of light oil and
gas-condensate in high- quality sandstones across
AVO-10. Further, the presence of light oil columns have been
confirmed in AVO-13 and the deeper sand, again in high- quality
sandstones.
Reservoir log measures confirm good porosities, high pressures
and high permeabilities. Initial fluid samples show low oil
viscosity and minimum CO2 and H2S concentrations. Samples have been
sent for lab testing.
Higher-than-estimated
pressures and preliminary results at Mopane
3X unlock further exploration and appraisal opportunities in the
southeast region of the Mopane complex. All acquired data will
be integrated into the reservoir model and support the
planning of potential further activities. The proprietary 3D
development seismic acquisition campaign is on track to be
completed in the 1Q25, with processing of the information acquired
to follow.
"These additional discoveries in an entirely new
section of Mopane further demonstrate the scale and quality of the
complex. An emerging clarity on the multi-phase potential
of Mopane is underpinned by this world class asset," said
Knowledge Katti, Chairman and Chief Executive Officer of Custos.
"We congratulate our Joint Venture partners on another safe and
successful outing. We are uniquely positioned at the heart of this
hydrocarbon province," 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.
Together with the Knowledge Foundation, Custos is committed to creating a better and sustainable
future for all especially the stakeholder communities where we are
present. We believe that understanding and addressing the
interest of our communities is critical. We are particularly
focused on contributing to and ensuring
the full spectrum
of support and opportunity for the youth
of Namibia. We are proud to be the first
local company to make
a discovery in Namibia together with our
partners.
On behalf of Custos Energy (Pty) Ltd.,
"Knowledge R. Katti"
Chairman & Chief Executive Officer
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