PEL 83 Exploration Campaign Fourth Update – Significant Light Oil Discovery at Mopane-2X

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Custos Energy  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, 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. Further to previous updates provided in January, Galp, together with its partners NAMCOR and Custos, has successfully drilled the Mopane-2X well to its designated depth on PEL 83. Drilling operations encountered a significant column with light oil in reservoirs of high quality. The AVO-3 exploration target, the AVO-1 appraisal target and a deeper target were fully cored and logged.

The AVO-1 appraisal target found the same pressure regime as in the Mopane-1X discovery well located around 8 km to the east, confirming its lateral extension. The rig will now return to the Mopane-1X well location to conduct a drill stem test until early April. Galp 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 east of PEL 56 where TotalEnergies announced its giant oil discovery at Venus-1.

“The continuing success of the exploration campaign, including a third light oil discovery and the appraisal results at the AVO-1 reservoir 8 km away from the 1X location, further demonstrates the scope and potential of PEL 83. We extend our further congratulations to our partners Galp and NAMCOR.” said Knowledge Katti, Chairman and Chief Executive Officer of Custos. “This is another 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. “The announcement of another significant discovery and the appraisal success at the upper target is further testament to the hard work and dedication of the partners involved, 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.” said Maggy Shino, Petroleum Commission for the Ministry of Mines and Energy. “We are proud to have achieved this milestone.” she added.

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