Custos Energy Updates on PEL 87: New Developments and Future Prospects

Custos Energy Provides Insight on PEL 87 Developments in Namibia

Custos Energy (Pty) Ltd., a prominent player in Namibia’s oil and gas sector, has shared exciting updates regarding the ongoing exploration activities in blocks 2713A and 2713B under Petroleum Exploration License 87 (PEL 87). This license is primarily operated by Pancontinental Orange Pty Ltd, a subsidiary of Pancontinental Energy NL, holding a significant 75% stake. Custos itself maintains a 15% interest alongside a 10% share held by the National Petroleum Corporation of Namibia (NAMCOR).

Recently, Pancontinental was informed by Woodside Energy (GOM) Inc. of its decision to forego its option to farm into the PEL 87 project, a move which arrived just before the deadline of May 18, 2025. This development opens a window for Pancontinental to seek alternative partners to fund the vital exploration drilling necessary within PEL 87. The company is moving quickly to identify a partner to help facilitate this process as they continue to harness the fundaments laid in previous phases of the project.

The geology of PEL 87 appears promising, bolstered by a comprehensive 6,593 square kilometer 3D seismic dataset previously financed by Woodside. The interpretation of this data has yielded a collection of significant leads and prospects, which are anticipated to rival previous discoveries made in the Orange Basin. According to Knowledge Katti, Chairman and CEO of Custos, “We look forward to deploying our significant portfolio of relationships with the supermajors to bring forward the potential of PEL 87.” Katti’s optimistic outlook reflects the company’s commitment to becoming a major contributor within the Namibian offshore oil industry.

Custos Energy remains rooted in its mission to develop partnerships that not only advance their exploration ambitions but also ensure the long-term benefit for Namibian communities. With more than a decade of experience, Custos is dedicated to attracting both investment and expertise to this sector. The company has notably engaged in initiatives aimed at bolstering opportunities for local youth and fostering a sustainable future within the regions they operate.

As the situation progresses with PEL 87, the focus will be on solidifying additional relationships that could enhance exploration efforts. Pancontinental's current strategy involves refining the inventory of prospective leads within the project, as they continue to assess and elevate the potential that lies beneath the Namibian seabed.

With the recent developments, the oil and gas industry in Namibia is poised to receive increased attention, not just from investors but from stakeholders keen on understanding the economic implications of such projects. Custos, under Katti's leadership, is instilling confidence that they will become instrumental in positioning Namibia as a center for oil exploration in the coming years.

In summary, despite challenges presented by Woodside's departure, Custos Energy remains steadfast in its pursuit of exploration and development within PEL 87. Compelling data supports the viability of this venture, and the ongoing efforts to secure a new farm-in partner reflects their resilience and strategic foresight. As the landscape continues to evolve, Custos Energy's role in shaping the future of Namibia's oil industry becomes increasingly significant.

For ongoing updates and insights into Custos Energy and its projects, stay connected as they work towards making significant contributions to Namibia’s offshore exploration landscape.