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Custos Energy's New Discoveries in Namibia

Custos Energy (Pty) Ltd. has made exciting strides in its second exploration campaign at Petroleum Exploration License 83 (PEL 83) in Namibia. This initiative is vital for not only the company but also for the national oil and gas landscape, as Namibia's Orange Basin is emerging as one of the world's most significant oil and gas regions. With Custos holding a 10% working interest in PEL 83, alongside NAMCOR, the National Petroleum Corporation of Namibia, the implications of these discoveries are monumental.

Detailed Overview of the Exploration Campaign

The latest update from Custos outlines the successful drilling of the Mopane-3X well, which commenced on January 2, 2025. Located approximately 18 kilometers from the initial Mopane-1X well, the Mopane-3X targeted two significant stacked prospects, AVO-10 and AVO-13, in addition to a deeper sand located within the southeast region of the Mopane complex, at a water depth of around 1,200 meters.

Preliminary findings have confirmed the presence of substantial columns of light oil and gas-condensate within high-quality sandstone formations in AVO-10. This discovery was complemented by the confirmation of light oil columns in AVO-13 and the deeper sand, further showcasing the complex's richness. Importantly, reservoir log measurements have indicated promising porosities, high pressures, and excellent permeabilities, laying a solid groundwork for future operations.

Initial fluid samples collected demonstrate low oil viscosity and minimal carbon dioxide and hydrogen sulfide concentrations, suggesting favorable extraction conditions. The samples are currently undergoing thorough laboratory testing. The higher-than-anticipated pressures reported from the Mopane-3X provide promising indications for more exploration and appraisal activities within the southeast region of the Mopane complex.

As Custos Energy moves forward, it aims to integrate the acquired data into a more comprehensive reservoir model, which will assist in planning subsequent exploration initiatives. Notably, a proprietary 3D seismic acquisition campaign is set for completion in the first quarter of 2025, with data processing expected to follow soon after.

Leadership Insights

Knowledge Katti, Chairman and Chief Executive Officer of Custos, expressed enthusiasm about the new discoveries, stating: "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." This emphasizes the robust positioning of Custos within this lucrative hydrocarbon province, opening doors for continued exploration efforts and investments.

About Custos Energy

Founded over ten years ago by Knowledge Katti, Custos Energy is an independent oil and gas exploration company committed to fostering investment and expertise in Namibia's offshore industry. The company is actively developing its portfolio in collaboration with international partners to ensure benefits for the Namibian populace. They prioritise community engagement, with initiatives targeting the youth and contributing to sustainable development in the areas where they operate.

In a significant milestone, Custos made its mark as the first local company to discover oil in Namibia in collaboration with its partners. As the landscape of oil exploration continues to evolve, Custos Energy remains dedicated to expanding its impact, ensuring that it contributes positively to Namibia's economy while supporting local communities.

As this exploration campaign unfolds, eyes will be on Custos Energy to see how these discoveries will influence Namibia's position within the global oil and gas arena.