PEL 83 Exploration Campaign Update Rig Enroute, First Well to Spud in Mid-November

–News Direct–

Custos Energy (Pty) Ltd. (together with Custos Investments (Pty) Ltd., Custos or the Company) is pleased to provide the following update regarding the upcoming exploration campaign on blocks 2813A and 2814B located in the heart of Namibias Orange Basin, emerging as the one of the worlds 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. Each of Custos and NAMCOR own 10% working interests in PEL83 and are carried by Galp through first sales. In May, Galp entered into a contract with SFL Corporation for the semi-submersible rig Hercules. The 115-day contract, prior to any extension option exercise, is for two wells plus optional well testing. The rig is currently in transit along the west African coast and is expected to reach Walvis Bay on or about November 4th. It will subsequently move on to the first location for a spud date in the middle of November. PEL 83 is located immediately north of PEL 39 home to Shells basin opening discoveries at Graff-1, La Rona-1 and Jonker-1. Shell continues to progress exploration and appraisal activities on its blocks with ongoing multi-well campaign through the balance of 2023 and in 2024. PEL 83 is also located northeast of PEL 56 where TotalEnergies announced its giant oil discovery at Venus-1. TotalEnergies has recently confirmed they expect to move Venus into development and are continuing their exploration efforts including spudding the Mangetti-1X prospect located north of Venus towards PEL 90. The initial drilling campaign on PEL 83 is targeting the massive Mopane complex located at the southern end of PEL 83. With JV-estimated mean oil-in-place of up to 10 billion barrels, Mopane represents one of the most significant and attractive known opportunities in the basin today. said Knowledge Katti, Chairman and Chief Executive Officer of Custos Energy. The significant prospectivity of PEL 83 together with its relatively shallower water depth, position it to be one of the most significant and profitable developments in the Orange Basin. he added. Maggy Shino, Petroleum Commissioner for the Ministry of Mines and Energy noted The Ministry is excited to test these additional plays in the basin together with the JV partners, Custos and NAMCOR. We are confident that the JV will have a safe, efficient, and successful drilling campaign. PEL 83, together with our interests in PEL 90 operated by Chevron and PEL 87 where we are partnered with Woodside, give Custos and its affiliates an unmatched position in the heart of the Orange Basin. added Mr. Katti.

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

View source version on newsdirect.com: https://newsdirect.com/news/pel-83-exploration-campaign-update-rig-enroute-first-well-to-spud-in-mid-november-997940496

Custos Energy

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