PEL 83 – First Exploration Well Drilling Operations Initiatedat the Mopane Prospect

PEL 83 – First Exploration Well Drilling Operations Initiatedat the Mopane Prospect

–News Direct–

Custos Energy (Pty) Ltd. (together with Custos Investments (Pty) Ltd., Custos or the Company) is pleased to announce that the Mopane 2X exploration well located on blocks governed by Petroleum Exploration License 83 (PEL 83) in the heart of Namibias Orange Basin has been spud.

The Mopane prospect complex is located at the southern end of PEL 83 which is operated by a subsidiary of Galp Energia (Galp) of Portugal. Each of Custos and NAMCOR own 10% working interests in PEL 83 and are carried by Galp through the exploration phase.

The Mopane exploration well, which has been spud, is the first of two wells which are scheduled to be drilled by the semi-submersible rig Hercules under a contract that provides for two wells and optional testing. 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 an ongoing multi-well campaign through the remainder of 2023 and throughout 2024.

The significant prospectivity of PEL 83, together with its relatively shallower water depth, position it

to be one of the most significant and profitable opportunities in the Orange Basin. said Knowledge

Katti, Chairman and Chief Executive Officer of Custos Energy. The ongoing activity and progress on

each of our licenses demonstrate the unmatched quality of our portfolio in the heart of the Orange

Basin. he added.

We look forward to a safe and successful campaign on PEL 83 for the JV Partners and

for the people of Namibia. said Tom Alweendo, Minister of Mines and Energy.

We are excited to test the extension of the proven Upper Cretaceous plays into PEL 83. said Maggie

Shino, Petroleum Commissioner at the Ministry of Mines and Energy. We believe PEL 83 will

continue to demonstrate the world-class scale and quality of plays in Namibias Orange Basin. she

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.

On behalf of Custos Energy (Pty) Ltd.,

Knowledge R. Katti

Chairman & Chief Executive Officer

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-first-exploration-well-drilling-operations-initiated-at-the-mopane-prospect-337379062

Custos Energy

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