Wednesday, 11 December 2024 06:00 PM
Company Update
Acceleration of Operations including Spud of Mopane 2-A Well
WINDHOEK, NAMIBIA / ACCESSWIRE / December 11, 2024 / Custos Energy (Pty) Ltd. ("Custos" or the "Company") is pleased to provide the following further update regarding the second exploration and appraisal 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.
We are pleased to announce that further to recent successful appraisal operations conducted at the Mopane 1-A location as announced on December 2 nd , the Joint Venture partners decided to retain the Santorini drillship to continue the ongoing exploration and appraisal campaign during the southern hemisphere summer whilst avoiding mobilisation and de- mobilisation costs.
Specifically, we note that the Mopane-2A (well #4) has been spud in nearby AVO-3, and Mopane-3X (well #5) is expected to be spud in early 2025 in AVOs 10 and 13 (stacked) taking advantage of newly processed 3D seismic. The upcoming activities also include a high-density and high-resolution proprietary 3D development seismic campaign over the Mopane complex set to start in December 2024.
Results of Mopane-1A (well #3) released on December 2 nd noted that the well encountered light oil and gas-condensate in high-quality reservoir-bearing sands, once again indicating good porosities, high permeabilities, and high pressures, as well as low oil viscosity characteristics with minimum CO 2 and no H 2 S concentrations. Together with the Mopane-1X (well #1) and Mopane- 2X (well #2) findings, this appraisal well confirmed the extension and quality of AVO-1 and supported the acceleration of the program.
"The acceleration of operations in this second campaign is further evidence of the quality and potential of the Mopane complex. The exploration and appraisal activities anticipated over coming months should further unveil its world class scale and quality." said Knowledge Katti, Chairman and Chief Executive Officer of Custos.
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.
Together with the Knowledge Foundation, Custos is committed to creating a better and sustainable future for all especially the stakeholder communities where we are present. We believe that understanding and addressing the interest of our communities is critical. We are particularly focused on contributing to and ensuring the full spectrum of support and opportunity for the youth of Namibia. We are proud to be the first local company to make a discovery in Namibia together with our partners.
On behalf of Custos Energy (Pty) Ltd.,
"Knowledge R. Katti"
Chairman & Chief Executive Officer
Media Contact
Jonathan Paterson
[email protected]
Harbor Access Investor Relations
SOURCE: Custos Energy