Custos Energy has provided a 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. Custos is a 10% working interest owner in PEL 83 as is NAMCOR, the National Petroleum Corporation of Namibia.
Custos has announced that the PEL 83 Joint Venture partners have successfully drilled, cored and logged the Mopane-3X well (Well #5) on PEL83 which spud on January 2nd, 2025.
Mopane-3X, located 18km from the first Mopane-1X well, targeted two stacked prospects, AVO-10 and AVO-13, as well as a deeper sand, in the southeast region of the Mopane complex at an approximate water depth of 1,200 meters.
Preliminary data confirmed significant columns of light oil and gas-condensate in high- quality sandstones across AVO-10. Further, the presence of light oil columns have been confirmed in AVO-13 and the deeper sand, again in high- quality sandstones.
Reservoir log measures confirm good porosities, high pressures and high permeabilities. Initial fluid samples show low oil viscosity and minimum CO2 and H2S concentrations. Samples have been sent for lab testing.
Higher-than-estimated pressures and preliminary results at Mopane 3X unlock further exploration and appraisal opportunities in the southeast region of the Mopane complex. All acquired data will be integrated into the reservoir model and support the planning of potential further activities. The proprietary 3D development seismic acquisition campaign is on track to be completed in the 1Q25, with processing of the information acquired to follow.
'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,' said Knowledge Katti, Chairman and Chief Executive Officer of Custos. 'We congratulate our Joint Venture partners on another safe and successful outing. We are uniquely positioned at the heart of this hydrocarbon province,' he added.
Source: Custos Energy via PR Newswire
