Custos Energy Reports Successful Drilling Operations in Namibia's Orange Basin

Custos Energy, a Namibian independent oil and gas exploration company, has reported successful drilling operations in Namibia's Orange Basin, marking a significant step in the region's emergence as a prospective oil and gas hub. The company, which holds a 10% working interest in Petroleum Exploration License 83 (PEL 83), announced that the Mopane-2A well has been successfully drilled and logged, revealing promising hydrocarbon discoveries.

The Mopane-2A well, the fourth in the PEL 83 second exploration campaign, encountered a hydrocarbon column of gas-condensate in the AVO-3 reservoir and a light oil column in the smaller AVO-4 reservoir. Both reservoirs exhibited favorable characteristics, including good quality sands, high pressures, and low fluid viscosity, with minimal CO2 and no H2S concentrations. Notably, no water contacts were found, consistent with previous Mopane wells.

This discovery is particularly significant for Namibia's emerging oil and gas sector. The Orange Basin's potential as a major hydrocarbon province could have far-reaching implications for the country's economy and energy landscape. Success in this region could attract further international investment and expertise to Namibia's offshore industry, potentially transforming the nation into a key player in global energy markets.

Custos Energy and its partners, including Galp Energia of Portugal and NAMCOR (the National Petroleum Corporation of Namibia), are not resting on their laurels. The joint venture is moving forward with its exploration and appraisal campaign, preparing to spud the Mopane-3X exploration well around January 1, 2025. This well will target two stacked prospects, AVO-10 and AVO-13, further investigating the potential of the Mopane complex.

In addition to drilling operations, the joint venture is conducting a high-density, high-resolution 3D seismic campaign over the Mopane complex. This comprehensive approach to data gathering and analysis underscores the partners' commitment to fully understanding and potentially commercializing the discoveries.

Knowledge Katti, Chairman and CEO of Custos Energy, emphasized the significance of these developments, stating that the ongoing success of the second campaign at Mopane provides further evidence of the quality and potential of the complex. The upcoming months of exploration and appraisal activities are expected to reveal more about the scale and quality of this potentially world-class resource.

As Namibia positions itself at the forefront of this emerging hydrocarbon province, the success of companies like Custos Energy could herald a new era of economic opportunity and energy independence for the nation. The ongoing exploration in the Orange Basin will be closely watched by industry observers and potential investors, as it may signal the rise of a new significant player in the global oil and gas sector.