WINDHOEK, NA / ACCESSWIRE / December 16, 2024 / Custos Energy (Pty) Ltd. ("Custos" or the "Company") is pleased to announce the entry of QatarEnergy into the Petroleum Exploration License 90 ("PEL 90") joint venture through its acquisition of a 27.5% working interest in the petroleum exploration license and petroleum agreement associated with Block 2813B operated by Harmattan Energy Limited, an indirect subsidiary of Chevron Corporation ("Chevron Harmattan"). Upon completion of the acquisition the license owners will be 52.5% Chevron Harmattan as operator, 27.5% QatarEnergy, 10% the National Petroleum Corporation of Namibia ("NAMCOR") and 10% Trago Energy, a wholly owned subsidiary of Custos.

Located about 200 kilometers offshore Namibia and approximately 70 kilometers north of TotalEnergies' Venus discovery, in which QatarEnergy is as well increasing its ownership, Block 2813B's license covers an area of 5,433 kilometers in a water depth of 2,400 to 3,300 meters.

Earlier this year, the PEL 90 joint venture contracted Northern Ocean's semi- submersible drilling rig Deepsea Bollsta for its inaugural exploration campaign in PEL 90, which lies directly north of TotalEnergies' Venus and Mangetti discoveries and directly west of Galp's Mopane find.

The rig is mobilizing to PEL 90 to drill the Kapana-1X well in the second half of December.

"The entry of QatarEnergy into PEL 90 provides another example of the quality and potential of our portfolio at the heart of the Orange Basin." said Knowledge Katti, Chairman and Chief Executive Officer of Custos. "We are thrilled to be partnered with Chevron and QatarEnergy on this high impact license and look forward to the initial drilling campaign to commence over the few weeks"

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
jonathan.paterson@harbor-access.com
Harbor Access Investor Relations

SOURCE: Custos Energy