Custos Energy (Pty) has confirmed a third discovery of high-quality light oil while drilling the Mopane-2X well.
A subsidiary of Galp Energia of Portugal, Galp operates Petroleum Exploration Licence (PEL) 83 with an 80% interest, while the National Petroleum Corporation (Namcor) holds 10%, and Custos has a 10% working interest.
“The AVO-3 exploration target, the AVO-1 appraisal target, and a deeper target were fully cored and logged. The AVO-1 appraisal target found the same pressure regime as in the Mopane-1X discovery well located around 8 km to the east, confirming its lateral extension,” Custos said.
The independent oil and gas exploration company said the rig will now return to the Mopane-1X well location to conduct a Drill Stem Test (DST) until early April, and Galp will continue to analyze the acquired data during the coming weeks to assess the commerciality of the discoveries.
Custos Chairman and Chief Executive Officer, Knowledge Katti, said the continuing success of the exploration campaign, including a third light oil discovery and the appraisal results at the AVO-1 reservoir 8 km away from the 1X location, further demonstrates the scope and potential of PEL 83.
“We extend our further congratulations to our partners Galp and NAMCOR. This is another significant milestone for Custos, positioning us for further growth and continued success underpinned by our unmatched position in the heart of the basin,” he said.
“The announcement of another significant discovery and the appraisal success at the upper target is further testament to the hard work and dedication of the partners involved, as well as another demonstration of the potential for further growth in our oil industry. With this discovery, we are one step closer to harnessing the full potential of this campaign,” he said.
Petroleum Commissioner for the Ministry of Mines and Energy, Maggy Shino said “we are proud to have achieved this milestone.”
PEL 83 is located immediately north of PEL 39, home to Shell’s basin opening discoveries at Graff1, La Rona-1, and Jonker-1. Additionally, it is located north and east of PEL 56 where TotalEnergies announced its giant oil discovery at Venus-1.
Custos is a Namibian independent oil and gas exploration company focused on attracting investment and expertise to the Namibian offshore industry.
