Custos Energy Ltd. has announced an update on its second exploration and appraisal campaign in blocks 2813A and 2814B. These blocks are located in Namibia’s Orange Basin, recognized as one of the world’s most promising oil and gas regions.
The blocks are governed by Petroleum Exploration License 83 (“PEL 83”), which is operated by a subsidiary of Galp Energia of Portugal. Custos is a 10% working interest owner in PEL 83, as is NAMCOR, the National Petroleum Corporation of Namibia.
The partners in the joint venture have opted to keep the Santorini drillship on-site to continue exploration and appraisal work at the Mopane field during the southern hemisphere’s summer. This decision, which follows the successful appraisal operations announced on December 2nd at the Mopane 1-A location, avoids the extra costs of moving the drillship to and from the area.
The campaign has progressed to spudding the Mopane-2A well within AVO-3, with plans to begin drilling the Mopane-3X well in early 2025. The latter targets stacked reservoirs in AVOs 10 and 13 and benefits from recently enhanced 3D seismic data. Additionally, a proprietary high-density, high-resolution 3D seismic survey over the Mopane complex is slated to begin in December 2024.
Data from Mopane-1A, released on December 2nd, revealed the presence of light oil and gas condensate within high-quality, sand-rich reservoirs. These sands demonstrated excellent porosity, permeability, and pressure conditions, coupled with low-viscosity oil, minimal CO2, and the absence of H2S. Alongside findings from Mopane-1X and Mopane-2X, the results confirmed the quality and extent of AVO-1, prompting the acceleration of the development 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 the coming months should further unveil its world-class scale and quality,” said Knowledge Katti, Chairman and Chief Executive Officer of Custos.
