WINDHOEK, Namibia, March 17, 2025 /PRNewswire/ -- Custos Energy (Pty) Ltd. ("Custos" or the "Company") provides the following update regarding developments associated with blocks 2713A and 2713B located in Namibia's Orange Basin. The blocks are governed by Petroleum Exploration License 87 ("PEL 87") which is operated by Pancontinental Orange Pty Ltd., a subsidiary of Pancontinental Energy NL (ASX:PCL) ("Pancontinental"), who maintains a 75% interest in PEL 87. Additionally, Custos Investments (Pty) Ltd. ("Custos") maintains a 15% interest and the National Petroleum Corporation of Namibia ("NAMCOR") maintains a 10% interest.
Pancontinental has received notification from Woodside Energy (GOM) Inc. ("Woodside") that Woodside has elected not to exercise its option to farm-in to the PEL 87 project. This notice has been received in advance of the long stop date of May 18th, 2025, after which Woodside's option was due to expire.
A process is underway to secure an alternate farm-in partner to fund exploration drilling within PEL 87 at the earliest opportunity.
Significant prospectivity has been identified by the high quality 6,593 km2 3D seismic dataset that was fully funded by Woodside. Subsequent interpretation and evaluation has returned an inventory of intra-Saturn leads and prospects which are estimated to be consistent in size and scale to the discoveries made to date in the Orange Basin. Pancontinental, together with the Joint Venture partners, is continuing to mature and refine a growing inventory on PEL 87.
"We look forward to deploying our significant portfolio of relationships with the supermajors to bring forward the potential of PEL 87," said Knowledge Katti, Chairman and Chief Executive Officer of Custos.
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
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