PEL 82 Chevron Farm-In

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--News Direct--

Custos Energy (Pty) Ltd. (“Custos” or the “Company”) is pleased to announce that Chevron Namibia Exploration Limited (“CNEL”), an affiliate of Chevron Corp. (“CVX”) has executed an agreement that provides for their entry in Petroleum Exploration License 82 (“PEL 82) with the assumption of an 80% working interest and operatorship. NAMCOR, the National PetroleumCorporation of Namibia, and Custos will each maintain a 10% carried interest in PEL 82.PEL 82 governs blocks 2112B AND 2212A located in the Walvis Basin, offshore Namibia. PEL 82 is one of the Walvis Basin’smost attractive opportunities.

Map of region

• Approximately 70% of total block area is covered by extensive existing seismic – over 3,500 km of 2D and 9,500 km2 of 3D data

• Previous drilling activity on PEL 82 included the Murombe-1 and Wingat-1 wells.

– Results confirmed regional extension and presence of the Barremian-Aptianoil-prone source rock (Kudu shale).

– The Murombe-1 penetrated the Baobab sands with approximately 20% porosity.

– The Wingat-1 well recovered 38-41 degree API oil to surface.

“We are pleased to announce the continuing expansion of our in-country partnership with Chevronthrough their entry in PEL 82. This is one of the most advanced and interesting opportunities offshore Namibia outside of the Orange Basin.” said Knowledge Katti, Chairman and Chief Executive Officer of Custos. “We are pleased to see our efforts over the last decade on PEL 82 result in this important step forward adding further to Namibia’s world class offshore opportunity.” he added. In conjunction with the farm-in, Custos is pleased to announce that it has entered into a partnership agreement with the Walvis Bay Poverty Reduction Trust (“WBPRT”) providing that the WBPRT will be the primary beneficiary of Custos’s corporate social responsibility efforts.

“The opportunity to support the Walvis Bay Poverty Reduction Trust is another initiative by Custos to empower the communities where we operate. We look forward to working with Pastor Jackey Fredricks as he provides initial leadership on this important initiative.” he added. "The Walvis Bay Poverty Reduction Trust extends its utmost gratitude to Mr. Knowledge Katti of Custos Energy. This partnership will greatly enhance our development efforts and will translate into a number of tangible projects that are focused on our local youth, women, the elderly and other vulnerable community members.” said Pastor Edwin Jackey Frederick of the Hosiana Congregation and Founding Trustee of the WBPRT.

Contact Details

Knowledge R Katti

+1 475-477-9410

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