Custos Energy on Tuesday announced another significant oil discovery off the coast of Namibia, further cementing the country's Orange Basin as a promising new frontier for hydrocarbon exploration.
The company, along with its partners, including operator Galp Energia and the National Petroleum Corporation of Namibia (NAMCOR), in a statement said it has successfully drilled the Mopane-3X well, the fifth well drilled on Petroleum Exploration License 83 (PEL 83).
"We are pleased to announce that the PEL 83 Joint Venture partners have successfully drilled, cored, and logged the Mopane-3X well (Well #5) on PEL83 which spud on 2 January 2025," the statement read.
Mopane-3X, located 18km from the first Mopane-1X well, targeted two stacked prospects, AVO-10 and AVO-13, as well as deeper sand, in the southeast region of the Mopane complex at an approximate water depth of 1,200 meters.
According to the company, preliminary data confirmed significant columns of light oil and gas condensate in high-quality sandstones across AVO-10. Further, the presence of light oil columns has been confirmed in AVO-13 and the deeper sand, again in high-quality sandstones.
Custos reported that initial reservoir log measurements indicate good porosities, high pressures, and high permeabilities. Fluid samples collected from the well show low oil viscosity and minimal concentrations of carbon dioxide and hydrogen sulfide. These samples have been sent to laboratories for further analysis.
The higher-than-anticipated pressures encountered at Mopane-3X, combined with the positive preliminary results, have opened up further exploration and appraisal opportunities in the southeastern part of the Mopane complex, according to Custos.
The company stated that all data gathered from the well will be incorporated into their reservoir model to guide future exploration activities. A proprietary 3D seismic acquisition campaign is currently underway and expected to be completed in the first quarter of 2025, with data processing to follow.
"These additional discoveries in an entirely new section of Mopane further demonstrate the scale and quality of the complex. An emerging clarity on the multi-phase potential of Mopane is underpinned by this world-class asset," said Knowledge Katti, Chairman and Chief Executive Officer of Custos.
"We congratulate our Joint Venture partners on another safe and successful outing. We are uniquely positioned at the heart of this hydrocarbon province," he concluded.
