Custos Energy (Pty) Ltd. (“Custos” or the “Company”) notes the announcement that QatarEnergy has agreed to acquire a 25% participating interest in Petroleum Exploration License 82 (“PEL 82”) from a Chevron Corporation affiliate (“Chevron”). Custos holds a 10% participating interest in PEL 82, which is unchanged by the transaction.
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Following completion of the transaction, Chevron will retain operatorship of PEL 82 with a 55% interest (reduced from 80%), QatarEnergy will hold 25%, and the National Petroleum Corporation of Namibia (“NAMCOR”) and Custos will each continue to hold 10%.
PEL 82 covers Blocks 2112B and 2212A in the Walvis Basin offshore Namibia, in water depths of 350 to 2,300 metres, and has an area of approximately 11,450 km². Existing seismic data covers approximately 70% of the license area, and previous drilling on the license includes the Wingat-1 and Murombe-1 wells.
Completion of the transaction remains conditional upon customary regulatory approvals. The consideration payable to Chevron has not been disclosed.
“We welcome QatarEnergy as a partner in PEL 82,” said Knowledge Katti, Chairman and Chief Executive Officer of Custos Energy. “Chevron’s decision to bring a second world-class energy company into the license is a strong endorsement of the Walvis Basin, which we have long regarded as one of the most interesting opportunities offshore Namibia outside of the Orange Basin.
“Custos’ interest in the license is unchanged, and we look forward to working with Chevron, QatarEnergy and NAMCOR as exploration progresses. It is a further example of Namibian companies helping to attract international expertise and capital for the benefit of all Namibians,” he added.
On behalf of Custos Energy (Pty) Ltd.,
“Knowledge Katti”
Chairman & Chief Executive Officer
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 and holds a 10% interest in PEL 82 and a 10% interest in PEL 83, which contains the Mopane discoveries.
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