Custos Energy: PEL 83 Second Exploration Campaign - Update 5 New Exploration Discovery at Mopane 3-X

Mopane-3X, located 18km from the first Mopane-1X well, targeted two stacked prospects, AVO-10 and AVO-13, as well as a deeper sand, in the southeast region of the Mopane complex at an approximate water depth of 1,200 meters. Mopane-3X, located 18km from the first Mopane-1X well, targeted two stacked prospects, AVO-10 and AVO-13, as well as a deeper sand, in the southeast region of the Mopane complex at an approximate water depth of 1,200 meters. Preliminary data confirmed significant columns...

Mopane-3X, located 18km from the first Mopane-1X well, targeted two stacked prospects, AVO-10 and AVO-13, as well as a deeper sand, in the southeast region of the Mopane complex at an approximate water depth of 1,200 meters.

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 have been confirmed in AVO-13 and the deeper sand, again in high- quality sandstones.

Reservoir log measures confirm good porosities, high pressures and high permeabilities. Initial fluid samples show low oil viscosity and minimum CO2 and H2S concentrations. Samples have been sent for lab testing.

Higher-than-estimated pressures and preliminary results at Mopane 3X unlock further exploration and appraisal opportunities in the southeast region of the Mopane complex. All acquired data will be integrated into the reservoir model and support the planning of potential further activities. The proprietary 3D development seismic acquisition campaign is on track to be completed in the 1Q25, with processing of the information acquired 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 added.

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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