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

WINDHOEK, Namibia, Feb. 25, 2025 /PRNewswire/ -- Custos Energy (Pty) Ltd. ("Custos" or the "Company") is pleased to provide the following further update regarding the second exploration and appraisal campaign on blocks 2813A and 2814B located in the heart of Namibia's Orange Basin, emerging as the one of the world's most prospective oil and gas regions. The blocks are governed by Petroleum Exploration License 83 ("PEL 83") which is operated by a subsidiary of Galp Energia, SGPS, S.A. ("Galp"). Custos is a 10% working interest owner in PEL 83 as is NAMCOR, the National Petroleum Corporation of Namibia.

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 January 2^nd, 2025.

Mopane-3X, located 18km from thefirst Mopane-1Xwell, targeted two stacked prospects, AVO-10 and AVO-13, as well as a deeper sand, in the southeastregionoftheMopane 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 pressuresandpreliminaryresultsatMopane 3X unlock further exploration and appraisal opportunities in the southeast region of the Mopane complex. All acquired data will beintegrated 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.

"Theseadditionaldiscoveries in an entirely new section of Mopane further demonstrate the scale and quality of the complex. An emerging clarity on the multi-phase potential ofMopane 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 CUSTOSENERGY:

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.

TogetherwiththeKnowledgeFoundation,Custosiscommittedtocreatingabetterandsustainable 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 focusedoncontributingtoandensuring thefullspectrum ofsupportandopportunityfortheyouth of Namibia.Weareproudto be thefirst localcompany tomake adiscoveryinNamibiatogether with our partners.

OnbehalfofCustos Energy(Pty)Ltd., "Knowledge R. Katti"
Chairman & Chief Executive Officer

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