PEL 83 Exploration Campaign Update Rig Enroute, First Well to Spud in Mid-November
–News Direct–
Custos Energy (Pty) Ltd. (together with Custos Investments (Pty) Ltd., Custos or the Company) is pleased to provide the following update regarding the upcoming exploration campaign on blocks 2813A and 2814B located in the heart of Namibias Orange Basin, emerging as the one of the worlds 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 (Galp) of Portugal. Each of Custos and NAMCOR own 10% working interests in PEL83 and are carried by Galp through first sales. In May, Galp entered into a contract with SFL Corporation for the semi-submersible rig Hercules. The 115-day contract, prior to any extension option exercise, is for two wells plus optional well testing. The rig i...
