[Namibia] NAMCOR Announced Significant Discovery in Block 2813A (PEL 83), Orange Basin, Offshore Namibia

[escveritas]

Windhoek, Namibia. The National Petroleum Corporation of Namibia; NAMCOR with 10% carried interest, in conjunction with its partners Galp Energia (80%, operator) and Custos (10%), is excited to announce a significant oil discovery in the Mopane-1X exploration well, situated in the PEL83, Orange Basin, offshore Namibia.

Following the initial announcement on January 2, 2024, PEL 83 JV partners have now confirmed the discovery of a significant column of light oil in high-quality, reservoirbearing sands in the Cenomanian-Turonian interval. This is the second oil discovery in the Upper Cretaceous Orange Basin, demonstrating a working petroleum system in the Upper Cretaceous in addition to the proven hydrocarbon presence in the Lower Cretaceous by 2022 oil discoveries. This discovery is a pivotal moment in Namibia's journey towards becoming an influential player in the global energy market PEL 83 JV partners are set to continue the analysis of the acquired data and plan to perform a Drill Stem Test (DST) in the coming weeks. This test is crucial for assessing the commercial potential of the discovery.

The Mopane-1X drilling operations will proceed to explore deeper targets within the block. Upon completion of these operations, the rig will relocate to the Mopane-2X site to further evaluate the extent of the discovery.

[escveritas]

MOPANE EXPLORATION CAMPAIGN YIELDS PROMISING RESULTS

22 April 2024

The National Petroleum Corporation of Namibia: NAMCOR (10%) and its partners Galp Energia (80%) and Custos Energy (10%) are pleased to announce the successful completion of the first phase of the Mopane exploration campaign marking a significant milestone in Namibia’s oil and gas sector. The Mopane-1X Well Testing operations revealed substantial oil columns containing light oil in high-quality reservoir sands at two different levels: AVO-1 and AVO-2. This initial success was followed by further promising findings at the Mopane-2X well location in March, where significant light oil columns were uncovered across exploration and appraisal targets, including AVO-3, AVO-1, and a deeper target. Particularly noteworthy is the confirmation of AVO-1's lateral extension, reinforcing its potential commercial significance.

The reservoirs' log measures showcase favorable porosities, high pressures, and high permeabilities in extensive hydrocarbon columns. Fluid samples reveal very low oil viscosity and minimal concentrations of CO2 and no H2S, underscoring the quality of the resource. During the well test, flows reached the maximum allowed limits of approximately 14 thousand barrels of oil equivalent per day (14 kboe/d), positioning Mopane as a potentially significant commercial discovery. Preliminary estimates suggest hydrocarbon figures of 10 billion barrels of oil equivalent or higher within the Mopane complex alone before further exploration and appraisal wells are drilled.

All data acquired during the current Mopane drilling campaign will undergo comprehensive analysis and integration into an updated reservoir model. This model will inform Galp's near-term drilling plan, facilitating continued exploration, appraisal, and development of the broader Mopane complex.