Namibia: NAMCOR announces major oil discovery in Block 2813A (PEL83).

Following Galp's announcement of the Mopane-1X oil discovery in the PEL83, the National Petroleum Corporation of Namibia (NAMCOR), with a 10% interest in collaboration with partners Galp Energia (80%, operator), and Custos (10%), has announced a significant oil discovery in the Mopane-1X exploration well in the PEL83, Orange Basin, offshore Namibia.

Following the initial announcement on January 2, 2024, the PEL 83 joint venture partners have now confirmed the discovery of a substantial column of light oil in high-quality reservoir sands in the Cenomanian-Turonian interval. This is the second oil discovery in the Upper Cretaceous Orange Basin, demonstrating the existence of a working petroleum system in addition to proven hydrocarbons in the Lower Cretaceous by 2022. This discovery represents a pivotal moment in Namibia's journey towards becoming a major player in the global energy market. The PEL 83 joint venture partners plan to continue analyzing the data acquired and carry out a drill stem test (DST) in the coming weeks, a crucial step in assessing the commercial potential of the discovery.

Drilling operations at Mopane-1X will continue to explore deeper targets on the block. Once these operations are completed, the rig will be moved to the Mopane-2X site to further evaluate the extent of the discovery.

Mr. Shiwana Ndeunyema, acting CEO of NAMCOR, expressed his excitement at this development, saying: "This is an incredible time for Namibia and NAMCOR. The discovery of Mopane-1X not only represents a major achievement for our organization, but also holds great promise for the economic future of the entire country. We are very pleased with these results and excited about the potential opportunities they open up for our country.

NAMCOR remains true to its mission of responsibly exploring and developing Namibia's petroleum resources, and this discovery is a testament to the organization's dedication and expertise."