PEL 83 Second Exploration Campaign – Update 2 Successful Appraisal at Mopane 1-A

Windhoek, Namibia – December 2, 2024 — 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 (“Galp”) of Portugal. Custos is a 10% working interest owner in PEL 83 as is NAMCOR, the National Petroleum Corporation of Namibia.

The PEL 83 Joint Venture partners including Galp, NAMCOR and Custos have successfully drilled, cored, and logged the Mopane-1A appraisal well (Well #3) which was spud on October 23rd and completed on November 28^th.

Mopane 1A well encountered light oil and gas-condensate in high quality reservoir-bearing sands, once again indicating good porosities, high permeabilities, and high pressures, as well as low oil viscosity characteristics with minimum CO2 and no H2S concentrations.

Together with the Mopane-1X (Well #1) and Mopane-2X (Well #2) findings, this appraisal well confirms the extension and quality of AVO-1. Galp and its partners will continue to analyse and integrate all newly acquired data, while progressing with the upcoming activities, which include additional exploration and appraisal wells, and a high-resolution proprietary 3D seismic campaign set to start in December 2024.

As announced during Q1 and Q2 of 2024, an inaugural two well exploration campaign resulted in multiple discoveries of significant columns of light oil in high-quality reservoir sands providing for an initial estimate of original oil in place (“OOIP”) of 10 billion barrels
of oil equivalent. A drill stem test was also conducted resulting in an infrastructure constrained flow of 14,000 boe/d.

Initial analysis suggests the reservoirs have good porosities, high pressures and high permeabilities in large hydrocarbon columns with very low oil viscosity, and minimal CO2 and no H2S. The flows achieved during the well test have reached the maximum allowed
limits, positioning Mopane as a potentially important commercial discovery.

“The continuing progress on PEL 83, including the results from the Mopane-1A appraisal well, further unveil the potential and quality of the Mopane complex.” said Knowledge Katti, Chairman and Chief Executive Officer of Custos. “The ongoing campaign with additional wells to come are the next chapter of progress on our world class portfolio at the heart of Namibia’s Orange Basin” he added.

“The results from the Mopane-1A appraisal well mark another significant milestone for Namibia’s energy sector. We are pleased with these results and look forward to continued success on PEL 83.” said Maggy Shino, Petroleum Commissioner, Ministry of Mines and Energy for the Republic of Namibia.

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.