Custos Energy (Pty) Ltd. (“Custos” or the “Company”) welcomes the completion of a transaction between TotalEnergies and Galp, under which TotalEnergies has acquired a 40% operated interest in the PEL83 license, home to the giant Mopane discoveries in Namibia's Orange Basin.

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PEL83 is now held by TotalEnergies (40%, operator), Galp (40%), Namcor (10%) and Custos Energy (10%). Custos retains its 10% participating interest in the license and looks forward to advancing the Mopane discovery towards production alongside its joint venture partners and the State of Namibia.

"We are delighted to welcome TotalEnergies as operator of PEL83, and to see one of the world's most significant recent oil discoveries move into a new phase under a world-class operator," said Knowledge Katti, Chairman and Chief Executive Officer of Custos Energy. "As a proudly Namibian company with a diverse shareholding, we see Mopane as far more than a resource. It is a platform to create lasting value for Namibians. Our ambition has always been to empower the youth of Namibia — through skills, jobs and opportunity in this emerging industry — and this transaction brings us closer to those goals."

Custos Energy remains committed to ensuring that the development of Namibia's Orange Basin delivers broad-based benefits for the country, with a particular focus on building local capacity and opening pathways for the next generation of young Namibians.

On behalf of Custos Energy (Pty) Ltd.,

“Knowledge Katti”

Chairman & Chief Executive Officer

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 and holds a 10% interest in PEL83, which contains the Mopane discoveries.

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