Chevron Completes Farm-In Offshore Namibia

Custos Energy Ltd. has announced the completion of a previously announced farm-in by Chevron Namibia Exploration II Ltd., a subsidiary of Chevron Corp., into Petroleum Exploration License 82 (PEL 82).

Chevron now has operatorship and 80% participating interest in the exploration project. Custos and the National Petroleum Co. of Namibia (Namcor) have 10% interest each.

PEL 82 governs blocks 2112B and 2212A in the Walvis Basin, offshore Namibia. Approximately 70% of the total block area is covered by existing seismic 2D and 3D data. Previous drilling activity on PEL 82 included the Murombe-1 and Wingat-1 wells.

PEL 82 adds to Chevron's existing offshore exploration portfolio in Namibia, where it operates PEL 90 in the Orange Basin. Chevron, a Custos subsidiary and Namcor drilled an unsuccessful deepwater well in PEL 90 in January.