Trago Transfers PEL 90 Interest to Harmattan Energy in $11M Deal

Custos Energy's subsidiary Trago Energy has agreed to transfer its 10% participating interest in PEL 90 to Chevron affiliate Harmattan Energy. In exchange, Trago will receive $11 million in cash at completion and contingent consideration linked to appraisal and commercial production milestones. The deal removes Trago's direct funding and capital exposure while preserving its financial participation in potential future success on PEL 90.

The transaction is part of Chevron's efforts to advance exploration activity offshore Namibia, where it operates the license alongside QatarEnergy, Equinor, and state-owned Namcor. Once both transactions receive approval, Chevron will hold 45.1%, QatarEnergy 27.5%, Equinor 17.4%, and Namcor 10% in the license.

The immediate focus is on Nabba-1X, an exploration well being prepared by Chevron to test a drill-ready prospect on PEL 90. The target is associated with the broader mid-Cretaceous sandstone play that has delivered major discoveries elsewhere in the Orange Basin.