NAMIBIA: Rhino Resources Strikes Oil at the Offshore Capricornus 1-X well

Rhino Resources on behalf of PEL85 JV reports it has been ‘successful’ in its operated drilling campaign on Block 2914, offshore Orange Basin, Namibia where it was drilling its second well the Capricornus 1-X .

Petroleum Exploration License 85, where the well was drilled, is operated by Rhino Resources with a working interest of 42.5%. Co-venturers are Azule Energy (42.5%), NAMCOR (10%), and Korres Investments (5%) – bp and Eni each hold a 50% interest in Azule Energy.

The Capricornus 1-X well, spudded on 17 February using the Noble Venturer drillship, reached total depth of 4,957mTVDSS on 2 April, successfully penetrating the Lower Cretaceous target. The well found 38m of net pay, with the reservoir showing good petrophysical properties and no observed water contact. Hydrocarbon samples and sidewall cores were collected through intensive wireline logging operations.

In addition to wireline acquisition, the well successfully completed a production test across the light oil-bearing reservoir. The well achieved a surface-constrained flow rate in excess of 11,000 stb/d on a 40/64” choke. The light ~37° API oil exhibited limited associated gas with less than 2% CO2 and no hydrogen sulphide. Laboratory studies will be conducted on fluid samples collected during the test.

Adriano Mongini, Chief Executive Officer of Azule Energy, stated:
“A successful exploration outcome such as this represents another significant step in Azule Energy’s exploration strategy. It underscores our commitment to unlocking the region’s energy potential while delivering value for all stakeholders. ”

The well will now be temporarily plugged and abandoned and the rig will be released.

This is the second sucess by the JV following the discovery at the Sagittarius 1-X well to the north of this well in the same basin in February.