More good oil found

Last week Namcor, the national petroleum corporation of Namibia, announced another big oil find in the Orange Basin off the southern coast of Namibia.Namcor is a (10%) joint venture partner in Petroleum Exploration License 85 (PEL 85), along with Rhino Resources, operator for PE L 85 with a 42.5% working interest, and co-venturers including Azule Energy (42.5%), and Korres Investments (5%). Azule Energy is a joint venture equally owned by BP and Eni, and made the announcement in Angola on the same day.Rhino Resources has made known developments regarding the recently completed drilling campaign on Block 2914. The Capricornus 1-X exploration well, spudded on 17 February 2025 using the Noble Venturer drillship, successfully reached a total depth of 4 957 metres on 2April. The well penetrated its primary Lower Cretaceous target and encountered 38 metres of net hydrocarbon pay. Notably, the reservoir exhibited favourable petrophysical properties, and no water contact was observed.Wireline logging operations were conducted extensively, enabling the acquisition of sidewall cores and hydrocarbon samples. In addition, a production test was carried out across the light oil-bearing interval, confirming a surface-constrained flow rate exceeding 11 000 stock tank barrels per day on a 40/64” choke. The light crude oil is estimated at ~37° API with minimal associated gas, less than 2% carbon dioxide, and no hydrogen sulphide. Fluid samples collected during testing will undergo further laboratory analysis.The well is being temporarily plugged and abandoned, and the drillship will now be demobilised.Commenting on the discovery, Rhino Resources chief executive officer, Travis Smithard, said, “Rhino, on behalf of the PEL85 JV, are delighted to announce the discovery of hydrocarbons at the Capricornus 1-X well. The results of the comprehensive wireline and drill stem testing programmes have proven the existence of a high-quality light-oil bearing reservoir, with no observed water contact. This achievement is a testament to the outstanding execution of the campaign by the Rhino team and our service company partners, who have ensured the safe and successful drilling of two consecutive deepwater wells in a challenging geological environment.Rhino, in collaboration with our partners Azule Energy, Namcor and Korres, will now turn our attention to post-drilling analysis to inform you of the next steps of our exploration strategy across the block.”More recently BP has also confirmed the preliminary results of the Capricornus 1-X exploration well, as reported by operator Rhino Resources.The African Energy Chamber (AEC) has since strongly endorsed this successful light oil discovery in South Africa, calling it a pivotal moment in Namibia’s energy evolution. The discovery solidifies the Orange Basin’s status and supports the chamber’s long-standing position that Namibia’s geology holds exceptional promise. With a 37° API light oil quality, low CO2 content and no hydrogen sulphide, the Capricornus 1-X find mirrors key features of the highly anticipated Venus and Graff discoveries nearby, the AEC announced.The latest discovery is set to catalyze further investment in Namibia’s energy ecosystem, from seismic activity and appraisal drilling to infrastructure development and regional service capacity building. The AEC believes the positive results will trigger accelerated project timelines, fast-track appraisal and development plans and draw significant attention from global energy companies, financiers and technology providers.“The Capricornus 1-X discovery is a pivotal moment for Namibia, reinforcing the Orange Basin’s status as a leading global exploration hub. This breakthrough boosts investor confidence and paves the way for rapid development. We commend the joint venture partners for their leadership and execution, and are confident that the relevant parties will work quickly to maximize the value of these resources. Namibia is poised to lead Africa’s energy future, with this discovery marking just the beginning,” said NJ Ayuk, executive chairman of the AEC.

More good oil found

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Republikein 2025-04-30

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More good oil found

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Republikein 2025-04-30

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