Rhino Resources has identified a hydrocarbon reservoir in the Sagittarius 1-X well offshore Namibia, an area recognized for its exploration potential. Following the drilling of this well, the company is focusing on the upcoming Capricornus 1-X well, while acknowledging the need for further evaluations of previous findings.
Rhino Resources has announced the successful intersection of a hydrocarbon reservoir in its Sagittarius 1-X well, located offshore in Namibia’s Orange Basin. This area has been identified as one of the significant exploration hotspots globally. The company operates Block 2914, where Azule Energy, a joint venture between BP and Eni, maintains a 42.5% interest.
Chief Executive Travis Smithard indicated that further evaluation is needed by Rhino and its joint venture partners to analyze the well’s results. Exploration focused on Upper Cretaceous targets led to the discovery of hydrocarbons without any accompanying water, signifying a potentially lucrative find.
Attention is now shifting towards the next drilling target, Capricornus 1-X, slated to commence within 24 hours, with an anticipated drilling duration of 47 days. This follows a previous exploration effort by Chevron in the area, which did not yield commercially viable oil reserves, slightly dampening expectations.
The outcome of this drilling campaign is crucial as it could define the potential of the Orange Basin and influence future exploration strategies in the region. The discovery made by Rhino Resources serves as both an opportunity and a challenge in tapping into one of Africa’s promising petroleum regions.
In summary, Rhino Resources has made a significant discovery of hydrocarbons offshore Namibia, enhancing prospects in the Orange Basin, a noted exploration site. The company will continue evaluating the Sagittarius 1-X well while preparing for subsequent drilling at Capricornus 1-X. Despite setbacks from other operators, this finding reestablishes interest and potential in the area.
Original Source: www.marketscreener.com
