From the above Upstream article:
Namibia deal gives BP and Eni exposure to ‘one of the most amazing prospects ever seen ’Azule Energy is set to help Rhino Resources drill two exploration probes in promising Orange basin block, one targeting a huge structure called Sagittarius, BP chief executive Murray Auchincloss .
An exploration probe set to be drilled in Namibia’s prolific Orange basin by Rhino Resources and its new partners, BP and Eni, will target a prospect with “amazing” potential, according to one of Namibia’s top petroleum officials.Last week, BP and Eni – via their Angola-based Azule Energy joint venture – struck a deal with South Africa’s Rhino to take a 42.5% stake in Petroleum Exploration Licence (PEL) 85, with the first of two consecutive exploration wells due to spud this November.BP chief executive Murray Auchincloss told analysts yesterday that PEL 85 hosts very similar structures to nearby PEL 83 where Galp Energia said last month that its Mopane discovery holds in-place resources of at least 10-billion barrels of oil equivalent.“If you look at the seismic on the block we picked up from Rhino, it’s a direct extension of the four or five structures that are in the Galp block at the same geological depth.”Speaking in the company’s first-quarter conference call, he said: “There are very clear structures in the Galp block; there are very clear structures in the Rhino block. They lie in a pattern; they should have the same charge; and they should have the same origin.”Even so, Auchincloss did of course stress that there is still geological risk. “Who knows what will happen with exploration. Sometimes it works, and sometimes it doesn’t.”Rhino has already identified two prospects – Sagittarius and Volans - it would like to drill but will need BP and Eni to agree on these objectives.These two prospects are believed to lie in the northwest of PEL 83, closest to Galp’s block, with the first well set to target a mouthwatering structure called Sagittarius.“It is one of the most amazing prospects I have ever seen in Namibia, with at least five plays to be tested, all with a positive AVO response,” said Maggy Shino, Petroleum Commissioner at Namibia’s Ministry of Mines & Energy.In exploration jargon, AVO (amplitude versus offset) anomalies are derived from analysis of seismic data and indicate potential oil and gas reservoirs.Speaking two weeks ago at the Namibia International Energy Conference in Windhoek, Shino said of Sagittarius: “It does not get better than this, ladies and gentlemen.”The two wells will be drilled by the Noble Venturer drillship, with results from the Sagittarius probe - assuming BP and Eni agree on Rhino's drilling plan - set to be unveiled in early 2025.If one or more of these initial wells is a success, then further exploration probes, as well as appraisal wells, will be drilled.Other prospects pinpointed by Rhino in PEL 85 from a 3D seismic survey shot by Searcher Seismic include Capricornus, Carina, Vela, Alpha Centauri, Mars and Rooikat.If the Azule deal goers through, Rhino's stake in PEL 85 will fall to 42.%, with state-owned Namcor retaining a 10% interest and local company Korres Investments on 5%.
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