"Eni has confirmed that a two-well exploration programme in the world's hottest new offshore play of Namibia will begin in December. The drilling campaign will be led by Azule Energy, the 50:50 joint venture company owned by Eni and BP. Eni confirmed in its third-quarter earnings call that the first exploration well will begin in December. Chief operating officer Guido Brusco said the two wells in Block PEL 85 are “close to some of the largest discovery made in Namibia”. “We are quite optimistic on those wells. And the rig is planned to move by the end of the year,” he said.
Result of the first well should be available in the first quarter and results from the second well either late in the first quarter or early second quarter. Azule farmed into Block PEL 85 in May this year through an agreement with Rhino Resources. It was the first international deal for Azule since its creation in 2022. PEL 85 is wedged in between the mighty discoveries made by Shell and Galp. Azule chief executive Ardriano Mongini said at the time of the farm-in agreement: “Our entry into Namibia represents a significant milestone for Azule. This venture aligns with (our) visions of becoming a regional leader in energy exploration."
PCL Price at posting:
1.4¢ Sentiment: Buy Disclosure: Held
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