Apologies OldGeo, may have forgotten to post that one. Awaiting more info on it essentially...
"Rhino Resources' recently completed Sagittarius-1X exploration well in Namibia's Orange basin hit a hydrocarbon reservoir with a significant total thickness, according to the top upstream executive at Eni, which has a stake in the probe via the Azule Energy joint venture with BP. Rhino completed the probe in Petroleum Exploration Licence 85 (PEL 85) last week, confirming that a discovery was made after the well penetrated Upper Cretaceous targets and intersected “a hydrocarbon reservoir, with no observed water contact”. However, in recent days, well-placed exploration sources have told Upstream it is by no means clear if Sagittarius-1X is a commercial discovery, with more work required on the data extracted from downhole tools and equipment.
It is understood that only when Rhino has completed its second and final exploration well in PEL 85 — the Capricornus-1X probe, just spudded by drillship Noble Venturer — will it consider whether to carry out drill stem tests. Responding to a question on Namibia exploration during Eni's capital markets day (CMD) on Thursday, Guido Brusco, chief operating officer of global natural resources, surprised analysts by offering extra information on Sagittarius-1X. “The well penetrated a hydrocarbon reservoir with 90 metres of gross thickness, with no observed water contact,” he said, adding that “we ran an intensive campaign for the collection of samples, data, sidewall cores to assess the fluid reservoir properties”. It was Brusco's comments about the gross reservoir thickness that jumped out to CMD listeners. However, all may not be as clear-cut as it seems.
One person closely familiar with the Orange basin cautioned that it is a very complex play —underscored by Shell's recent exploration write-off, TotalEnergies' reservoir challenges at Venus and Chevron's failed debut exploration well — and nothing should be taken for granted. Capricornus-1X, meanwhile, is drilling ahead at a location about 30 kilometres south of Sagittarius-1X, with results likely to be revealed in early April."
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