General Thoughts, page-8775

With the recent Capricornus-1 discovery, imho the Rhino/Azule (BP/ENI) jv would not be going to the trouble and expense to run a DST, unless had significant encouragement from the DLWD and subsequent wireline logs and possible downhole DST results.

I would speculate that in the event of a good result from the DST of Capricornus-1, that Azule or BP alone might seek to increase its interest in the Offshore Orange Basin and seriously look at farming into PEL 87 to drill a well or two in the Saturn Prospect complex.

All speculation of course and we await the DST results from Capricornus-1, possibly up to two weeks away.

And Sintana-Custos do have a very strong interest in attracting a farmin partner to PEL 87 as other wise their current free carry to FID vanishes and Saturn doesn't get drilled.

So rest assure that Sintana's Mr Bose in his presentation at the Namibian International Energy Conference, 23-25 April 2025, will apprise the audience of the 'act early to avoid disappointment farmin opportunity' for PEL 87 and of course the significance of the contingent resource billion boe rec Mopane oil and gas discovery.
https://www.nieconference.com/speakers/

So fwiw, my money is on an Azule jv or BP farmin to PEL 87 in the future.

Risk in everything of course.