It's certainly starting to heat up again - the enthusiasm over...

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25/04/25

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Post #: 78803579
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Originally posted by jibbybagger: ↑

Rhino's Namibia discovery flows 11,000 barrels per day of light oil

Rhino Resources has revealed test results from its Capricornus-1X discovery well offshore Namibia, with the probe flowing at least 11,000 barrels per day of light oil, with limited associated gas, from a Lower Cretaceous pay zone. Upstream reported last week that the probe in Petroleum Exploration Licence (PEL) 85 had hit hydrocarbons, but details about exactly what was found were scant at that time. On Thursday afternoon, however, privately-owned Rhino said in addition to wireline acquisition, a production test had been completed across a 38-metre net oil-bearing reservoir. The well achieved a surface-constrained flow rate in excess of 11,000 bpd on a 40/64-inch choke.

According to Rhino, the oil, with an API of about 37 degrees, exhibited limited associated gas with less than 2% carbon dioxide and no hydrogen sulphide. Most other finds in the Orange basin have encountered higher gas rates. Capricornus 1-X spudded on 17 February using the drillship Noble Venturer and reached a total depth of 4957 metres on 2 April. Rhino said the reservoir showed good petrophysical properties and no observed water contact. Laboratory studies will be conducted on fluid samples collected during the test, said the operator. Sidewall cores were also collected. The well will now be temporarily plugged and abandoned, and the rig will be released.

Rhino chief executive Travis Smithard said: "The results of the comprehensive wireline and drill stem testing programmes have proven the existence of a high-quality light-oil bearing reservoir, with no observed water contact." He added that the PEL 85 partners will now turn their attention to post-drilling analysis "to inform the next steps of our exploration strategy across the block.” Speaking to analysts today, Guido Brusco, chief operating officer of global natural resources at Eni - BP's joint venture partner in PEL 85 stake holder Azule Energy - said it is too early to assess the discovery's size. "It's too premature to make [estimates]. We need to assess full size of discovery," he said during the company's first quarter results. Rhino has a 42.5% stake in PEL 85 and is partnered by Azule Energy, also on 42.5%, state-owned Namcor on 10%, and Korres Investments on 5%.

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It's certainly starting to heat up again - the enthusiasm over day 1 & day 2 of the NIEC conference was epic. Azule/ENI/Rhino have knocked it out of the park. Nice to get a pancon mention by Maggie on Day 1. I was also not aware that exxon has a number of licenses in the Namibe basin (since 2019...which they are now looking to drill) (https://www.upstreamonline.com/exploration/exxonmobil-hunts-sweet-spot-of-namibia-frontier-basin/2-1-1810136). Pel87 is now surrounded by discoveries - 3-4months tops before something happens in relation to farm-in (IMO). Pancon has already effectivly fullfilled it's first extension requirements, so worst case we carry over to the jan26-jan28 extention (where a well is a fixed requirement). Just a matter of time.

Lots of very interesting reads orignating from NIEC:
https://energychamber.org/namibias-orange-basin-could-match-brazils-campos-production-says-nec/
https://africanenergycouncil.org/chevron-explores-oil-off-namibia/

So many opportunities in Namibia offshore, and plenty more news on the horizon - accross all basins.

PCL Price at posting: 0.6¢ Sentiment: Buy Disclosure: Held
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