Azule Energy onboard for newly spud Sagittarius well offshore Namibia
The Noble Venturer drillship has spud the Sagittarius 1-X exploration well in the Orange Basin offshore Namibia.
According to operator Rhino Resources, this is the first of two back-to-back wells; further activities could follow depending on the results.
The location is in 1,400 m of water in PEL 85. Drilling of the initial well should last about 45 days.
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Aug. 28, 2024To the west is the Shell-operated PEL 39. The Galp-operated PEL 83 to the northwest contains the giant Mopane oil discovery drilled earlier this year and recently appraised.
Despite the proximity to these prospective areas, Rhino and its partners are looking to test different elements of the play fairway in an updip position within the basin.
EXCEED, which oversaw drilling of the recent Galp wells, is supporting Rhino’s drilling team.
Azule Energy, the joint E&P venture in Angola between bp and Eni, has gained approvals to farm into PEL 85 with a 42.5% interest, identical to Rhino’s share. The other partners are NAMCOR (10%) and Korres Investments (5%).
Post completion of the transaction, the contractor group now consists of Rhino Resources Namibia Ltd. (operator, 42,5%) Azule Energy Exploration Angola (KB) Ltd. (42.5%), NAMCOR Exploration and Production (Proprietary) Ltd. (10%) and Korres Investments (Pty) Ltd. (5%).
Rhino retains operatorship through the exploration phase, while Azule has the option to become operator for any development that may follow.
