Rhino Resources discovers oil offshore Namibia

African energy explorer Rhino Resources’ Sagittarius 1-X well offshore in Namibia’s Orange Basin has intersected a hydrocarbon reservoir, the company said in a statement on Monday, in an eagerly awaited result for one of the world’s exploration hotspots.

Rhino Resources is the operator in Block 2914 of the field, where Azule Energy, a partnership between BP and Eni, holds a 42.5 per cent stake.

“Further assessment will be required by Rhino and the … JV partners to evaluate the results of the well,” Chief Executive Travis Smithard said.

The well penetrated Upper Cretaceous targets and intersected a hydrocarbon reservoir, with no water contact, Rhino said.

Smithard said attention would now turn to the second target in its drilling campaign, with Capricornus 1-X due to be spudded within the next 24 hours and take 47 days to drill.

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