Namibia: Capricornus-1A Appraisal Well Confirms Earlier Offshore Oil Discovery

The National Petroleum Corporation of Namibia (NAMCOR) has announced the successful completion of drilling operations at the Capricornus-1A appraisal well within Petroleum Exploration Licence (PEL) 85 offshore Namibia.

The well was drilled by Rhino Resources Namibia Ltd, the operator of PEL 85.

PEL 85 is operated by Rhino Resources, which holds a 42.5% working interest, in partnership with Azule Energy (42.5%), NAMCOR (10%), and Korres Investments (5%).

According to NAMCOR, the Capricornus-1A well reached a total depth of 4,818 metres and confirmed the presence of oil-bearing reservoir rock linked to the earlier Capricornus-1X discovery.

Drilling operations were completed safely without any incidents.

NAMCOR Acting Managing Director, Mr. Mtundeni Ndafyaalako, described the results as encouraging, saying they provide valuable information that will support the joint venture’s ongoing evaluation of the Capricornus discovery.

“We are pleased with the progress made by Rhino Resources and our joint venture partners in PEL 85. The Capricornus-1A well has provided important information that improves our understanding of the area and supports the next phase of appraisal work,” said Ndafyaalako.

He added:”Each well drilled in the Orange Basin gives Namibia a clearer picture of the potential of its offshore resources. NAMCOR remains encouraged by the continued progress being made through strong partnerships and the commitment of our operator and joint venture partners.”

NAMCOR said the data gathered from the Capricornus-1A appraisal well will be analysed alongside information from previous wells drilled in PEL 85. The findings will help guide the joint venture’s next phase of appraisal activities and future exploration within the licence area.

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The corporation also congratulated Rhino Resources, Azule Energy, Korres Investments, and all teams involved for the safe and successful execution of the Capricornus-1A drilling campaign.

“The well has also provided critical information on deeper geological intervals that were not encountered at Capricornus-1X, improving our understanding of how subsurface structures are defining the play fairways across the licence area.

“Together with the extensive datasets gathered from our previous discoveries, these results provide further insights for our part of the Orange Basin and will help inform the next phase of appraisal drilling across the Capricornus accumulation and additional exploration targets across PEL 85,” said Travis Smithard, Chief Executive Officer of Rhino Resources.