Rhino Resources has commenced drilling activities at the Volans-1X exploration well under exploration license (PEL) 85, alongside its partners including the Namibian national oil company (NAMCOR), Azule Energy and Korres investment.
The development was announced by both Rhino and NAMCOR and confirmed by Offshore Energy on Friday.
The drilling is carried out using the Deepsea Mira, a rig owned by Northern Ocean (NOL) and managed by Odfjell Drilling.
“With the Volans-1X exploration well Rhino and our partners are strategically advancing our understanding of PEL 85’s potential.
“Once again, we’re proud to emphasise our commitment to local upliftment through the execution of another well in Namibia with all associated construction services and equipment uniquely sourced in-country,” said Rhino’s Chief Executive Officer (CEO), Travis Smithard.
The PEL85 license is jointly operated by Rhino (42.5%) with NAMCOR (10%), Korres (5%), and Azule (42.5%). Azule Energy is a 50-50 joint venture between Eni and BP.
This is the third well in the license following Sagittarius 1-X and Capricornus 1-X, with both showing hydrocarbon-bearing reservoirs.
The latter encountered 38 meters of net pay with no observed water contact and testing light oil.
However, the African energy explorer Rhino says it will continue evaluating the drilling results from both and plans to explore development options.
The third well is being drilled by the Deepsea Mira to water depths of around 1,200 meters. It aims to test a new play fairway that could unlock what NAMCOR believes is significant development potential.
Drilling operations in Namibia’s Orange basin
The Rhino-sanctioned PEL85 is located in Namibia’s Orange basin, where several global majors have made significant oil discoveries recently.
Popular assets and operators in the basin include;
- Kharas prospect handled by BW Energy
- Mopane controlled by Portuguese Galp
- Venus field under TotalEnergies
Venus was discovered in 2022 and is considered one of the largest oil finds globally in recent years.
TotalEnergies had earlier it will not proceed with the development of the project until there is a concrete agreement with the Namibian Government.
But Rhino has decided to move forward with the drilling of its neighbouring license using the Deepsea Mira, a sixth-generation semi-submersible drilling and service unit.
Based on the details of a $40 million contract signed between Rhino and NOL in mid-July, the drilling is expected to last for 112 days.
The deal covers one firm well for Rhino, one firm well for another operator, and three optional wells.
