Rhino Resources’ Sagittarius-1X well hits hydrocarbons

The National Petroleum Corporation of Namibia (Namcor) and its joint venture partner Rhino Resources encountered hydrocarbon-bearing formations - a layer of rock underground that contains oil and gas - off of its Sagittarius-1X well, it announced this week, further boosting Namibia’s oil producing hopes. Drilling commenced on 18 December 2024, using the Noble Venturer drillship, and successfully reached total depth on 6 February 2025, the national oil and gas company announced. According to Namcor, the well targeted Upper Cretaceous reservoirs and encountered a hydrocarbon-bearing formation with no observed water contact. With drilling operations on Sagittarius-1X now concluded, the drillship has moved to the next well in the campaign, Capricornus-1X, which is expected to test a separate fairway within Petroleum Exploration Licence 85, Namcor said. "The successful drilling of the Sagittarius-1X well marks a significant step for Namibia’s upstream sector, strengthening the country’s position in the Orange Basin. The presence of hydrocarbons is an encouraging indicator of the basin’s potential, and we look forward to collaborating with our joint venture partners to fully assess the results of this well,” Namcor’s executive for upstream exploration, Victoria Sibeye said. Less than 20 kilometres away from Galp's massive Mopane discovery, Rhino has expressed confidence in "multiple play types" and an "abundance of drillable prospects" in its block after promising seismic surveys and analysis.The company was not available for comment on its latest timelines to begin drilling, S&P Global previously reported. S&P Global Commodity Insights analysts said that prospects for the two Rhino wells could be similar to Shell's discoveries in 2022, which kickstarted the surge in activity around Namibian oil fields over the past two years.Rhino Resources, the operator, holds a 42.5% stake, together with Azule Energy in the same proportion while Namcor holds a 10%, with Korres Investments, holding the remaining 5%.

Rhino Resources’ Sagittarius-1X well hits hydrocarbons

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Republikein 2025-02-21

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Rhino Resources’ Sagittarius-1X well hits hydrocarbons

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