E&P

The well intersected a gross reservoir interval of 46 metres.

The PEL 85 Joint Venture has recently completed drilling operations on Block 2914, offshore Orange Basin, Namibia

The Capricornus-1A appraisal well was drilled in the eastern portion of the Capricornus fairway, which was established by the discovery at the Capricornus-1X well. The Saipem 12000 drillship was deployed in a water depth of 1,285 metres and reached total depth of 4,818 metres MD. 

The well intersected a gross reservoir interval of 46 metres. A representative core of the main reservoir section was acquired, and a full suite of wireline logging and formation evaluation data was collected.

Preliminary analysis of downhole pressure data indicates the presence of an oil-bearing, sandstone reservoir in pressure communication with the reservoir fairway discovered by the Capricornus-1X well. The results provide further evidence of reservoir continuity across the Capricornus accumulation and represent an important data point in the ongoing appraisal of the discovery.

The core, pressure and wireline datasets acquired from Capricornus-1A will now be integrated with data gathered from previous wells across PEL 85 to support the Joint Venture’s ongoing appraisal and exploration activities.

Well operator Rhino Resources Namibia's Chief Executive Officer, Travis Smithard said, “The Capricornus-1A well has delivered important information that advances our understanding of the morphology of the Capricornus reservoir system. Confirmation of pressure communication with Capricornus-1X provides evidence of reservoir continuity across the accumulation and increases our drilling confidence as we continue to advance the appraisal of the Capricornus discovery.

“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.”

Eco (Atlantic) Oil & Gas has received formal Ministerial approval from the Ministry of Industries, Mines and Energy of Namibia for the Section 11 assignment relating to the Company's previously announced farm-out of its 85% participating interest in Petroleum Exploration Licence 98 (PEL 98), offshore Namibia, to Namibian company, Lamda Energy

The receipt of this approval demonstrates continued regulatory progress within Namibia's highly prospective offshore sector and reflects the Ministry's ongoing commitment to advancing commercial transactions and exploration activity across the country.

The Company also confirms that the Section 11 application relating to its recently announced farm-out transaction with BP Namibia Energy Limited ("bp Namibia") across Petroleum Exploration Licences 97, 99 and 100 has now been submitted to the Ministry and will be the next key regulatory milestone in progressing that transaction. Eco is also pleased to confirm that the Section 11 application relating to the Company's recently announced farm-out transaction on Block 1 CBK to Navitas Petroleum LP ("Navitas") was formally submitted and received by the Petroleum Agency South Africa ("PASA") on 26 June 2026.

Gil Holzman, co-founder and chief executive officer of Eco Atlantic, said, "Ministerial approval for the PEL 98 transaction is a significant milestone for Eco and our partners as we move the Farm-Out towards completion. Eco would like to express its sincere appreciation to the Ministry, the Upstream Petroleum Unit, and all parties involved in facilitating this process.

"It is also highly encouraging to see broader momentum across Namibia's upstream sector continue to grow. Ministerial approvals are progressing, providing increased confidence for companies operating in the country and supporting the advancement of exploration and commercial transactions across Namibia's offshore acreage.

"With our farm-out from PEL 98 in its final stages and the Section 11 applications for both our Block 1 CBK transaction with Navitas, and PEL97,99 & 100 transaction with bp Namibia submitted, we look forward to continuing to advance our portfolio of world-class assets in one of the world's most prospective offshore exploration regions."

Dana Gas reports good operational results

Dana Gas PJSC, the Middle East’s regional private sector natural gas company, has announced encouraging results from its Egypt drilling programme, together with the receipt of additional payments totalling AED 79 million (US$21.5 million), marking the full settlement of all overdue receivables in Egypt and the continuation of payments by the Egyptian Government

The progress achieved in Egypt reflects the combination of an improved fiscal framework under the Consolidated Concession Agreement, constructive cooperation with the Egyptian Government, the closure of all overdue receivables, and Dana Gas' continued investment in its asset base. The full settlement of overdue receivables and continued timely payments have strengthened the business’ confidence in further investment in Egypt, alongside the Government’s ongoing efforts to encourage upstream investment, increase domestic gas production and reduce reliance on imported LNG.

Dana Gas has been actively executing its US$100mn investment programme, focused on stabilising production and restoring growth across its Nile Delta portfolio. The company delivered a return to production growth in the first quarter of 2026, with average production increasing 4% year-on-year to 13,060 boepd, marking the first increase in output since 2017.

In 2025, the company successfully drilled four wells and carried out workovers across three additional wells, adding approximately 30 MMscf/d of production and 36 Bcf of reserves.

More recent drilling activity has delivered results significantly above expectations. The latest well has identified an estimated 10 Bcf of gas reserves, significantly exceeding the original prognosis of 3 Bcf. The result opens up additional development and exploration opportunities across the licence area and has the potential to contribute approximately 12 Bcf of future gas resources once developed. Dana Gas plans to drill four further wells before the end of 2026.

Richard Hall, chief executive officer, said, “The Egyptian Government’s settlement of all outstanding receivables and the return to full, timely payments are important developments that give us greater confidence to continue investing in Egypt. Combined with the progress we have made operationally over recent months, this demonstrates the benefits of the investment programme that we continue to execute. 

"We are already seeing tangible operational results. Production returned to growth in the first quarter for the first time since 2017, and our latest well results have exceeded expectations.

"The most recent well has identified significantly more gas resources than originally anticipated, highlighting both the quality of our acreage and the opportunities that remain across our portfolio. The result opens up additional development and exploration potential and further strengthens our confidence in the long-term outlook for the Egypt business."

Hall also acknowledged the support of the Ministry of Petroleum and Mineral Resources, EGPC and EGAS, and their efforts to encourage investors in the energy sector to increase domestic gas production and reduce country’s dependence on gas imports.

These efforts are paying off, with a number of discoveries being made recently. They include the oil and gas discovery by Agiba Petroleum Company, the joint venture between the Egyptian General Petroleum Corporation (EGPC) and Eni, in the Western Desert; a gas discovery made by Eni in the Nile Delta region, following its gas and condensate discovery in the Temsah concession in the Eastern Mediterranean; and a gas discovery by the USA's Apache, in collaboration with EGPC, in the Western Desert.

Prime Global to farm-in on PEL96 offshore Namibia.

Tower Resources has received a formal letter of approval from the Namibian Ministry of Industries, Mines and Energy (MIME) for the farm-out of the PEL96 license, offshore Namibia, to Prime Global Energies Limited (Prime)

This means the only outstanding condition precedent under the PEL96 farm-out contract that was announced last January is now finalised. The Company will now send out a notice of completion to Prime, and a draft deed of assignment, novation and amendment to MIME and Tower's partners, with completion expected to follow shortly.

The Company is still awaiting approval for the proposed purchase by its wholly owned subsidiary Tower Resources (Namibia) Limited (TRNL) of an additional 5% interest in the PEL96 license from its local partner, ZM Fourteen Investment (Pty) Ltd ("ZM") (together, the "Parties"), announced on 7 March 2025. As a result of the delay, the Parties are no longer bound to complete the acquisition of this interest, but are continuing to discuss its execution.

Tower Resources Chairman & CEO, Jeremy Asher, said, "We are very pleased to have received this letter of approval, and would like to thank the relevant personnel at MIME, the Upstream Petroleum Unit and NAMCOR for their diligent review and continued engagement throughout this process. We would also like to welcome Prime, who we view as a highly favourable partner for PEL96, with substantial technical and financial resources and a track record of operational success. We look forward to working alongside them and our other stakeholders to progress with the work programme offshore Namibia."