The gas resources confirm commercial value of 26m of net pay.

The Volans-1X exploration well on Block 2914A that falls under the Petroleum Exploration License 85 (PEL85) offshore Orange Basin has revealed rich-gas condensate bearing reservoirs for Rhino Resources Namibia

The gas resources confirm commercial value of 26m of net pay for partners driving the PEL85 -- Rhino Resources (42.5%), Azule Energy (42.5%), NAMCOR (10%), and Korres Investments (5%). 

Following the drilling campaign with Northern Ocean’s semi-submersible Deepsea Mira that helped penetrate the Upper Cretaceous target, the reservoir showed excellent quality petrophysical properties and no observed water contact at a total depth of 4,497.5m TVDSS.

Hot shot laboratory analysis on two samples (at the top and base of the reservoir interval) showed a high condensate to gas ratio (CGR) of >140 and a liquid density of around 40° API gravity. Hydrocarbon samples and sidewall cores were collected through intensive wireline logging operations. Laboratory studies will continue to be conducted on the rest of the fluid samples, side wall cores and cuttings collected during the campaign.

As Volans-1X laboratory testing activities continue, the CEO of Rhino, Travis Smithard said, “Rhino, on behalf of the PEL85 JV, are delighted to announce the discovery of a high liquid-yield gas condensate in excellent quality reservoir at the Volans-1X well. This is our third consecutive hydrocarbon discovery on the Block and further enhances our understanding of the sub-surface. This well result opens up an exciting new play fairway within the licence, identifying different reservoir and fluid type in this well from the recent discoveries made at Sagittarius-1X and Capricornus-1X. Rhino, in collaboration with our partners Azule Energy, NAMCOR and Korres will now evaluate the results of the ongoing testing and integrate them into blockwide prospectivity studies.”

The sale of its Kenya subsidiary marks Tullow’s exit from the country after 14 years.

Tullow Oil plc has completed the sale of its entire working interest in Kenya to Auron Energy E&P Limited, an affiliate of Gulf Energy Ltd, following satisfaction of all conditions precedent under the previously announced Sale and Purchase Agreement

Tullow has received the full proceeds of Tranche A (US$40mn) under the terms of the SPA. The transaction represents the sale of 100% of the shares in Tullow’s subsidiary Tullow Kenya BV, which holds Tullow’s entire working interests in Kenya, for a minimum cash consideration of US$120mn, subject to customary adjustments. The transaction proceeds will be used to strengthen Tullow’s balance sheet.

The sale of its Kenya subsidiary marks Tullow’s exit from the country after 14 years. Tullow retains royalty payments, subject to certain conditions, and a no cost back-in right for a 30% participation in potential future development phases.

Ian Perks, CEO of Tullow, said, “The successful completion of this transaction marks a significant milestone for the company and the achievement of another one of our key 2025 strategic priorities. The use of proceeds helps to further strengthen our balance sheet and I would like to thank the team for their hard work and commitment, which have helped position the company strongly as we look to refinance our capital structure this year.

"On behalf of everyone at Tullow, I extend our best wishes to the people and Government of Kenya and wish Gulf Energy every success as they advance this project.”

Paul Limoh, CEO, Gulf Energy Ltd, said, “We are delighted to complete this transaction and to bring these assets under the stewardship Gulf Energy Ltd. This project will play an important role in advancing Kenya’s domestic energy sector, creating opportunities for growth and development in the Turkana region, as well as supporting the country’s long-term energy security. We thank Tullow for its years of investment and commitment, and we look forward to building on that foundation as we work with partners and stakeholders to take the project forward.”

The agreement comes with a signature bonus of US$12mn. (Image source: NOCAL)

After TotalEnergies, Atlas/Oranto Petroleum has closed four production sharing contracts with the Government of the Republic of Liberia

The agreement comes with a signature bonus of US$12mn, with the international oil company securing exploratory rights over four offshore blocks: LB-15, LB-16, LB-22, and LB-24, each with an estimated investment value of US$200mn.

Atlas Petroleum International and Oranto Petroleum, sister companies established in 1991, are recognised for having one of Africa’s largest exploration portfolios, holding 22 licenses across more than 11 countries. With current production of approximately 18,000 barrels of oil per day from assets in Equatorial Guinea, Nigeria, and Venezuela, the group maintains a strategic balance between production and frontier exploration.

Their expansive portfolio encompasses deepwater, shallow water, and onshore acreage in key African markets, including Uganda, Zambia, and Senegal. Notably, in Equatorial Guinea, Atlas/Oranto has committed over US$350mn to the Alen Unit “backfill” gas monetisation project in partnership with global energy players such as Noble Energy, Glencore and Gunvor.

Beyond upstream operations, the group has demonstrated a strong commitment to local content and capacity building. In Uganda, Atlas/Oranto has invested in initiatives designed to empower local enterprises to participate in the oil and gas value chain.

The divestment is in line with Eni's strategy of upstream portfolio optimisation.

Eni has divested 30% of its stake in the Baleine project in Cote d’Ivoire to Vitol

The shares in this significant offshore development now stands at 47.25% for Eni, 30% for Vitol, and 22.75% for Petroci.  

The divestment is in line with Eni's strategy of upstream portfolio optimisation by accelerating the monetization of exploration discoveries through the divestment of equity stakes, a model known as the "dual exploration model."

This transaction adds to OTCP and Block 4 in Ghana, projects in West Africa that have already established long-standing collaboration between Eni and Vitol.

Eni has been present in Cote d’Ivoire since 2015. Baleine is Eni’s first development in the country, and the first net-zero development in Africa. The giant Baleine field was discovered in 2021, two decades after the last commercial discovery in the country and it achieved production in record time, in 2023. Currently, Baleine produces over 62.000 barrels of oil and more than 75 million cubic feet of gas per day from Phases 1 and 2. With the launch of Phase 3, production is expected to rise to 150,000 barrels of oil and 200 million cubic feet of gas per day, positioning Baleine as a cornerstone in meeting the country's domestic energy needs.

Global energy and commodities company, Vitol, has enjoyed a well established presence in West Africa since several years.