The Capricornus 1-X well falls under PEL 85. (Image source; Adobe Stock)

Rhino Resources has found good petrophysical properties minus water contact from Capricornus 1-X exploration well in Namibia’s Orange Basin

Spudded with the Noble Venturer drillship, the Lower Cretaceous target was reached at total depth, revealing 38m of net pay. Hydrocarbon samples and sidewell cores were collected through intensive wireline logging operations. The rig will now be released following temporary plugging and abandonment of the well. 

A production test was also conducted across the light oil-bearing reservoir. The well achieved a surface-constrained flow rate in excess of 11,000 stb/d on a 40/64” choke. The light 37° API oil exhibited limited associated gas with less than 2% CO2 and no hydrogen sulphide. Fluid samples collected from the test will be put to laboratory studies.

The Capricornus 1-X that falls under Petroleum Exploration License 85 is operated by Rhino Resources with a working interest of 42.5%. Co-venturers are Azule Energy (42.5%), Namcor (10%), and Korres Investments (5%) – bp and Eni each hold a 50% interest in Azule Energy.

The contract will commence in the third quarter 2026. (Image source: Adobe Stock)

Valaris Limited has been awarded a five-well contract offshore West Africa for drillship VALARIS DS-15

The US$135mn-worth contract that will span nearly 250 days, is scheduled to commence in the third quarter 2026.

Including upfront payments for rig upgrades and mobilisation, the total contract value does not include the provision of additional services. There are priced options for up to five wells with an estimated total duration of 80 to 100 days.

Delivering complex drilling solutions

President and chief executive officer Anton Dibowitz said, “We are excited to have secured another contract for one of our high-specification drillships. As part of this contract, the rig will be upgraded with an enhanced managed pressure drilling system. We believe this contract reflects the market’s preference for contractors that can deliver complex drilling solutions with high-specification, seventh generation drillships. In addition, this contract adds to our presence offshore West Africa, where we are well positioned for future contracting opportunities.”

Block 1 spreads across 19,929 sq km offshore South Africa. (Image source: Eco Atlantic)

Eco (Atlantic) Oil & Gas Ltd has acquired from the Petroleum Agency South Africa (PASA) a substantial volume of 3D and 2D legacy data on Block 1 offshore South Africa

These high resolution and processing-ready data include two 3D seismic surveys totalling 3,500 sq km, 20,000+ line kms of 2D seismic, and logs for key exploration wells AF-1, AO-1, and AE-1. All these wells are drilled, with AF-1 confirming gas presence at flow rates of 32.4mn standard cu/ft per day, AE-1 indicating oil and gas shows, and AO-1 providing key stratigraphic data and reservoir markers.

The seismic surveys give a holistic understanding of key structural and stratigraphic targets, from inboard gas-prone zones to outboard oil-charged systems.

Eco is in the final stages of the formal acquisition of 75% working interest and operatorship in Block 1 through its wholly owned subsidiary Azinam South Africa Limited as per a farm-in agreement signed with Tosaco Energy.

Block 1 spreads across 19,929 sq km offshore South Africa, directly abutting the Namibian border. The block extends from the shore to the continental shelf, some 175 km offshore then to ~263 km out into deep water, encompassing a full margin transect from the shelf to deep water channel and fan complexes.

Water depths range from shallow shelf (~200 m) to deepwater (~1,000 m), enabling a full spectrum of play types. The acreage is considered geologically analogous to the Kudu gas field to the north and sits immediately south of recent discoveries made by Galp Energia (Mopane), Shell (Graff, La Rona), TotalEnergies (Venus), and Rhino Resources (Capricornus 1-X light oil discovery).

Potential partnership opportunities

Colin Kinley, co-founder and chief operating officer of Eco Atlantic, said, "The Orange Basin has rapidly emerged as one of the most compelling hydrocarbon fairways globally, with recent multi-billion-barrel discoveries adjacent in Namibia extending directly into the geological runway of Block 1. This asset provides Eco with material exposure across a full-margin basin play-ranging from proven, gas-rich inboard sections to oil-prone targets in the deepwater and ultra-deepwater domain.

"This strategic acquisition of high-quality 2D and 3D seismic, along with historic well logs deliver massive value to the company. This acquisition is currently conservatively estimated to replace US$50-60mn in acquisition costs required for new exploration. The data quality enables us to aggressively pursue subsurface interpretation and prospect ranking immediately. This dataset provides a robust foundation for accelerated prospect maturation and the opportunity to consider potential farm-out and partnership conversations.

"In parallel with our South African work programme, we are actively negotiating farm-out and drilling participation opportunities on our Orinduik Block in Guyana. We will update the market as those discussions progress. Our Walvis Basin acreage in Namibia, particularly the ultra-deepwater blocks, is also receiving strong interest as Orange Basin real estate becomes increasingly competitive. We continue to engage with industry and government stakeholders to advance partnerships across these core positions. Finally, our interest in Blocks 3B/4B in South Africa-now operated by TotalEnergies-offers unique upside potential, both on completion payment of farm down costs to Eco and importantly drilling the significant resource opportunity assessed on the block."

Galp is planning to sell operatorship stake in Mopane's PEL 83. (Image source; Adobe Stock)

Following a difficult first quarter earnings, Portugal-based Galp Energia is on the lookout for potential partners to develop a discovery in Namibia 

In February, the company confirmed a significant presence of light oil and gas condensate in a fifth well in the Mopane field offshore Namibia. The discovery came as a major anticipation for the company, which has since wanted to take up feasibility studies within the Mopane region. 

Meanwhile, the company is also planning to sell operatorship stake in Mopane's Petroleum Exploration Licence 83 by as much as 80%. 

Volatile market

"A partnership is our natural and preferred next step. We are re-engaging with interested parties we have had conversations with before and data is now being shared with them," said Galp's co-chief executive officer, Maria Joao Carioca.

Incidentally, Galp has faced a 29% drop in adjusted first-quarter core profit. The company's first-quarter adjusted earnings before interest, taxes, depreciation and amortisation took a hit of dipping oil output and lower refining margins, with revenue falling to US$761mn. With refining margins recorded at US$5.60 a barrel in the quarter from the previous year's US$12, and a 41% decline in quarterly adjusted net profit, Galp has attributed the low results to an "increasingly volatile market environment".