bp-Eni joint venture Azule Energy and private exploration company Rhino Resources Namibia have executed a farm-in agreement in regards to the highly prospective Orange Basin offshore Namibia
Post completion of the agreement which is subject to customery approvals by authorities concerned, Azule will be recognised with a 42.5% interest in Block 2914A in the area.
Currently, the shareholders include Rhino who is the operator with the major shares of 85%, followed by National Petroleum Corporation of Namibia - NAMCOR (10%) and local company Korres Investments (5%).
The agreement grants access to initiate the drilling of two high-impact exploration wells, the first of which is planned to be spud by 2024 end.
The Agreement also provides Azule Energy with an option to become the operator of PEL85. This is right adjacent to block 2813A operated by Galp which revealed significant oil columns as well.
Becoming regional energy leader
Azule Energy's CEO, Adriano Mangini, said, "Our entry into offshore Namibia represents a significant milestone for Azule. We are excited to enter this highly prospective hydrocarbon region and to participate in the unlocking of Namibia's oil and gas potential. This venture aligns with Azule Energy's vision of becoming a regional leader in energy exploration and underscores its dedication to safe and reliable resource development."
Rhino Resources· CEO, Travis Smithard said, "The signing of this agreement sets the foundations for a new strategic partnership between Rhino and Azule. This partnership is based upon a mutual drive to accelerate exploration on the block with the goal of developing the hydrocarbon potential in the shortest timeframes possible. We believe that Azule's unique capabilities of rapid deployment of technical and financial resources will complement our objectives of delivering value creation, for the benefit of all Namibian stakeholders."
