Rig141 has been booked again under a year-long extension.

Operations in the Gulf of Suez offshore Egypt continues as the Rig 141 by Shelf Drilling has been booked for another year by a 12-month extension

Worth around US$23mn, the rig will now be blocked untill February 2027. 

Shelf Drilling rigs are high in demand in West Africa as well. Last year the company bagged million dollar deals for campaigns in Nigeria and Angola. 

The rig will be used for drilling the Kharas appraisal well.

The Kudu appraisal well prepares for drilling as BW Energy, along with NAMCOR E&P, has contracted the Deepsea Mira semi-submersible rig for the campaign

The rig will also be used for drilling the Kharas appraisal well on the Kudu licence (PPL003) offshore Namibia in the Orange Basin, during the later part of 2025.

This comes as part of a rig-sharing agreement that was announced by Northern Ocean with Rhino Resources. The contract, entered into by BW Kudu Ltd, provides access to an in-country rig and an experienced services team with a strong track record in the Orange Basin, supported by a high level of local content.

BW Energy is the operator of the Kudu production licence (PPL003) with a 95% working interest. NAMCOR E&P, a subsidiary of the national oil company of Namibia, holds the remaining 5% carried interest.

The two subsea tie-back projects will deliver additional production. (Image source: TotalEnergies)

TotalEnergies has begun production from the Begonia and Clov Phase 3 offshore projects, leveraging ullage in the Pazflor and Clov floating production, storage and offloading units (FPSO) to add a total of 60,000 barrels a day of new production

These two subsea tie-back projects deliver additional production leveraging available capacity on existing FPSO’s and as such have low marginal costs and low carbon intensities.

TotalEnergies is an Operator with a 30% interest in Begonia, which is the first inter-block development on Block 17/06 in Angola. A project made possible thanks to good cooperation between the Angolan concession holder Agencia Nacional de Petróleo, Gás e Biocombustíveis (ANPG), the partners of the block 17/06, Sonangol E&P (30%), SSI (27,5%), ETU Energias (7.5%), Falcon Oil (5%), and the partners of block 17 also operated by TotalEnergies.

Located 150 kilometers off the Angolan coast, Begonia is a 30,000 barrels per day project consisting of five wells subsea tied back to the Pazflor FPSO.

With a 38% interest, TotalEnergies is also the Operator of Clov Phase 3, continued upsides on Block 17. The company has announced the first oil from the development, in agreement with ANPG and its partners Equinor (22,16%), ExxonMobil (19%), Azule Energy (15.84%) and Sonangol E&P (5%).

Located 140 kilometers from the Angolan coast, Clov Phase 3 is a 30,000 barrels per day project consisting of four wells subsea tie-back to the Clov FPSO.

“TotalEnergies, operator of Block 17 and 17/06, continues to actively deliver its low-cost and low-emissions developments to grow its upstream production by more than 3% in 2025,” said Nicolas Terraz, president exploration and production at TotalEnergies. “With Begonia and Clov Phase 3, we are leveraging available production capacity in existing FPSOs of Block 17 (Pazflor and Clov) while reducing costs and emissions.”

“Good news for the country, as those two First Oils will help Angola maintain its production levels above 1 million barrel per day. Begonia is the first project between Blocks in Angola with a significant component of Local Content and Clov 3 is a great achievement resulting from intense work between the concessionaire and the B17 contractor group, operated by TotalEnergies. Projects like these are extremely important as they prove the innovative spirit and dynamism of the oil sector in Angola,” said Paulino Jeronimo, chairman of the Board of Directors of the National Agency for Petroleum, Gas and Biofuels.

Capricorn forecasts the drilling of 10 development wells for H2 2025.

Capricorn has announced its half-year results

Randy Neely, chief executive, Capricorn PLC said, “Capricorn enters the second half of 2025 having made material progress in its strategic priorities, underpinned by financial discipline and driven by a focused team who have set out a clear path to creating shareholder value. EGPC board approval of the renewed concession terms marked a pivotal milestone in the evolution of our Egyptian business and, anticipating the conclusion of customary parliamentary ratification expected later this year, momentum has never been stronger to achieve increased reserves and value improvements to our Western Desert assets.

"With a payment plan agreed with the Egyptian General Petroleum Corporation (EGPC), we have continued to invest in the asset base, actively working with EGPC to ensure that the timely payment of receivables is able to support the increasing investment programme.

"Growing cash flow through diversification and expanding our operations remains a key strategic priority, and we continue to actively evaluate strategic investment and partnership opportunities in the region alongside accretive opportunities in the UK North Sea.”

WI production for H1 2025 in the Western Desert averaged approximately 20,000 boepd (43% liquids), tracking slightly above the mid-point of the full year guidance range for 2025 of 17,000 – 21,000 boepd. The recent receipt of a payment plan from EGPC, along with payments consistent with that plan, is expected to resolve recent issues that have been impacting timely provision of oil field supplies and services in support of production at the Operator, Bapetco. Capricorn continues to work with the Operator to prioritise opportunities to add production, from reinstating high-graded shut-in wells, to identifying additional perforation opportunities and optimising the development well sequence.

In the first half of 2025, development drilling activity was limited by the need to fulfil outstanding exploration commitments, postponed from 2024 and backed by a parent company guarantee. In April, a fourth rig was brought into the fleet to accelerate the completion of these exploration commitments, and from August the entire fleet is expected to be allocated to development activity. Three exploration wells have been drilled with one each on the North Um Baraka, West El Fayoum and South East Horus concessions. All three wells encountered hydrocarbons and are currently under analysis in anticipation of testing to evaluate commerciality.

In the second half of 2025, Capricorn forecasts the drilling of 10 development wells, all focused on the Badr El Din area, targeting liquids. This work programme is expected to be attributed against the commitments that the Company will be required to fulfil as part of the recently agreed integrated concession agreement.

Capricorn has engaged its reserves auditor, GLJ, to evaluate the expected reserves and resources increment associated with the consolidation of eight of the Company's existing Egyptian concession agreements into a new, single integrated concession agreement, which was recently approved by the EGPC Board. The preliminary work undertaken aligns with Capricorn’s expectation of an initial conversion of WI resources to 2P reserves of up to approximately 20 mmboe in the current year, and the Company continues to expect the customary Parliamentary ratification of the new agreement later in 2025. Capricorn anticipates investing in the concession area under the new terms prior to formal ratification.