Rhino Resources to drill new exploration well off Namibia

A company spokesperson announced on Tuesday that Rhino Resources, an African energy exploration firm, and Azule Energy its partner will drill the Volans-1X offshore Namibia at the end of July or beginning of August.

Volans is being explored soon after Rhino Resource struck light oil at its second successful exploration, Capricornus 1X, which was drilled off Namibia's coastline in April.

A company spokesperson stated that testing Volans was a priority in order to explore a possible fast-track option. He added that the morphology of Volans could make it easier for developers to exploit.

Cape Town-based company operates Petroleum Exploration License 85 with Azule Energy - a joint venture between BP and Eni – as well as Namcor, the national oil company, and Korres Investments.

The spokesperson stated that if Volans-1X fails there are several options, including assessing Sagittarius or drilling another prospect, or returning to Capricornus.

Shell and Galp Energia are also among the operators who have made significant discoveries off the coast of South Africa.

TotalEnergies is expecting to make a final decision on the deep-water project.

Venus Prospect

Namibia is pushing to become the first oil producing country by the end of this decade. (Reporting and editing by Bate Feliz and Mark Heinrich; Wendell Roelf)

(source: Reuters)