Rhino Resources announced that its Sagittarius 1-X well in Namibia’s Orange Basin has encountered a hydrocarbon reservoir.
As the operator of Block 2914, Rhino Resources leads the project, while Azule Energy—a joint venture between BP and Eni—holds a 42.5% stake.
Chief Executive Travis Smithard stated that Rhino and its joint venture partners will now conduct further analysis to assess the well’s results.
The well successfully reached its Upper Cretaceous targets and confirmed the presence of hydrocarbons without any water contact, according to Rhino.
Smithard added that the focus will now shift to the second drilling target, Capricornus 1-X, which is set to begin within 24 hours and is expected to take 47 days to complete.
Source:marketscreener.com
African Energy Council