Azule Energy secures a 42.5% stake in Block 2914A of Namibia’s Orange Basin through a farm-in deal with Rhino Resources Namibia. The basin, emerging as a global hydrocarbon hotspot with significant oil finds since 2022, positions Azule alongside partners Rhino (operator, 85%), Namcor (10%), and Korres Investments (5%).
Additionally, Azule has the opportunity to take on the operatorship of PEL85. Adriano Mangini, Azule Energy’s CEO, highlighted: “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.” Furthermore, the transaction is subject to customary third-party approvals from the Namibian authorities and joint venture parties. As the plan is to drill two high-impact exploration wells as part of a work program in the area, Rhino recently hired the Noble Venturer rig for these drilling activities, with the first well expected to be spud by the end of 2024.
Azule Energy has joined a long list of players that have found their way into the Orange Basin to search for more hydrocarbons. This deal follows Sintana Energy’s definitive agreement with Crown Energy to get up to 67% of the issued and outstanding shares of Giraffe Energy, which is the owner of a 33% interest in PEL 79, governing blocks 2815 and 2915 located inboard of blocks operated by BW Energy, Rhino Resources, and Shell in Namibia’s Orange Basin.
Chevron secures an 80% working interest and takes over operatorship of PEL 82, marking its debut in the block. This agreement leaves the National Petroleum Corporation of Namibia and Custos Energy with a 10% carried interest each, while Sintana Energy of Canada indirectly holds a 49% interest in Custos.
