Capricornus 1-X successfully tests light-oil discovery

Rhino Resources (‘Rhino’ or ‘the Company’) provides the following update on behalf of the PEL85 JV regarding its operated drilling campaign on Block 2914, offshore Orange Basin, Namibia.

Petroleum Exploration License 85, where the well was drilled, is operated by Rhino Resources with a working interest of 42.5%. Co-venturers are Azule Energy (42.5%), NAMCOR (10%), and Korres Investments (5%) – bp and Eni each hold a 50% interest in Azule Energy.
The Capricornus 1-X well, spudded on 17 February using the Noble Venturer drillship, reached total depth of 4,957mTVDSS on 2 April, successfully penetrating the Lower Cretaceous target. The well found 38m of net pay, with the reservoir showing good petrophysical properties and no observed water contact. Hydrocarbon samples and sidewall cores were collected through intensive wireline logging operations.

In addition to wireline acquisition, the well successfully completed a production test across the light oil-bearing reservoir. The well achieved a surface-constrained flow rate in excess of 11,000 stb/d on a 40/64” choke. The light ~37° API oil exhibited limited associated gas with less than 2% CO2 and no hydrogen sulphide. Laboratory studies will be conducted on fluid samples collected during the test.

The well will now be temporarily plugged and abandoned, and the rig will be released.

Commenting on the update, Chief Executive Officer Travis Smithard said:

“Rhino, on behalf of the PEL85 JV, are delighted to announce the discovery of hydrocarbons at the Capricornus 1-X well. The results of the comprehensive wireline and drill stem testing programmes have proven the existence of a high-quality light-oil bearing reservoir, with no observed water contact. This achievement is testament to the outstanding execution of the campaign by the Rhino team and our service company partners, who have ensured the safe and successful drilling of two consecutive deepwater wells in a challenging geological environment. Rhino, in collaboration with our partners Azule Energy, NAMCOR and Korres will now turn our attention to post drilling analysis to inform the next steps of our exploration strategy across the block.”

Media Contacts:
Burson Buchanan: energy@buchanan.uk.com
Ben Romney / Barry Archer
+44(0) 207 466 5000

About Rhino Resources
Rhino Resources is a Cape Town based, privately-owned company focused on organic and inorganic growth to become a leading Independent E&P company. The pursuit of energy equality and a just energy transition underpin the company’s vision and purpose. In South Africa, Rhino is exploring onshore for biogenic gas, helium and native hydrogen. Our ambition is to play a role in unlocking the energy potential of South Africa by supplying dispatchable resources required to enable largescale renewable energy adoption. In Namibia, Rhino operates the offshore exploration licence PEL85 in the prospective Orange Basin.