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.
The Sagittarius 1-X well, which spud on 18 December 2024 using the Noble Venturer drillship, reached TD on 6th February 2025. The well penetrated Upper Cretaceous targets and intersected a hydrocarbon reservoir, with no observed water contact. Intensive wireline logging operations allowed for the collection of hydrocarbon samples and sidewall cores. Fluid and reservoir properties will be confirmed with laboratory analysis.
The drilling operations on the Sagittarius-1X well have now concluded and the rig has moved to drill the second well in the programme (Capricornus) which will test a different fairway.
Commenting on the initial well results, Rhino’s CEO Travis Smithard said:
“We are pleased to have safely and successfully completed the drilling of the first exploration well in our programme on PEL 85. The hydrocarbon-bearing reservoir encountered is evidence for the effectiveness of charge, although further assessment will be required by Rhino and the PEL 85 JV partners to evaluate the results of the well.
Our attention now turns to the second target in the programme, which is the Capricornus prospect, a NE-SW trending channel system. The Capricornus-1X well is due to be spud within the next 24 hours and is estimated to take 47 days to drill.”
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 Namibian Orange Basin.
