Rhino Resources Confirms High-Quality Light Oil Discovery in Namibia’s Orange Basin. Rhino Resources has announced a promising oil discovery at its Capricornus 1-X well, located offshore in Block 2914 of Namibia’s Orange Basin. The find has been described as “high-quality, light oil,” signaling potential growth for the country’s energy sector.
The news was shared in a joint update with the National Petroleum Corporation of Namibia (NAMCOR), one of the venture’s partners. The results come after detailed wireline logging and drill stem testing confirmed the presence of a high-quality reservoir with no signs of water contact.
Rhino Resources CEO Travis Smithard highlighted the success of the campaign, emphasizing the company’s ability to safely drill two deepwater wells in complex geological conditions. He credited the achievement to the efforts of Rhino’s team and its technical partners.
Rhino Resources leads the joint venture with a 42.5% stake in Petroleum Exploration License (PEL) 85. The other stakeholders include Azule Energy—formed by BP and Eni—with an equal share, NAMCOR with 10%, and Korres Investments holding 5%.
NAMCOR reaffirmed its commitment to supporting Namibia’s upstream oil development through skilled partnerships and continued exploration. The corporation sees this discovery as an important step toward strengthening Namibia’s position in the international energy market.