Africa-Press – Angola. The companies Azule Energy (Angola) and Rhino Resources Namibia signed an exploration agreement for Block 2914A (PEL85), offshore Namibia.
According to a note from Azule, the agreement will grant this joint venture a participatory interest of 42.50% in the aforementioned block, located off the Orange basin in Namibia where, since 2022, major oil discoveries.
The deal also gives Azule Energy the option to become the operator of Block PEL85.
According to the assumed work program for the area, the drilling of two high-impact research wells is planned and it is estimated that the first will be drilled by the end of this year.
The document states that the transaction is subject to the usual approvals by the Namibian authorities and the remaining members of the Azule joint venture.
The current contractor group is made up of Rhino (Operator, 85%), Namcor Exploration and Production (Proprietary) Limited (10%) and the Namibian company Korres Investments (Pty) Ltd (5%).
Quoted in the note, the CEO of Azule Energy, Adriano Mongini, highlighted this strategic advance by the company.
“Our entry offshore Namibia represents a significant milestone for Azule. We are excited to enter this region of great hydrocarbon prospectivity and participate in research into Namibia’s oil and gas potential”, he highlighted, adding that the investment is aligned with the company’s vision of becoming a regional leader in energy exploration.
Likewise, it highlights its commitment to developing resources in a safe and reliable way.
For his part, the CEO of Rhino Resources, Travis Smithard stated that the signing of the agreement lays the foundations for a new strategic partnership between the two companies.
This partnership, he adds, is based on a mutual effort to accelerate research activities in the block, with the aim of developing hydrocarbon potential in the shortest possible period of time.
“We believe that Azule’s exceptional capabilities in quickly mobilizing technical and financial resources will complement our objectives of offering value creation, benefiting all Namibian stakeholders,” he said.
Azule Energy is an independent joint venture, combining BP and Eni’s businesses in Angola on an equitable basis.
Rhino Resources Namibia Ltd is a privately owned petroleum research company focused on providing low-cost energy solutions to the African continent.
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