Rhino's oil run continues

Rhino Resources has confirmed that its Capricornus-1A appraisal well has found an oil-bearing sandstone reservoir in pressure communication with the Capricornus-1X discovery well, providing further evidence of reservoir continuity across the Capricornus accumulation offshore Namibia.

The update was issued on behalf of the prospecting exploration licence (PEL) 85 Joint Venture, which Rhino operates on Block 2914 in the Orange Basin. Rhino holds a 42.5% working interest in the licence. Co-venturers are Azule Energy with 42.5%, the National Petroleum Corporation of Namibia (NAMCOR) with 10% and Korres Investments with 5%.

Capricornus-1A was drilled in the eastern portion of the Capricornus fairway, which was established by the earlier discovery at the Capricornus-1X well. The well was spudded on 2 May 2026 using the Saipem 12000 drillship, in a water depth of 1 285 metres, and reached a total depth of 4 818 metres measured depth on 11 June 2026. Drilling operations were completed safely and without incident.

The well intersected a gross reservoir interval of 46 metres. A representative core of the main reservoir section was acquired, and a full suite of wireline logging and formation evaluation data was collected.

Preliminary analysis of downhole pressure data indicates the presence of an oil-bearing sandstone reservoir in pressure communication with the reservoir fairway discovered by Capricornus-1X.

Rhino said the results provide further evidence of reservoir continuity across the Capricornus accumulation and represent an important data point in the ongoing appraisal of the discovery.

The core, pressure and wireline datasets acquired from Capricornus-1A will now be integrated with data gathered from previous wells across PEL 85 to support the joint venture's ongoing appraisal and exploration activities.

Commenting on the update, Rhino chief executive officer Travis Smithard said the Capricornus-1A well had delivered important information that advanced understanding of the morphology of the Capricornus reservoir system.

"Confirmation of pressure communication with Capricornus-1X provides evidence of reservoir continuity across the accumulation and increases our drilling confidence as we continue to advance the appraisal of the Capricornus discovery," Smithard said.

He said the well had also provided critical information on deeper geological intervals that were not encountered at Capricornus-1X, improving understanding of how subsurface structures are defining the play fairways across the licence area.

"Together with the extensive datasets gathered from our previous discoveries, these results provide further insights for our part of the Orange Basin and will help inform the next phase of appraisal drilling across the Capricornus accumulation and additional exploration targets across PEL 85," Smithard said.