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Rhino Resources gathers critical data next year

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Company aims for first oil title in Namibia

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Looking at FID by Q1 2027 to fast-track projects

By Wendell Roelf

CAPE TOWN, Oct 24 (Reuters) - African oil and gas

company Rhino Resources plans to drill an appraisal well on a

Namibian prospect next year and take a flow test on another as

it races TotalEnergies to first oil in the southern

African nation, its chief executive said.

The appraisal well, potentially part of a block-wide program

and subject to government approval, is planned for Capricornus

where light oil was found and a flow rate of 11,000 barrels a

day tested, while the drill stem test is planned for Volans, its

latest high liquid-yield gas condensate find.

The new data will help guide the company as it looks to

fast-track its discoveries offshore Namibia, where TotalEnergies

expects to take a final investment decision (FID) on its Venus

field next year.

"There's a fair amount of uncertainty at this stage, not

because of the quality of discoveries, but more because we have

such optionality on our hands we want to make sure we make the

right decision for the right reason," CEO Travis Smithard said.

He was speaking to Reuters at Rhino Resources' headquarters

in Cape Town.

Options include possibly co-developing Capricornus and

Volans, which are only 15 km (9 miles) apart, he said, as the

company also looks at buying new seismic data to the north of

its block that could unlock the Sagittarius trend.

Rhino Resources, which is in a joint venture partnership

with BP-Eni backed Azule Energy, aspires to take its own FID on

its fast-track development by the end of 2026 or the first

quarter of of 2027, he said.

"We're also being told by various Floating Production

Storage and Offloading (FPSO) owners and builders that there is

a very strong possibility of being able to get an FPSO ready and

commissioned for first oil in 2030."

Future developments of Rhino's discoveries could be much

simpler, Smithard said, as the Capricornus discovery was in

shallower waters, possibly requiring less subsea infrastructure,

and it has a lower gas-to-oil ratio than Total's Venus.

Besides Namibia, Rhino also holds onshore acreage in five

blocks across South Africa and is actively looking for new

investment opportunities across the continent and elsewhere.

"The geology is fundamental, but the above-ground risk is

also critical and something that we consider strongly when

making investment decisions."