Azule Energy, an Angolan company, and Rhino Resources Namibia have inked a significant agreement (Farm-In) granting Azule Energy a 42.5 percent interest in the exploration of Block 2914 A.
This block lies within Namibia’s Orange basin, where major oil discoveries have been made since 2022.
Currently, Rhino operates the venture with an 85 percent stake, alongside Namcor Exploration and Production (Proprietary) Limited (10%) and Namibian company Korres Investments (Pty) Ltd (5%).
The agreement outlines a work program for the drilling of two high-impact exploration wells, with the first expected to commence by the end of 2024. Additionally, Azule Energy has been granted the option to assume operatorship of Block PEL85.
The agreement awaits approval from Namibian authorities and other joint venture members.
Azule Energy’s CEO, Adriano Mongini, expressed satisfaction with the strategic partnership, stating, “Our entry into offshore Namibia marks a significant milestone for Azule.
We are eager to explore this region’s promising hydrocarbon potential and contribute to Namibia’s oil and gas research.”
Travis Smithard, CEO of Rhino Resources, emphasized that the agreement lays the groundwork for a new strategic collaboration between Rhino and Azule.
