bp has confirmed the encouraging preliminary results from the Capricornus 1-X exploration well, situated in Namibia's highly prospective Orange Basin. The well, operated by Rhino Resources, has successfully encountered a significant light oil reservoir, further solidifying the region's growing importance in the global energy landscape.

The Capricornus 1-X well, located within Petroleum Exploration License (PEL) 85, was spudded on February 17, 2025, utilizing the Noble Venturer drillship. Reaching its total depth on April 2, the well successfully penetrated the targeted Lower Cretaceous formation. Initial assessments reveal a 38-meter net pay zone characterized by favorable petrophysical properties and, notably, no indication of water contact.

Extensive wireline logging operations were conducted, leading to the collection of valuable hydrocarbon samples and sidewall cores. Following this, a successful production test was carried out across the light oil-bearing reservoir. The well achieved a surface-constrained flow rate exceeding an impressive 11,000 stock tank barrels per day (stb/d) through a 40/64” choke.

The recovered oil is classified as light, with a 37° API gravity, and exhibits limited associated gas. Importantly, the gas analysis indicates a low carbon dioxide (CO2) content of less than 2% and the absence of hydrogen sulfide (H2S), suggesting a high-quality resource. Laboratory studies will now be undertaken on the collected fluid samples to further analyze its properties.

PEL 85 is operated by Rhino Resources, holding a 42.5% working interest. The co-venturers in this venture include Azule Energy (42.5%), the Namibian national oil company Namcor (10%), and Korres Investments (5%). Azule Energy is a significant player in the region, jointly owned by BP and Eni, each holding a 50% stake.

Following the successful exploration and testing phase, the Capricornus 1-X well will be temporarily plugged and abandoned, and the Noble Venturer drillship will be released. This discovery marks another significant milestone in the ongoing exploration activities in the Orange Basin, which has seen increasing success in recent years with discoveries by other major players like TotalEnergies and Galp.

Industry experts believe that the Orange Basin holds substantial untapped hydrocarbon potential, and the Capricornus 1-X find further validates this view. The Namibian government has expressed optimism about these discoveries and their potential to significantly contribute to the country's economic growth and energy security. This latest success is expected to attract further investment and exploration activities in the region, potentially transforming Namibia into a significant oil-producing nation. The collaborative efforts between international oil companies and the national oil company Namcor are seen as crucial in unlocking the full potential of this emerging hydrocarbon province.