Saipem Drillship Mobilized as Namibia Advances Capricornus Light Oil Appraisal Campaign

A major offshore appraisal campaign is underway in Namibia’s Orange Basin as Italian energy services giant Saipem deploys its Saipem 12000 drillship to evaluate the full commercial potential of the Capricornus light oil discovery.

The operation is being led by Rhino Resources, which has contracted the drillship to drill the Capricornus-1A appraisal well on Block 2914 under Petroleum Exploration Licence (PEL) 85.

The objective of the campaign is to determine the lateral extent of the Capricornus accumulation and assess whether the reservoir can support a viable long-term commercial development.

Appraisal Focus on Reservoir Scale and Quality

The Capricornus-1A well will build on the earlier Capricornus-1X discovery and is designed to provide critical subsurface data, including:

• Reservoir continuity and lateral spread
• Fluid properties and hydrocarbon quality
• Reservoir pressure and flow potential
• Geological characteristics of Lower Cretaceous formations

Data gathered from wireline logging and drill stem testing will be integrated into broader subsurface models to refine development planning across the license area.

Consortium Structure and Stakeholding

PEL 85 is jointly operated by Rhino Resources and a consortium of international and local partners, including:

• Azule Energy (42.5% interest)
• National Petroleum Corporation of Namibia (NAMCOR) (10%)
• Korres Investments (5%)

Rhino Resources holds a 42.5% operating stake and serves as the technical lead for the appraisal programme.

Strategic Importance of Capricornus Appraisal

According to Rhino’s Chief Executive Officer, Travis Smithard, the Capricornus-1A well represents a critical milestone in defining the reservoir’s development potential and its possible integration with other discoveries across PEL 85.

The appraisal results will directly inform decisions on:

• Field development planning
• Infrastructure requirements
• Production feasibility
• Potential tie-back opportunities within the basin

Broader Hydrocarbon Momentum in PEL 85

The Capricornus appraisal campaign follows closely after a separate gas condensate discovery at the Volans-1X exploration well within the same license block. That well was drilled using a semi-submersible rig operated by Odfjell Drilling.

Together, these findings reinforce growing evidence of significant hydrocarbon potential across Namibia’s Orange Basin, which has rapidly emerged as one of the world’s most closely watched frontier exploration regions.

Namibia’s Rising Offshore Energy Profile

The sequence of discoveries in PEL 85 highlights Namibia’s accelerating emergence as a deepwater exploration hotspot. International oil companies are increasingly focusing on the Orange Basin due to its geological similarity to other prolific Atlantic margin basins.

If appraisal results confirm commercial viability, Capricornus could become part of a broader multi-field development strategy, enhancing Namibia’s long-term position in global offshore oil production.

Outlook

The success of the Capricornus-1A appraisal will be pivotal in determining whether the discovery transitions from exploration status into full-scale development.

With multiple hydrocarbon indications already identified in PEL 85, Namibia’s offshore basin continues to strengthen its profile as one of the most promising new energy frontiers globally.