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Reuters

African energy explorer Rhino Resources finds light oil off Namibia

Companies CAPE TOWN, April 24 (Reuters) - African energy explorer Rhino Resources has discovered light oil in its second exploration well, Capricornus 1-X, that was drilled in the Orange Basin off Namibia's coast, the company said on Thursday. The Cape Town-headquartered company is the operator of Petroleum Exploration License 85 in partnership with Azule Energy, a BP (BP.L), opens new tab and Eni ( opens new tab joint venture, as well as national oil company Namcor and Korres Investments. The well found 38 metres of net pay with the reservoir showing good petrophysical properties and no observed water contact, the company said in a statement. The well, which successfully completed a production test across the light oil-bearing reservoir, will be temporarily plugged and abandoned, the company said of the latest exploration success in one of the world's hottest exploration frontiers. In February, Rhino Resources said its Sagittarius 1-X well drilled off Namibia's Orange Basin had intersected a hydrocarbon reservoir.