Azule Energy, a 50-50 joint venture between Eni and bp PLC, farmed into the Namibian Orange basin by acquiring a 42.5% stake in Block 291A in PEL85 from Rhino Resources Namibia.
Azule Energy, a 50-50 joint venture between Eni and bp PLC, farmed into the Namibian Orange basin by acquiring a 42.5% stake in Block 291A in PEL85 from Rhino Resources Namibia.
The deal—including an option to become operator of PEL85—marks Azule Energy’s entry into offshore Namibia. Terms were not disclosed.
As part of a work program in the area, two exploration wills are expected to be drilled, with the first planned to spud by yearend.
The deal is subject to approvals from the Namibian authorities and joint venture partners.
Currently, Rhino Resources operates the block with 85% interest. Partners are NAMCOR (10%) and Korress Investments (5%).
