Azule Energy have signed a strategic Farm-In Agreement with Rhino Resources to enter Namibia. 

Once completed, the deal will grant Azule a 42.5% interest in Block 2914A (PEL85) located in the offshore Namibian Orange basin. Azule plan to drill two high-impact exploration wells, with the first one expected to spud by the end of 2024.

The current contractor group consists of Rhino (Operator, 85%), Namcor (10%) and local company Korres Investments (Pty) Ltd (5%).

Azule Energy's CEO, Adriano Mongini commented:
"Our entry into offshore Namibia represents a significant milestone for Azule. We are excited to enter this highly prospective hydrocarbon region and to participate in the unlocking of Namibia's oil and gas potential. This venture aligns with Azule Energy's vision of becoming a regional leader in energy exploration and underscores its dedication to safe and reliable resource development."

Rhino Resources' CEO, Travis Smithard said:
"The signing of this agreement sets the foundations for a new strategic partnership between Rhino and Azule. This partnership is based upon a mutual drive to accererate exploration on the block with the goal of developing the hydrocarbon potential in the shortest timeframe possible. We believe that Azule's unique capabilities of rapid deployment of technical and financial resources will complement our objectives of delivering value creation, for the benefit of all Namibian stakeholders."

KeyFacts Energy: Rhino Resources Namibia country profile   l   Azule Namibia country profile 
KeyFacts Energy: Farm-in agreements