Energy Country Review: Complimentary 7-day trial

  • News-alert sign up
  • Contact us

Azule Energy Completes Strategic Farm-In Agreement, Offshore Namibia

19/12/2024

Following the May 2024 announcement of the Farm-Out Agreement for Block 2914A (PEL85), Offshore Namibia, Azule Energy announces that all customary third-party approvals from Namibian authorities and joint venture parties have been granted.

With the completion of the transaction, Azule Energy holds officially a 42.5% interest in Block 2914A, located in the Namibian Orange basin where several major hydrocarbons discoveries occurred since 2022.

The contractor group now consists of Rhino Resources Namibia (Operator, 42,5%) Azule Energy Exploration Angola (KB) (42,5%), Namcor (10%) and Korres Investments (5%). As per the Farm-Out Agreement, Azule Energy has the option to become operator for the development phase.

The plan of drilling two high-impact wells remains in place, with the first well expected to spud on 18 December 2024.

Azule Energy’s CEO, Adriano Mongini, highlighted: 
“We are pleased with the support from Namibian authorities and our partners Rhino, Namcor and Korres that allowed us to achieve this milestone. Azule is fully committed to leverage on our experience to safely and reliably unlock the hydrocarbons potential of the license, and delivering value for all Namibian stakeholders.”

Rhino’s CEO Travis Smithard said: 
“We are delighted to have received the requisite approvals to complete this transformative and strategic farmout transaction with Azule and thank the relevant authorities for their support. This represents another key milestone in Rhino’s organic growth strategy which sees the company leveraging our exploration expertise in conjunction with the fast-track development capabilities of Azule to enhance value creation for all stakeholders.”

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

 

 

If you would like to discover more about KeyFacts Energy, contact us today and we can arrange a 15-minute online meeting to review our database of over 2,600 continually updated 'country-specific' oil and gas and renewable energy profiles from a selection of 144 countries. Find out how you can instantly identify companies with operational activity in your chosen country, 'fine-tune' your news or company selection based on industry category, energy type or regional location and additionally benefit from one to one contact with us to ensure maximum online and social media exposure for your company.

Tags:
< Previous Next >