Continental Focus, International Reach

Rhino Resources Expanding African Footprint

Thursday, December 17, 2015

Rhino Resources expanded its African footprint with four new blocks over 2015. The company has gained access to two offshore blocks in East Africa and two in West Africa. In November, Rhino Resources was granted Blocks 17 and 24 in the Comoros territorial waters off Mozambique in East Africa. These agreements total 11,947 sq km and are currently awaiting ratification by the National Assembly.

Blocks 17 and 24 border block R5-C in the Rovuma Basin, near Area 1 and Area 4, where Anadarko and ENI have made significant natural gas discoveries. Blocks 17 and 24 also border the southern portion of the Discover Exploration/Bahari Resources Ltd. blocks.  Based on the review of regional geological and seismic data, a potential oil play is also believed to exist at the rim of the Rovuma Basin.

In June, Rhino Resources signed PSA for Blocks 3 and 4 in the AGC Senegal/Guinea-Bissau Cooperation Zone in West Africa. These agreements total 5,500 sq km and were ratified by the High Authority in July. These two blocks appear to be on the same deep water depositional trend as the recent SNE-1 and FAN-1 discoveries further north in Senegal.

Rhino Resources’ existing offshore assets include two blocks in Namibia, one of them bordering the Kudu Field; two blocks in the AGC Senegal/Guinea-Bissau Cooperation Zone; and two blocks in South Africa. The company is currently conducting environmental impact assessments on the two South African offshore blocks, as well as five onshore blocks in South Africa’s high potential northern Karoo Basin.

“Rhino Resources is excited to further grow our portfolio in Africa and begin tapping into these resources in a way that will create highly skilled jobs and boost the regional economy,” said President and CEO Patrick Mulligan.

“We are optimistic that we will close several additional concessions across Africa by the first quarter of 2016,” Mulligan said.