Rhino Resources

What Rhino Resources does

Rhino Resources Ltd is a privately-owned, Cape Town-headquartered African energy exploration company operating across two distinct asset bases. In offshore Namibia, the company is the operator of Block 2914A (PEL 85) in the Orange Basin, holding a 42.5% participating interest alongside Azule Energy (42.5%), NAMCOR (10%), and Korres Investments (5%) following a December 2024 farm-out. Between December 2024 and June 2026, Rhino executed a three-well operated deepwater drilling campaign — Sagittarius 1-X, Capricornus 1-X (a light-oil discovery that flowed at over 11,000 stb/d), and Volans-1X (a gas-condensate discovery) — followed by the Capricornus-1A appraisal well that confirmed reservoir pressure communication across the accumulation.

In onshore South Africa, Rhino holds a portfolio of exploration rights and technical cooperation permits across the Karoo Basin (ER 294, ER 318, ER 350, and TCPs 220, 221, 227, 234), totalling approximately 36,000 km². The focus here is biogenic methane generated by archaea through radiolysis and iron-silicate hydration processes, together with associated helium and natural (geological) hydrogen resources. The company is advancing Environmental Impact Assessments via SLR Consulting as a precursor to drilling.

The business is pre-revenue, with no current hydrocarbon sales; revenue is intended to be generated through offtake sales of produced light oil and gas condensate once development commences, with first oil targeted for 2030 and final investment decision targeted for late 2026 or early 2027. Service partners include Halliburton (multi-well deepwater contract), Saipem (drillship), and Odfjell/Northern Ocean (semi-submersible rig, ~$40m contract value). The company is led by CEO Travis Smithard.

Name

Rhino Resources

Legal name

Rhino Resources Ltd

Website

https://rhinoresourcesltd.com

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

1–10 employees

Short description

Rhino Resources is a privately-owned African energy exploration company operating offshore Namibia (PEL 85, Orange Basin) as operator with 42.5% interest and onshore South Africa (Karoo Basin) targeting biogenic methane, helium, and natural hydrogen. Pre-revenue; first oil targeted 2030.

Ownership category

akta.pro rank

Product category

Oil and Gas Exploration

NAICS

Crude Petroleum Extraction (21112), Oil and Gas Extraction (211), Support Activities for Mining (2131)

SIC

Crude Petroleum & Natural Gas (1311), Oil & Gas Field Exploration Services (1382)

akta.pro primary industry

Mineral Rights, Leasing & Land Management (EUALAAAB)

Keywords

• Oil and gas exploration
• Upstream exploration
• Offshore drilling
• Helium exploration
• Natural hydrogen

Headquarters

HQ city

Cape Town

HQ country

South Africa

HQ region

Africa

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Technology or R&D, Infrastructure, Personnel, Marketing or Sales

Revenue model

1. Oil and Gas Production Revenue: Pre-revenue exploration company. Once discoveries are developed, revenue will be generated through the sale of produced hydrocarbons (light oil and gas condensate) to offtake buyers. The company holds operatorship of PEL 85 with 42.5% participating interest and plans first oil by 2030.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Rhino Resources Ltd is a privately-owned exploration company pursuing hydrocarbon and non-hydrocarbon exploration across southern Africa. Its primary asset is the Petroleum Exploration License (PEL) 85 in Namibia's deepwater Orange Basin targeting light oil and gas condensate, alongside onshore exploration rights in South Africa's Karoo Basin for biogenic methane, helium, and natural hydrogen. The company operates through farm-out joint ventures with international and national oil companies to fund exploration activities.

Product overview

Rhino Resources is a privately-owned oil and gas exploration company with two primary operational focus areas: offshore exploration in Namibia's Orange Basin (PEL 85 license) and onshore exploration in South Africa's Karoo Basin. In Namibia, the company operates a multi-well deepwater drilling campaign with discoveries including Sagittarius, Capricornus light oil, and Volans gas condensate. In South Africa, Rhino explores for biogenic methane, helium, and geological hydrogen across multiple exploration licenses (ER 294, ER 318, ER 350, and TCP blocks). The company's portfolio includes exploration licenses for traditional natural gas as well as emerging energy resources, positioning it to support energy equality and a just energy transition across Africa.

Differentiator

Problem solved

Functional benefit

Products and services

• PEL 85 (Block 2914A) Offshore Namibia Petroleum exploration license in the deepwater Orange Basin offshore Namibia, covering Block 2914A (PEL 85), targeting light oil and gas condensate with potential multi-billion barrel resource. Rhino Resources is the operator with a 42.5% working interest.
• ER 294 (South Africa) Onshore exploration right in South Africa for biogenic methane, helium, and natural hydrogen exploration in the Karoo Basin.
• ER 318 (South Africa) Onshore exploration right in South Africa for biogenic methane, helium, and natural hydrogen exploration in the Karoo Basin.
• ER 350 (South Africa) Onshore exploration right in South Africa for biogenic methane, helium, and natural hydrogen exploration in the Karoo Basin.
• TCP 227 (South Africa) Technical Cooperation Permit in South Africa covering areas for preliminary study of hydrocarbon and non-hydrocarbon prospectivity.
• TCP 221 (South Africa) Technical Cooperation Permit in South Africa covering areas for preliminary study of hydrocarbon and non-hydrocarbon prospectivity.
• TCP 220 (South Africa) Technical Cooperation Permit in South Africa covering areas for preliminary study of hydrocarbon and non-hydrocarbon prospectivity.
• TCP 234 (South Africa) Technical Cooperation Permit in South Africa covering areas for preliminary study of hydrocarbon and non-hydrocarbon prospectivity.

Quantifiable outcome

• Light oil flow rate of 11,000+ stb/d achieved at Capricornus-1X well on 40/64 inch choke
• +2 more outcomes

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• SaipemcoreTechnology or Integration · 27 April 2026Italian drilling contractor providing Saipem 12000 drillship for appraisal activities at Capricornus light oil discovery. The vessel conducted Capricornus-1A appraisal well reaching total depth of 4,818 meters in 1,285 meters water depth.
• Odfjell Drilling / Northern OceancoreTechnology or Integration · 9 July 2025Contracted Deepsea Mira semi-submersible rig for exploration drilling operations offshore Namibia. Contract covers one firm well plus one for another operator and three optional wells, with estimated duration of 112 days and value of approximately $40 million. Drilled Volans-1X exploration well.
• Azule EnergycoreStrategic or Co-development Partner · 1 December 2024Azule Energy (BP-Eni backed) is a joint venture partner holding 42.5% participating interest in PEL 85. Farm-out agreement completed in December 2024. Azule provides capital contribution and participates in drilling campaigns alongside Rhino as operator.
• NAMCORcoreStrategic or Co-development Partner · 1 December 2024NAMCOR is Namibia's national oil company holding 10% participating interest in PEL 85. Provides government partnership and local expertise in Namibia's upstream petroleum sector development.
• HalliburtoncoreTechnology or Integration · 7 October 2024Halliburton secured deepwater multi-well contract with Rhino Resources for drilling operations in Namibia's Orange Basin, providing directional drilling, logging, and completion services.
• Korres InvestmentsminorStrategic or Co-development PartnerLocal independent holding 5% participating interest in the PEL 85 joint venture, providing local market access and expertise.
• SLR ConsultingminorImplementation/ SI/ Consulting PartnerIndependent Environment Assessment Practitioner contracted to prepare Environmental Impact Assessments for future exploration drilling activities on ER294 and ER318 in South Africa's Karoo Basin.

Scale indicators11 records

Recent moves7 records

Expansion highlights4 records

Broad incumbents

• Savannah Energy: AIM-listed Africa-focused upstream and midstream operator with producing assets in Nigeria and Niger. Comparable as an Africa-focused E&P, though at a larger and more production-weighted stage than Rhino.
• Tullow Oil: Established Africa-focused E&P with historic exploration in the Orange Basin (among other regions). Comparable as an Africa upstream operator, but much larger and more diversified than Rhino.

Direct peers

• Chariot Limited: Africa-focused transition energy and upstream exploration company with onshore/offshore African assets. Comparable as a small-cap, Africa-focused E&P pursuing frontier exploration opportunities.
• Tower Resources: AIM-listed E&P with frontier exploration assets in Africa, including Cameroon. Comparable as a small-cap exploration company pursuing high-risk, high-reward African acreage.
• Eco (Atlantic) Oil & Gas: AIM-listed junior E&P focused on offshore Namibia Orange Basin acreage. Highly comparable as a small-cap, Africa-focused exploration company operating in the same deepwater play.
• Pancontinental Energy: Junior explorer with Orange Basin (Block 2713) and other African frontier exposure. Comparable as a small-cap, exploration-stage E&P pursuing the same regional play.
• Impact Oil & Gas: Pre-production Africa-focused E&P that held exploration interests in Namibia's Orange Basin via Block 2912 (adjacent to Rhino's PEL 85) prior to its acquisition by TotalEnergies. Directly comparable as a junior partner with operated/operated-by-IOC deepwater exploration exposure in the same basin.
• Africa Energy Corp: Canada-listed E&P with exposure to the Orange Basin (Block 2B) and other African assets. Comparable as a small-cap, Africa-focused exploration company partnering with major operators.
• Sintana Energy: Junior oil and gas explorer with a carried interest in Galp's PEL 83 license in Namibia's Orange Basin, immediately adjacent to Rhino's PEL 85. Most directly comparable on geography, asset type and stage of development.

Emerging players

• Reconnaissance Energy Africa: Junior E&P pursuing frontier basin exploration in Namibia (Kavango Basin) and elsewhere. Comparable on stage, risk profile, and frontier Africa exploration focus, though focused on onshore vs Rhino's offshore acreage.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/rhinoresourcesltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Rhino Resources