Rhino Resources is actively pursuing oil & gas concessions in West, East and Southern Africa that contain under-explored plays in basins that have proved and productive oil and gas analogues with similar geology, or where the petroleum system is calibrated by existing well and seismic data. The company is currently bidding and / or negotiating with seven countries in Africa to acquire both onshore and offshore oil & gas concessions that are conventional plays. All of the blocks are sparsely explored with only limited well and seismic data available to constrain the petroleum system and prospectivity. However, there is sufficient data on the geology of each block to demonstrate that multiple petroleum systems can be developed within each block. The current geology and the seismic and well database provides sufficient information to identify a large number of prospects and leads. Some of the prospects and leads have the potential to target multiple stacked plays. Other prospects and leads will test only single plays, but with the potential to test stacked-pay.
The Company has been granted the following areas in South Africa:
South Africa Offshore:
South Western Cape -
1. Shallow Water Block, 12,070km2 or 2,982,558 Acres -TCP No. 105
Rhino holds one offshore area TCP No. 105, a shallow water block West of Capetown. This area is 16,192km2 or 4,001,130 acres.
Rhino Oil And Gas Exploration South Africa (PTY) Ltd., a wholly owned subsidiary of Rhino Resources, Ltd., holds Technical Cooperation Permit No. 93 in deep water South West of Cape Town, and Technical Cooperation Permit No. 105, a shallow water block West of Cape Town. This area forms part of a Mesozoic−Cenozoic Reservoir in the South African Coastal Province. Using a geology-based assessment, the USGS estimated mean volumes of undiscovered, technically recoverable conventional oil and gas resources for the Mesozoic−Cenozoic Reservoirs AU in the South Africa Coastal Province at 2,129 million barrels of oil (MMBO), 35,964 billion cubic feet of gas (BCFG), and 1,115 million barrels of natural gas liquids. The estimated mean size of the largest oil field that is expected to be discovered is 340 MMBO, and the estimated mean size of the expected largest gas field is 2,937 BCFG. For this assessment, a minimum undiscovered field size of 5 million barrels of oil equivalent (MMBOE) was used.
South Africa Onshore:
1. Onshore Frankfort – 6,561 km2 or 1,621,258 Acres – ER 294 (TCP No. 90)
2. Onshore Petermaritzburg – 8,,608 km2 or 2,127,083 Acres – ER 291 (TCP No. 91)
3. Onshore Matatiele – 1,247 km2 or 308,140 Acres – ER 295 (TCP No. 104)
4. Onshore Kwa-Zulu Natal - 8,646 km2 or 2,136,473 Acres – ER 317 (TCP No. 108)
5. Onshore Free State - 7,538 km2 or 1,862,680 Acres – ER 318 (TCP No. 109)
Rhino Resources through its wholly owned subsidiary, Rhino Oil and Gas Exploration South Africa (PTY) Ltd., holds five onshore areas, TCP No. 90, TCP No. 91, TCP No. 104, TCP No. 108 and TCP No. 109 with The Petroleum Agency South Africa in the Karoo Basin of South Africa. These five areas are 10,132 km2 or 2,503,671 acres, 15,135 km2 or 3,739,960 acres, 1,247km2 or 308,140 acres, 32,737 km2 or 8,089,488 acres and 14,625 km2 or 3,613,916 acres respectively for a total of 18,255,157 acres.
Based on limited preliminary data extracted from a variety of geological studies, Advanced Resources International (ARI) believes that the Karoo Basin holds significant volumes of shale gas resources. They estimate the shales in the Karoo basin contains up to 1,834 Tcf of risked gas in-place, with risked recoverable gas resources of up to 485 Tcf. Rhino’s acreage also has the potential for wet gas and oil plays which were not included in this estimate.
The Company has been granted the following areas in Namibia:
1. Block 2814A (PEL 76) – 1314 km2 or 324,696 acres
2. Block 2214B (PEL 77) – 5696 km2 or 1,407,512 acres
3. Block 2715B (PEL 84) – 4898 km2 or 1,149,765 acres
4. Block 2914A (PEL 85) – 5386 km2 or 1,330,909 acres
The Company has been granted the following areas in AGC – Senegal – Guinea Bissau Offshore
AGC – Senegal – Guinea Bissau Offshore:
1. Block 3 – 2500 km2 or 617,762 acres
2. Block 4 – 3000 km2 or 741,315 acres
1. Block 17 – 5950 km2 or 1,470,274 acres
2. Block 24 – 5960 km2 or 1,472,745 acres
Rhino has signed two offshore blocks in the Comoros territorial waters on November 23, 2015. Block 17 and 24 border Block RF5-C in Mozambique in the Rovuma Basin where the most recent bid round was held. Rhino’s blocks are in proximity to the large gas discoveries by Anadarko/ENI in Areas 1-4 offshore Mozambique of 145+ Tcf recoverable gas discovered.
The Company is optimistic that it will close several additional concessions across Africa by the end of 2016.
“Rhino Resources is acquiring high quality oil and gas assets in under-explored regions in Africa…”