Rhino Resources finds hydrocarbons offshore Namibia

African energy explorer Rhino Resources' Sagittarius 1-X well offshore in Namibia's Orange Basin has intersected a hydrocarbon reservoir, the company said in a statement on Monday, in an eagerly awaited result for one of the world's exploration hotspots.

Rhino Resources is the operator in Block 2914 of the field, where Azule Energy, a partnership between BP and Eni, holds a 42.5 per cent stake.

"Further assessment will be required by Rhino and the ... JV partners to evaluate the results of the well," Chief Executive Travis Smithard said.

The well penetrated Upper Cretaceous targets and intersected a hydrocarbon reservoir, with no water contact, Rhino said.

Smithard said attention would now turn to the second target in its drilling campaign, with Capricornus 1-X due to be spudded within the next 24 hours and take 47 days to drill.

In January Chevron said it failed to find commercial hydrocarbon reserves in its exploration well, slightly dampening expectations in the area.

(Reporting by Wendell Roelf; Editing by Hugh Lawson and David Holmes)