BP (BP) confirmed Monday the gas condensate discovery reported by Rhino Resources in Namibia's Orange Basin.

The Volans-1X exploration well encountered 26 meters of net pay in rich gas condensate-bearing reservoirs, BP said, adding that the reservoir showed "excellent" petrophysical properties and no observed water contact.

The well is drilled under Petroleum Exploration License 85, which is operated by Rhino Resources with a working interest of 42.5%, BP said. Azule Energy, which has a 42.5% stake, is 50% owned by BP, the company said.

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