Rhino Resources advances appraisal of Capricornus following successful high-quality light-oil bearing reservoir discovery

Rhino Resources Namibia Ltd (“Rhino” or “the Company”) is pleased to provide the following update on behalf of the PEL 85 Joint Venture regarding its operated drilling campaign on Block 2914, offshore Orange Basin, Namibia.

PEL 85 is operated by Rhino with a working interest of 42.5%. Co-venturers are Azule Energy (42.5%), NAMCOR (10%), and Korres Investments (5%).

The Company has contracted the Saipem 12000 drillship to drill the Capricornus-1A well, which is planned to test the extension of the Capricornus light oil discovery.

The Capricornus-1A appraisal well is designed to evaluate the lateral extent of the accumulation and further appraise reservoir quality and fluid characteristics within the Lower Cretaceous targets. The well forms part of Rhino and its JV partners’ ongoing programme aimed at advancing the understanding of the highly prospective PEL 85 licence area, following the drilling success at Capricornus-1X.

The well is designed to build on the results from Capricornus-1X and across our wider programme, testing the potential extension of the accumulation while continuing to refine our understanding of the reservoir and fluid distribution across the block.

Commenting on the update, Chief Executive Officer Travis Smithard said:

“The Capricornus-1A well represents a critical data point in defining the development potential of the Capricornus reservoir system and its potential integration with other discoveries made on PEL 85. The wireline and drill stem data gathered will be analysed in light of flow assurance, geomechanical and fluid characteristics. These fluid and dynamic datasets will assist in our ongoing evaluation of the Capricornus discovery and, together with insights from recent wells, will help inform our approach to the further appraisal and development of the broader acreage in collaboration with our partners Azule Energy, NAMCOR and Korres Investments.”

Media Contacts:

Burson Buchanan: energy@buchanan.uk.com

Louise Mason-Rutherford / Barry Archer

+44(0) 207 466 5000

About Rhino Resources Ltd

Rhino Resources is a Cape Town based, privately-owned company focused on organic and inorganic growth to become a leading Independent E&P company. The pursuit of energy equality and a just energy transition underpin the company’s vision and purpose. In South Africa, Rhino is exploring onshore for biogenic gas, helium and native hydrogen. Our ambition is to play a role in unlocking the energy potential of South Africa by supplying dispatchable resources required to enable largescale renewable energy adoption. In Namibia, Rhino operates the offshore exploration licence PEL85 in the prospective Orange Basin with the ambition of being 1st to first oil.