Rhino Resources advances appraisal of Capricornus following confirmation of connected oil-bearing reservoir at Capricornus-1A

Rhino Resources Namibia Ltd (“Rhino” or “the Operator”) is pleased to provide the following update on behalf of the PEL 85 Joint Venture regarding its 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 Capricornus-1A appraisal well was drilled in the eastern portion of the Capricornus fairway, which was established by the discovery at the Capricornus-1X well. The well was spudded on 2 May 2026, with the Saipem 12000 drillship, in a water depth of 1,285 metres and reached total depth of 4,818 metres MD on 11 June 2026. Drilling operations were completed safely and without incident.

The well intersected a gross reservoir interval of 46 metres. A representative core of the main reservoir section was acquired, and a full suite of wireline logging and formation evaluation data was collected.

Preliminary analysis of downhole pressure data indicates the presence of an oil-bearing, sandstone reservoir in pressure communication with the reservoir fairway discovered by the Capricornus-1X well. The results provide further evidence of reservoir continuity across the Capricornus accumulation and represent an important data point in the ongoing appraisal of the discovery.

The core, pressure and wireline datasets acquired from Capricornus-1A will now be integrated with data gathered from previous wells across PEL 85 to support the Joint Venture’s ongoing appraisal and exploration activities.

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

“The Capricornus-1A well has delivered important information that advances our understanding of the morphology of the Capricornus reservoir system. Confirmation of pressure communication with Capricornus-1X provides evidence of reservoir continuity across the accumulation and increases our drilling confidence as we continue to advance the appraisal of the Capricornus discovery.

“The well has also provided critical information on deeper geological intervals that were not encountered at Capricornus-1X, improving our understanding of how subsurface structures are defining the play fairways across the licence area.

“Together with the extensive datasets gathered from our previous discoveries, these results provide further insights for our part of the Orange Basin and will help inform the next phase of appraisal drilling across the Capricornus accumulation and additional exploration targets across PEL 85.”

Media Contacts:

Burson Buchanan: energy@buchanan.uk.com

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.