Rhino Resources Commences Drilling of Volans-1X Exploration Well Offshore Namibia

Rhino spuds third consecutive well in its operated programme on PEL 85 Orange Basin

Rhino Resources (‘Rhino’ or ‘the Company’), a privately-owned company focused on delivering low-cost energy solutions to the African continent, is pleased to announce the commencement of drilling operations for the Volans-1X exploration well on Block PEL 85, offshore Orange Basin, Namibia.

The Company is pleased to announce the spud of the Volans-1X well using the Northern Ocean’s semi-submersible Deepsea Mira occurred at 10:00 local time today. This deep-water well, in water depth of circa 1,200 metres, is expected to take around 55 days to drill and represents a strategic step in deepening the understanding of the highly prospective PEL 85, following the recent discoveries at Sagittarius-1X and Capricornus-1X, which included a successful test at Capricornus-1X of light oil with flow rates in excess of 11,000 stb/d.

While geographically near to these recent discoveries, the Volans prospect represents the testing of a new play fairway with potentially a sheet-like reservoir morphology, which, in the success case, could advance the development option for the Company and its Joint Venture partners.

Rhino Resources is operating the well on behalf of its Joint Venture partners Azule Energy, NAMCOR (Namibia’s National Oil Company), and Korres Investments. Rhino’s drilling team will be supported by EXCEED, with integrated well services sourced locally through Halliburton Namibia. Rhino is committed to a local-first approach that delivers value to Namibia by advancing its local oil and gas capabilities.

Commenting on the spudding of the well, Rhino’s CEO Travis Smithard said:

“With the Volans-1X exploration well Rhino and our partners are strategically advancing our understanding of PEL 85’s potential. Once again, we’re proud to emphasise our commitment to local upliftment through the execution of another well in Namibia with all associated construction services and equipment uniquely sourced in-country. Our focus remains on safely delivering a third consecutive well, with an emphasis on operational excellence and environmental stewardship.”

Media Contacts:
Burson Buchanan: energy@buchanan.uk.com — Ben Romney / Barry Archer +44(0) 207 466 5000

About Rhino Resources

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. Our Senegalese subsidiary is positioned in the AGC sector with two offshore exploration licences Blocks Ultra Profond 3 and 4.