Rhino announces successful well test results from Volans-1X probe confirming rich gas-condensate fluids, excellent reservoir deliverability consistent with connectivity across the feature

Rhino Resources Namibia Ltd (‘Rhino’ or ‘the Company’) provides the following update on behalf of the Petroleum Exploration License 85 (“PEL85”) JV regarding the drill stem testing activities of the Volans-1X discovery on Block 2914A, offshore Orange Basin, Namibia.

PEL 85, where the well was drilled, 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 Volans-1X well, spudded on 31 July 2025 using the Northern Ocean’s semi-submersible Deepsea Mira, reached a total depth of 4,497.5m TVDSS on 30 August 2025, successfully penetrating the Upper Cretaceous target, with partners declaring the well a high liquid-yield gas condensate discovery in excellent quality reservoir on 1 October 2025.

Following the discovery, the partnership returned to Volans-1X to execute well testing operations between 5 and 13 January 2026. The well was perforated across 29,7m of the target reservoir interval which provided the following data:

• Strong deliverability: 33Mmscfd of gas and ~5.3kkbls condensate on a 46/64 choke
• High liquid gas condensate: CGR of ~160 STB/Mmscf
• Low CO2 and H2S: 1-2% CO2 and ca. 3ppm H2S (highest value of 5ppm in 200 samples)

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

“These well test results validate our pre-drill optimism around Volans with the flow data suggesting that Volans-1x well was drilled in a geologically contiguous reservoir system, which is very encouraging for our ongoing development planning purposes. The test confirmed good flow rates of hydrocarbons, with liquid production in line with the condensate-gas-ratio range that we had previously guided. The data also indicates the useful calibration with the discovery at Capricornus, which has served to de-risk Volans and provide a far more holistic understanding of the reservoir distributions across the block. These positive test results are critical in informing Rhino, in collaboration with our partners Azule Energy, NAMCOR and Korres on how to assess the next steps for appraisal, development and production planning across the acreage.”

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.