Rhino announces Volans-1X probe as high liquid-yield gas condensate discovery in excellent quality reservoir

Rhino Resources Namibia Ltd (‘Rhino’ or ‘the Company’) provides the following operational update on behalf of the Petroleum Exploration License 85 (“PEL85”) JV regarding its operated drilling campaign on Block 2914A, offshore Orange Basin, Namibia.

PEL85, 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 exploration 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. The well found 26m of net pay in rich-gas condensate bearing reservoirs, with the reservoir showing excellent quality petrophysical properties and no observed water contact. Hot shot laboratory analysis on two samples (at the top and base of the reservoir interval) showed a high condensate to gas ratio (CGR) of >140 and a liquid density of around 40° API gravity. Hydrocarbon samples and sidewall cores were collected through intensive wireline logging operations. Laboratory studies will continue to be conducted on the rest of the fluid samples, side wall cores and cuttings collected during the campaign.

The rig was demobilised on 14 September 2025 to begin drilling in another location, while Volans-1X laboratory testing activities will remain ongoing.

Commenting on the update, Chief Executive Officer Travis Smithard said:
“Rhino, on behalf of the PEL85 JV, are delighted to announce the discovery of a high liquid-yield gas condensate in excellent quality reservoir at the Volans-1X well. This is our third consecutive hydrocarbon discovery on the Block and further enhances our understanding of the sub-surface. This well result opens up an exciting new play fairway within the licence, identifying different reservoir and fluid type in this well from the recent discoveries made at Sagittarius-1X and Capricornus-1X. Rhino, in collaboration with our partners Azule Energy, NAMCOR and Korres will now evaluate the results of the ongoing testing and integrate them into blockwide prospectivity studies.”

Media Contacts:
Burson Buchanan: energy@buchanan.uk.com
Ben Romney / 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.