The Namibian National Petroleum Corporation (NAMCOR), along with its joint venture partners, has provided an update on the Volans-1X exploration well situated in Block 2914A, which is under the Petroleum Exploration Licence (PEL) 85 in the offshore Orange Basin.

The individuals involved in the project are Rhino Resources (acting as the Operator), Azule Energy, and Korres Investments. More information regarding the well's development and results is anticipated after this first statement.

Rhino Resources manages PEL 85, holding a 42.5% working interest. The other partners include Azule Energy (42.5%), NAMCOR (10%), and Korres Investments (5%).

The Volans-1X exploration well began drilling on 31 July 2025 with the Northern Ocean semisubmersible Deepsea Mira, which achieved a total depth of 4,497.5 metres TVDSS on 30 August 2025. The well effectively reached the Upper Cretaceous target and discovered 26 metres of net pay within rich-gas condensate reservoirs. The reservoir exhibits outstanding petrophysical characteristics and no water presence was detected.

Two samples, collected from the top and bottom of the reservoir interval, were analyzed in the laboratory. The results indicated a high condensate to gas ratio (CGR) along with a condensate density corresponding to 40° API gravity. Hydrocarbon samples and sidewall cores were obtained using wireline logging procedures. Additional laboratory investigations are planned for more fluid samples, sidewall cores, and cuttings gathered throughout the campaign.

This represents the third successive hydrocarbon finding on PEL 85, following earlier outcomes at Sagittarius-1X and Capricornus-1X, and introduces an intriguing new play fairway within the license.

The rig was decommissioned on 14 September 2025 to start drilling in another area, while testing operations at the Volans-1X laboratory will continue, while testing operations at the Volans-1X laboratory will continue.

The Acting Managing Director of NAMCOR, Maureen Mbeunde, responded to this advancement, noting that "This find is not only thrilling for NAMCOR but for the entire country of Namibia. Volans1X highlights the remarkable potential of the Orange Basin and strengthens Namibia's position on the global energy scene. We are eagerly anticipating history being created, as such discoveries bring us nearer to reshaping our energy industry, generating employment, developing skills, and ensuring a more prosperous future for"

generations to come.”

In response to the update, Chief Executive Travis Smithard stated: “Rhino, representing the PEL85 JV, is pleased to announce the identification of rich-gas condensate in a high-quality reservoir at the Volans-1X well. This marks our third hydrocarbon discovery in a row on the block, deepening our knowledge of the subsurface. The findings from this well reveal an intriguing new play fairway within the license, showcasing various reservoir and fluid types akin to those recently found at Sagittarius-1X and Capricornus-1X. Rhino, along with our partners Azule Energy, NAMCOR, and Korres, will now analyze the ongoing test results and incorporate them into broader block prospectivity studies.”