Azule Energy successfully completes Strategic Farm-In Agreement for Block 2914A (PEL85), Offshore Namibia

Press ReleaseAzule Energy successfully completes Strategic Farm-In Agreement for Block 2914A (PEL85), Offshore NamibiaLondon, 18 December 2024 — Following the May 2024 announcement of the Farm-Out Agreement for Block 2914A (PEL85), Offshore Namibia, Azule Energy announces that all customary third-party approvals from Namibian authorities and joint venture parties have been granted.With completion of the transaction, Azule Energy holds officially a 42.5% interest in Block 2914A, located in the Namibian Orange basin. The contractor group now consists of Rhino Resources Namibia, Ltd. (Operator, 42.5%), Azule Energy Exploration Angola (KB) Ltd. (42.5%), Namcor Exploration and Production (10%) and Korres Investments (5%).The plan of drilling two high-impact wells remains in place, with the first well expected to spud on 18 December 2024.Azule Energy's CEO, Adriano Mongini, highlighted: "We are pleased with the support from Namibian authorities and our partners Rhino, Namcor and Korres that allowed us to achieve this milestone."Rhino's CEO Travis Smithard said: "We are delighted to have received the requisite approvals to complete this transformative and strategic farmout transaction with Azule."About Azule EnergyAzule Energy is a 50/50 independent joint venture officially established on 1 August 2022. The company is Angola's largest independent equity producer of oil and gas.External Communication and Media RelationsTel: (+244) 923 184 155Email: media@azule-energy.comwww.azule-energy.com