Azule Energy Announces Successful Light-Oil Discovery at Capricornus 1-X, Offshore Namibia

Press ReleaseAzule Energy Announces Successful Light-Oil Discovery at Capricornus 1-X, Offshore NamibiaLuanda, 24 April 2025 – Azule Energy, a partner in the PEL85 Joint Venture, is pleased to announce the successful testing of the Capricornus 1-X exploration well, located in Block 2914A, in the Orange Basin, offshore Namibia. Azule Energy holds a 42.5% stake in the block, alongside co-venturers Rhino Resources (Operator, 42.5%), NAMCOR (10%), and Korres Investments (5%).The Capricornus 1-X well, spudded on 17 February using the Noble Venturer drillship, reached total depth on 2 April, successfully penetrating the Lower Cretaceous target. The well found 38m of net pay, with the reservoir showing good petrophysical properties and no observed water contact.The well achieved a surface-constrained flow rate in excess of 11,000 stb/d on a 40/64" choke. The light ~37° API oil exhibited limited associated gas with less than 2% CO2 and no hydrogen sulphide.The well will now be temporarily plugged and abandoned, and the rig will be released.Adriano Mongini, Chief Executive Officer of Azule Energy, stated: "A successful exploration outcome such as this represents another significant step in Azule Energy's exploration strategy. It underscores our commitment to unlocking the region's energy potential while delivering value for all stakeholders."About Azule EnergyAzule Energy has a daily production above 200,000 barrels of oil. In Namibia, Azule holds a 42.5% stake in Block 2914A (PEL85).Corporate communications(+244) +244923184155media@azule-energy.comwww.azule-energy.com