Third Oil Discovery

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The Odfjell Deepsea Bollsta semi-submersible rig drilled the well to a totaldepthof6168metersinawaterdepthof2210meters.Theacquired dataiscurrentlybeingevaluated,andfurtherappraisaldrillingisplanned todeterminethesizeandrecoverableresourcespotentialofthediscovery 'NAMCORwouldliketotakethisopportunitytocongratulateourpartners Shell(Operator)andQatar-EnergyforsafelydrillingtheJonker-1Xdeepwater well. The encouraging results from the well are a geological testimonyofthesignificanthydrocarbonpotentialinthedeepwaterplayof the Orange Basin. We look forward to the appraisal activities and our collaborative relationship with our Joint Venture partners and our shareholder,theGovernmentoftheRepublicofNamibia,tofullyassess the commerciality of this discovery,' Executive: Upstream Exploration, VictoriaSibeyastated.Commentingonthisannouncement,Mr Immanuel Mulunga, Managing Director of NAMCOR, said, 'we are delighted to announce this third oil discovery after the success of the Graff-1X and Venus-1XdiscoveriesbyShellandTotalEnergiesin2022.Thisdiscovery has proven the exciting and world-class potential of the deep-water OrangeBasin'.

The Joint Venture group comprises of Shell Namibia B.V (45%), QatarEnergy(45%)andNAMCOR(10%).”

TomAlweendo, Minister of Mines and Energy stated the government of Namibiawelcomesthediscoveryandwillcontinuetosupportinvestorsto remain committed and fast track the sustainable develop-ment of the country's oil and gas resources. The discovery confirms hydrocarbon presence in the basin and there is without a doubt significant volume of hydrocarbons in Namibia, revealed a media release by the Ministry of Mines and Energy Commenting on the discovery, Petroleum Commissioner, Maggy Shino said, “we welcome this brilliant and successful exploration campaign that has led to a third discovery in the Orange Basin.” Shino further said with this new discovery, Namibia has becomethenewexplorationhotspotandverysoonthecountrywillbean oil and gas producer The Namibian government is looking forward to furthercooperationwiththeJointVenturepartnerstooptimallyprogress thesediscoveries.