ANGOLA: Azule Energy Announces an Oil Discovery at Algaita-01 Well

Angolan National Agency of Petroleum, Gas and Biofuels (ANPG) together with Azule Energy (36.84%, Operator), and its partners SSI Fifteen Limited (26.32%) and Sonangol E&P (36.84%), is pleased to announce the discovery made in the Algaita‑01 exploration well, located in Block 15/06 in the offshore Lower Congo Basin, Angola.

The well, spudded on 10 January 2026 in a water depth of 667 metres, approximately 18
km from Olombendo FPSO, encountered oil bearing sandstones within Upper Miocene
reservoir intervals.

Drilling operations were successfully completed on 26 January, followed by advanced
formation evaluation logs to assess reservoir quality and fluid characteristics.
Preliminary interpretation of wireline logging and fluid sampling indicates the presence of
multiple reservoir intervals with excellent petrophysical properties and fluid mobilities.
Initial estimates indicate a discovered oil in place of approximately 500 million barrels.

“The Algaita-01 results build on a long successful track record of 22 discoveries, once
again confirming the exceptional effectiveness of the petroleum system in Block 15/06.
The presence of multiple nearby producing facilities further enhances the value of this new
exploratory success. We are proud to deliver another significant result together with our
partners and to continue creating opportunities for further growth” Joe Murphy, CEO of
Azule Energy, commented.
“The discovery of the Algaita-01 well, in Block 15/06, reaffirms the high potential of the
Lower Congo Basin and the consistency of the ongoing exploration strategy, creating
favorable conditions for swift monetization, with positive impacts on national production
and State revenues. The ANPG encourages the continued identification of new
opportunities under the existing incentive mechanisms, particularly Decree 8/24 on
Incremental Production, as well as Decree 5/18, which establishes the legal framework
that allows exploration within and near development areas”, Paulino Jerónimo, Chairman
& CEO of ANPG.