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KPMG Study: South African Onshore Natural Gas Development Likely to Improve Economy, Employment and Standard of Living within Region.  To download the “Potential Benefits of Onshore Gas Development in South Africa” study, please visit this link:  KPMG Study Potential Benefits of Onshore Gas Development in South Africa

DALLAS, 11 October 2016 – Onshore natural (shale) gas development in South Africa is likely to improve the region’s budget deficit, lead to economic growth and increase employment opportunities as well as boost overall income, according to a new study by KPMG Services.

The independent study, “Potential Benefits of Onshore Gas Development in South Africa,” which was commissioned by Rhino Resources, Ltd., examined the natural gas industry’s potential contribution to economic development in South Africa. It found that for every R1 million of future sales generated through natural gas production, an additional R1.3 million could potentially be added to the South African economy. In addition, for every R1 million of sales generated by the local gas industry, four jobs could potentially be created and sustained both directly and indirectly in the region.

“As illustrated by the study, South African natural gas development and overall energy industry growth could lead to various economic and social benefits such as increased employment, labor income, government revenue and economic growth,” said Rhino Resources President and CEO Patrick Mulligan, whose company has built a portfolio of onshore and offshore oil and gas assets over East, South and West Africa that includes five onshore areas totaling nearly 32,600 square kilometers within South Africa. “While South Africa’s natural gas industry is still in a relatively early stage of development, the region – particularly its onshore Karoo basin – holds valuable resources for potential growth and production. We’ve been extremely encouraged by the results of our early stage evaluations of the basin to date and look forward to further developing these promising resources.”

The report goes on to identify a number of consumer economic benefits from developing a natural gas industry in South Africa, such as an increased supply of energy, a decrease in the price of energy (electricity and fuel), an indirect decrease in prices of other goods and services and business and investment opportunities for local enterprises. The study also reveals how South African shale gas development could lead to increased household income, enhanced infrastructure, energy supply certainty, improved living standards as well as a cleaner environmental footprint in the case of natural gas substituting coal for power generation.

“We strongly believe South Africa’s energy resources can one day enhance prosperity for the country’s communities,” added Mulligan. “To the surprise of many, South Africa is ranked 8th in terms of countries with the top global shale gas resources according to the U.S. Energy Information Administration’s World Shale Resource Assessments.”

Additional findings in the study included:
•    Increased tax revenue – an additional R34 000 of government revenue could potentially be added to the national government fiscus for every R1 million of sales generated in the natural gas industry.
•    Poverty alleviation – future sales generated implies poverty alleviation impact for the South African economy, about 3.3 percent of additional household income could potentially flow to low-income households.
•    Increased investment – stimulates other industries in the economy through various linkages and in turn contributing directly to economic development through creating employment, tax revenue, economic growth and large amounts of investment.
•    Improved balance of payments – by exporting natural gas the balance on current account could be positively impacted contributing to reducing the overall balance on the current account deficit.

To download the “Potential Benefits of Onshore Gas Development in South Africa” study, please visit this link:  KPMG Study Potential Benefits of Onshore Gas Development in South Africa

 

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About Rhino Resources, Ltd.
Rhino Resources, Ltd., is a technology-driven independent oil and gas exploration and development company focused on Africa. Rhino Resources is building a portfolio of onshore and offshore oil and gas assets with a primary focus on West Africa, East Africa, and Southern Africa. The company’s key strategic areas include the East African Continental Rift System, the Central African Rift System, the coastal margins of East Africa, the South Atlantic margin of West Africa and the Karoo formations of South Africa. For more information, visit www.rhinoresourcesltd.com.

MEDIA CONTACT
Mike Gehrig
+1.512.448.4950
mgehrig@piercom.com

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Rhino Resources Hires CFO Rob Tims,

Further Expanding African Oil and Gas Expertise

Independent oil and gas company deepens knowledge of African operations
by adding 25-year veteran with extensive experience in emerging markets

Dallas (Aug. 23, 2016) – Rhino Resources has expanded its experienced leadership team with the addition of London-based Chief Financial Officer Rob Tims. A 25-year veteran of the oil and gas industry, Tims’ experience spans operations, finance, banking and consulting.

“We are excited to welcome Rob, whose deep experience in all aspects of African oil and gas will prove invaluable as we further grow our portfolio in the region,” said Rhino Resources President and CEO Patrick Mulligan.

For the past 10 years, Tims has served as Managing Director with responsibility for Africa at Standard Chartered Bank. In that role, he advised on a number of the continent’s landmark transactions, including Tullow’s sale of part of its Ugandan interests to CNOOC and Total; the sale of Cove Energy to PTTEP; Petrobras’ formation of a joint venture for its African business; and Oando’s first major upstream acquisition of 2 deepwater blocks from Agip.

Previously, as Vice President of Natural Resources with Dresdner Kleinwort, Tims advised Sasol on the financing of the Mozambique South Africa Gas Project and Sonangol on its downstream business. He started his career as a petroleum engineer with Shell before joining Energy Resource Consultants and has also worked as a Business Analyst with British Borneo Oil and Gas.

Tims holds a First Class degree in Mathematics from Oxford University and an MSc in Petroleum Engineering from Imperial College, London.

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ABOUT RHINO RESOURCES LTD.
Rhino Resources, Ltd., is a technology-driven independent oil and gas exploration and development company focused on Africa. Rhino Resources is building a portfolio of onshore and offshore oil and gas assets with a primary focus on West Africa, East Africa, and Southern Africa. The company’s key strategic areas include the East African Continental Rift System, the Central African Rift System, the coastal margins of East Africa, the South Atlantic margin of West Africa and the Karoo formations of South Africa. For more information, visit www.rhinoresourcesltd.com.

MEDIA CONTACT
Mike Gehrig
+1.512.448.4950
mgherig@piercom.com

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Press Release – Rhino Resources Expands African Offshore Portfolio

Independent oil and gas company signs exploration agreements
in Comoros and AGC Senegal/Guinea-Bissau

Dallas (Dec. 15, 2015) – Rhino Resources has significantly expanded its African footprint with the recent acquisition of two offshore blocks in East Africa and two in West Africa.

“Rhino Resources is excited to further grow our portfolio in Africa and begin tapping into these resources in a way that will create highly skilled jobs and boost the regional economy,” said President and CEO Patrick Mulligan.

In November, Rhino Resources was granted Blocks 17 and 24 in the Comoros territorial waters off Mozambique in East Africa. These agreements total 11,947 square kilometres and are currently awaiting ratification by the National Assembly.

Blocks 17 and 24 border block R5-C in the Rovuma Basin, near Area 1 and Area 4, where Anadarko and ENI have confirmed more than 175 trillion cubic feet of recoverable gas.  Blocks 17 and 24 also border the southern portion of the Discover Exploration/Bahari Resources Limited blocks.  Based on review of regional geological and seismic data, a potential oil play is also believed to exist at the rim of the Rovuma Basin.

In June, Rhino Resources signed Production Sharing Agreements for Blocks 3 and 4 in the AGC Senegal/Guinea-Bissau Cooperation Zone in West Africa. These agreements total 5,500 square kilometres and were ratified by the High Authority in July. These two blocks are 140 kilometres southeast from the Dome Flore oil discovery, and appear to be on the same deep water depositional trend as the recent SNE-1 and FAN-1 discoveries further north in Senegal.

Rhino Resources’ existing offshore assets include two blocks in Namibia, one of them bordering the Kudu Field; two blocks in the AGC Senegal/Guinea-Bissau Cooperation Zone; and two blocks in South Africa. The company is currently conducting environmental impact assessments on the two South African offshore blocks, as well as five onshore blocks in South Africa’s high potential northern Karoo Basin.

“We are optimistic that we will close several additional concessions across Africa by the first quarter of 2016,” Mulligan said.

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 ABOUT RHINO RESOURCES LTD.

Rhino Resources, Ltd., is a technology-driven independent oil and gas exploration and development company focused on Africa. Rhino Resources is building a portfolio of onshore and offshore oil and gas assets with a primary focus on West Africa, East Africa, and Southern Africa. The company’s key strategic areas include the East African Continental Rift System, the Central African Rift System, the coastal margins of East Africa, the South Atlantic margin of West Africa and the Karoo formations of South Africa. For more information, visit www.rhinoresourcesltd.com.

MEDIA CONTACT

Lacey Krause
+1.713.627.2223
lkrause@piercom.com

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