The board of directors (the “Board”) of Rex International Holding Limited (the “Company” or “Rex” and
together with its subsidiaries, the “Group”) refers to the Company’s press release dated 5 August 2025,
“Rex’s subsidiary Akrake Petroleum spuds first well in Sèmè Field, Benin” and wishes to provide an
update on the ongoing three-well drilling campaign in the Sèmè Field, Benin.
The Floating Storage & Offloading (FSO) unit has arrived in Benin and is at the anchorage. The mooring
system is currently being installed and will be hooked up with a flowline to the Mobile Offshore
Production Unit (MOPU). The MOPU is scheduled to arrive in the field by end-November 2025.
The drilling campaign has encountered some technical issues and remedial actions are being taken to
resolve these problems. As such, completion of the original campaign will be delayed. Nonetheless, the
target remains to start up production before end-December 2025.
Further updates will be announced in due course.
Akrake Petroleum Benin S.A. holds a 76 per cent interest* in the Sèmè Field in Block 1, Benin and is the
operator. It is a wholly-owned subsidiary of Lime Petroleum Holding AS, an 89.74 per cent subsidiary of
Rex.
*Subject to the Benin government’s entitlements under the Production Sharing Contract (PSC).