锟� Production well drilled down to reservoir; production expected to start in end-January
锟� MOPU and FSO upgraded and in position, ready for production
锟� The forward plan is to have a new drilling rig later in 2026 to finalise drilling operations
Rex International Holding Limited (锟絉ex International Holding锟�,
锟絉ex锟� or the 锟紺ompany锟�, and together with its subsidiaries, the 锟紾roup锟�) wishes to announce that
Rex锟絪 indirect subsidiary Akrake Petroleum Benin S.A. (锟紸krake Petroleum锟�) is expected to start
production at the S锟絤锟� Field in Block 1, Benin in end-January 2026; upon the completion of the
drilling of the production well AK-2H in the reservoir section, which is expected to start early in the
week of 12 January 2026. Meanwhile, the mobile offshore production unit (MOPU) Stella Energy 1
and the floating storage & offloading unit (FSO) Kristina have already been upgraded and put on
location ready for production.
Akrake Petroleum锟絪 drilling campaign comprised an exploration well (AK-1P) to get more information
about deeper, not-produced, hydrocarbon bearing reservoirs (H7 and H8) within the S锟絤锟� Field, and
two horizontal production wells (AK-1H and AK-2H) in the H6 reservoir unit.
Drilling operations in the geomechanically unstable shale layers in the overburden above the reservoir
have proven to be more challenging than anticipated, resulting in significant delays due to several
stuck pipe incidents, necessitating redrilling of the overburden section. The drilling team used new
geo-mechanical data, obtained from the current drilling operations, to optimise the drilling
parameters and have successfully drilled through the challenging overburden in the AK-2H production
well.
After the AK-2H well is put on production, drilling operations on the other two wells will be
suspended, as the contract period for the jack-up drilling rig Borr Gerd comes to an end.
The forward plan is to have a new drilling rig later in 2026 to finalise the drilling campaign. With
production data from AK-2H, the possibility of drilling an additional production well in the H6 reservoir
in this second drilling campaign will also be evaluated.