In September 2024, Rex entered into a Joint Study Agreement to explore for natural hydrogen in Oman, with the co-founders of Helios Aragon, which is already involved in natural hydrogen and helium projects in Spain, Poland and the UK. The joint study will allow Rex to evaluate further if there are synergies to be reaped and for Rex to contribute towards action against climate change in the future. Board Renewal Executed The Company’s board renewal process had been two years in the making, with new directors appointed and a transition period with four longserving directors – Mr Dan Broström, Dr Karl Lidgren, Mr Sin Boon Ann and Dr Christopher Atkinson – who retired from the Board on 25 April 2024, resulting in a seamless execution of the board renewal plan without any disruption to board leadership. On behalf of the current Board, we would like to thank each of these long-serving directors for their commitment and counsel during their stint with the Company. Looking Ahead For 2025, the focus will be on growing our reserves and production and gearing up for the next stage of growth. Production will continue in Norway and Oman, and efforts are being made to start production in Benin in the second half of 2025. We have been adding to assets in Germany to build another leg for future reserves and production. Acknowledgements We would like to thank our Board for their service, contribution and counsel, and our colleagues for their unstinting efforts in taking the development plans for the Group forward into the next stage of the Group’s future growth. We would also like to express our appreciation to our shareholders for their continual support and patience. John d’Abo Executive Chairman Måns Lidgren Chief Executive Officer 14 March 2025 Annual Report 2024 0 8
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