SÈMÈ FIELD, BENIN The following reserves and resources tables have been extracted from the independent summary Qualified Person’s Report (QPR) dated 18 March 2025, prepared by Exceed Torridon Limited. With reference to the Company’s announcement on 18 March 2025, an extract from the independent summary QPR of the reserves of the Sèmè Field which is attributable to Akrake Petroleum Benin S.A., a subsidiary in which the Company has an indirect 80.14 per cent interest, is provided below: Akrake’s Net Entitlement Volume 2, 3 Rex’s 60.91% Net Entitlement Volume 2,3 Category Field STOIIP (MMstb) (dynamic) XCD 2024 Gross Attributable to Licence (MMstb)1,2 Previous Report (MMstb)4 Current Report (MMstb)5 % Change from Previous Update Previous Report (MMstb)4 Current Report (MMstb)5 % Change from Previous Update Risk Factors6 Remarks (Economic Limit) RESERVES Low 1P 95 11.4 ** 6.9 6.9 - 5.8 5.6 -3.4% NA 2032 Base 2P 101 10.9 7.2 7.2 - 6.0 5.8 -3.3% NA 2033 High 3P 104 13.6 7.7 7.7 - 6.4 6.2 -3.1% NA 2033 Notes: 1. Gross field Reserves (100% basis) after economic limit test as of 31 December 2024. 2. Economic cut-off year for the 1P, 2P and 3P reserves (first year of negative CF) are 2032, 2033, 2033, respectively. 3. Company net entitlement Reserves after economic limit test. 4. Volume as of 31 December 2023. 5. Volume as of 31 December 2024 after change in Rex's shareholding. 6. Estimated production rates for the redevelopment are uncertain, however, they are based on past performance of legacy wells and well calibrated dynamic reservoir model. NA denotes not applicable. MMstb: Million stock tank barrels ** Note: It should be noted that for the Beninese oil and gas assets, ‘Gross Attributable to Licence’ are the Participants' net entitlement of Cost Oil, plus Profit Oil, plus Tax Oil, as it has been defined in the Production Sharing Contract (PSC). 1P: The low estimate of Reserves (proved). There is estimated to be a 90% probability that the quantities remaining to be recovered will equal or exceed this estimate 2P: The best estimate of Reserves (proved+probable). There is estimated to be a 50% probability that the quantities remaining to be recovered will equal or exceed this estimate 3P: The high estimate of Reserves (proved+probable+possible). There is estimated to be a 10% probability that the quantities remaining to be recovered will equal or exceed this estimate It is to be noted that the summary QPR does not include resources estimates for Phase 2 of the Field Development Plan (FDP), with plans to concentrate on prospects in the deeper H7 and H8 reservoirs with a potential three oil wells (H7) and two gas wells (H8), which have not been on production but have been tested with flow to surface. Name of Qualified Person: Stephen Hayhurst Date: 18 March 2025 Professional Society Affiliation / Membership: Chartered Engineer (CEng), Fellow of the Energy Institute (FEI) , Society of Petroleum Engineers (SPE) Rex International Holding Limited 5 3
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