The Group's revenue in FY2024 was higher than that in FY2023, mainly due to an increase in the volume of oil lifted and sold in Norway, while the volume of oil lifted and sold in Oman decreased, in line with the natural gradual decline in production, and as a result of production stoppages for the multi-well drilling campaign in the first half of 2024. Gross profit increased 54 per cent to US$99.13 million in FY2024, from US$64.48 in FY2023. Loss after tax has been narrowed by 28 per cent, to US$50.20 million in FY2024 from US$69.36 million in FY2023, mainly due to lower impairment of goodwill for the Yme Field transaction and lower impairment loss on Exploration & Evaluation (E&E) assets. Nonetheless, the Group posted a strong positive EBITDA and a healthy cash flow from operations, and maintained a good cash position for FY2024. Norway: Acquisition of More Interest in Yme Field; Bestla Development Progressing Lime Petroleum AS (“LPA”) worked to grow its portfolio organically and inorganically during the year, to boost and pave the way for current and future production respectively in Norway. In 2024, LPA acquired an additional 15 per cent interest in the producing Yme Field on the Norwegian North MMstb: millions of stock tank barrels * Adjusted EBITDA = Net loss + Interests + Taxes + Depletion + Depreciation + Amortisation + Impairments Sea, increasing its share in the Yme Field from 10 per cent to 25 per cent. LPA and its licence partners in PL740, in which LPA acquired a 17 per cent interest in 2023, first made a Final Investment Decision on, and subsequently submitted to the Norway Ministry of Energy, a NOK 6.3 billion (about US$571 million) Plan for Development and Operation (PDO), for the Bestla Field (previously known as Brasse) development. The field is being developed as a subsea tie-back to the producing Brage Field, in which LPA has a 33.8434 per cent interest. The Brage Field partnership’s application for the PL055FS licence was approved for exploration, and if successful, development of the Sognefjord East area, which is near to the 2023 Kim discovery in the Brage Field. Oman: Multi-well Programme Completed; Farm-out Exercise Ongoing A multi-well programme, comprising the drilling and completion of new in-field well Yumna-5 and the workover of three existing production wells, was completed in June 2024, ahead of the 90-day schedule and below budget. The completion of the programme has allowed for the continued production and the lengthening of lifespan of the naturally depleting Yumna Field, which has been producing since 2020. Gross production in Oman in 2024 totalled about 0.864 MMstb. The installation of a second flow line, for contingency purposes, was completed in late January 2025. Masirah Oil Ltd (“MOL”) is currently working with renowned energy consultant Gneiss Energy and various sub-surface teams, to determine potential exploration locations and to find a farm-in partner to join us in moving forward our exploration and development plans for Block 50 Oman. Several attractive exploration opportunities and interested parties have been identified. Updates would be given when there are material developments to this farm-out exercise. Benin & Germany: New Energy Geographies The Rex Group’s strategy to mitigate geographical concentration risks is to potentially build up its asset base in and outside of jurisdictions where it operates. In Benin, West Africa, much progress has been made during the year in setting up operations with experienced personnel, with the aim to construct a Field Development Plan to restart production in Block 1, Sèmè Field, as soon as possible. In Germany, LPA entered into a Heads of Agreement for an option to farm in on an 80 per cent interest in the Rex International Holding Limited 0 5
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