Rex International Holding Limited - Annual Report 2024

REX INTERNATIONAL HOLDING LIMITED ANNUAL REPORT 2024 THE NEXT STAGE

01 CORPORATE PROFILE 02 GROUP STRUCTURE 03 FINANCIAL HIGHLIGHTS 04 LETTER TO SHAREHOLDERS 09 CORPORATE DATA 10 BOARD OF DIRECTORS 13 SENIOR MANAGEMENT - CORPORATE 16 SENIOR MANAGEMENT - OPERATIONS 18 MILESTONES 21 OPERATIONS REVIEW 44 TECHNOLOGY-BASED SUBSIDIARIES 48 RESERVES AND RESOURCES 54 FINANCIAL REVIEW 58 INVESTOR RELATIONS & COMMUNICATIONS 60 SUSTAINABILITY REPORT 110 CORPORATE GOVERNANCE REPORT 157 FINANCIAL STATEMENTS 244 STATISTICS OF SHAREHOLDINGS 246 NOTICE OF ANNUAL GENERAL MEETING PROXY FORM CONTENTS

A multinational oil exploration and production company listed on Singapore Exchange's Mainboard Rex International Holding Limited (“Rex International Holding”, “Rex” or the “Company”, and together with its subsidiaries, the “Group”) is a multinational oil exploration and production (“E&P”) company listed on the Mainboard of the Singapore Exchange Securities Trading Limited. The Group has interests in exploration and production licences in Oman, Norway, Germany and Benin, and holds operatorship for the assets in Oman, Germany and Benin. The Group de-risks its portfolio of exploration and development assets using its proprietary liquid hydrocarbon indicator Rex Virtual Drilling technology, which can identify liquids in the sub-surface using seismic data. Since the Company’s listing in July 2013, the Group has achieved four offshore discoveries, one in Oman and three in Norway. VALUES Our forward-looking, agile and entrepreneurial team aims to create long-term value for all stakeholders. ENTREPRENEURSHIP Game-changing, environmentally friendly technologies that will transform the energy industry. INNOVATION Trustworthy in both words and actions, in all business dealings. INTEGRITY VISION Rex International Holding's vision is to be a leading independent energy company with an international portfolio of concessions and energy-related businesses driven by technology and scientific innovation. CORPORATE PROFILE Rex International Holding Limited 0 1

TECHNOLOGY SERVICES COMMERCIAL DRONES OIL & GAS EXPLORATON & PRODUCTION GERMANY 7 Onshore Licences BENIN 1 Offshore Concession NORWAY​ 17 Offshore Licences OMAN 1 offshore concession LIME PETROLEUM HOLDING AS 80.14% LIME RESOURCES GERMANY GmbH 100% REX TECHNOLOGY INVESTMENTS PTE. LTD. 100% GROUP STRUCTURE MASIRAH OIL LTD 87.50% AKRAKE PETROLEUM BENIN S.A. 100% LIME PETROLEUM AS 100% XER TECHNOLOGIES PTE. LTD. 100% All percentages represent effective equity interest in significant and core entities held by the Group as at 14 March 2025. REX INTERNATIONAL HOLDING LIMITED Annual Report 2024 0 2

GROUP FINANCIAL HIGHLIGHTS US$’000 FY2024 FY2023 Revenue from sale of crude oil and gas 298,135 222,387^ Adjusted EBITDA# 160,425 109,189^ Loss for the year, net of tax (50,204) (69,362) Total comprehensive loss for the year, net of tax (48,780) (71,847) Loss per share (US cents) (3.15) (4.91) US$’000 31 Dec 2024 31 Dec 2023 Non-current assets 326,728 403,500 Current assets 245,551 209,723 Total assets 572,279 613,223 Non-current liabilities 401,143 365,245 Current liabilities 107,172 133,211 Total liabilities 508,315 498,456 Net asset value (“NAV”)* 63,964 114,767 Total equity 63,964 114,767 NAV per share (US cents) 4.91 8.81 # Adjusted EBITDA = Net loss + Interests + Taxes + Depletion + Depreciation + Amortisation + Impairments * Net asset value as disclosed above includes non-controlling interests ^ Please refer to the Financial Statements in this Annual Report for more information Rex International Holding Limited 0 3

THE NEXT STAGE DEAR SHAREHOLDERS, 2024 WAS A BUSY YEAR FOR REX, WITH THE COMPANY ENDING IN A STRONGER POSITION THAN AT THE START OF THE YEAR, READY FOR THE NEXT STAGE OF GROWTH IN 2025. Rex had another very busy year in 2024, with activities targeted at getting the Group ready for the next stage of growth in 2025. In Norway, we focused on organic and inorganic growth. In Oman, a multi-well campaign was conducted and a farm-out exercise initiated, even as we expanded our presence into new geographies for oil and gas – Benin and Germany. Oil prices remained stable and range-bound during the year, with Brent crude ending (US$761) near its starting level (US$751) in 2024. Reuters’ monthly poll in December 2024 showed that oil would likely trade around US$70 a barrel in 2025 on weak Chinese demand and rising global supplies, offsetting OPEC+-led efforts to shore up the market.2 Against this backdrop, the Group has already strategically raised and secured funding in 2024 for acquisition and future development of assets in Norway and Benin. The Group has also made strides on the Environmental, Social and Governance (ESG) front, clinching an interest in a carbon capture & storage licence in million in FY2024, as compared to loss after tax of US$69.36 million in FY2023, mainly due to non-cash items including i) goodwill impairment for the Yme Field transaction; ii) impairment loss on oil & gas properties; and iii) depletion from produced oil and gas properties. As at 31 December 2024, the Group’s cash and cash equivalents and quoted investments totalled US$130.17^ million (31 December 2023: US$114.04 million); with cash and cash equivalents at US$117.20 million (31 December 2023: US$95.44 million); and quoted investments at US$12.98 million (31 December 2023: US$18.60 million). Norway, and embarking on a hydrogen study in Oman in 2024. FY2024 Financial Results For FY2024, the Group recorded revenue of US$298.14 million, from the sale of crude oil from the Yumna Field (after the Oman government’s share of oil), and the Brage and Yme Fields. This was a 34 per cent increase from revenue of US$222.39 million# in the year ended 31 December 2023 (“FY2023”). Adjusted EBITDA* for FY2024 was a positive US$160.43 million, as compared to an adjusted EBITDA of US$109.19 million# in FY2023, a 47 per cent increase. The Group recorded loss after tax of US$50.20 1 FactSet 2 Business Times, Oil prices post 3% annual decline, slipping for second year in a row, 1 January 2025 * Adjusted EBITDA = Net Loss + Interests + Taxes + Depletion + Depreciation + Amortisation + Impairments # Please refer to Financial Statements of the Annual Report for more information ^ Rounding difference Annual Report 2024 0 4

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

#US$1 = NOK 11 BCF: billion cubic feet bopd: barrels of oil per day mmbbls: millions of barrels mmboe: miillion barrels of oil equivalent MMstb: millions of stock tank barrels boepd: barrels of oil equivalent per day Reudnitz gas exploration licence, which is estimated to have resources of over 118 BCF of methane and over 1 BCF of helium. Separately, the Group also made an opportunistic acquisition of the assets of a German energy player undergoing receivership. The portfolio of assets comprises seven licences located mainly in the Rhein Graben oil & gas province, with production of about 60 bopd from the Schwarzbach and Lauben fields, 2P reserves, 2C contingent resources and prospective resources, as well as 3D seismic coverage in under-explored mature produced areas with potential for near-field discoveries. A qualified person’s report on the assets will be commissioned in due course. Increasing Production and Reserves & Resources To lay the groundwork for revenue and profits in the long run, the Rex Group has been focusing on growing its reserves organically through development of assets in its portfolio and inorganically via acquisitions, so that production can be increased and maintained for longer. Organic growth in reserves include a discovery achieved in the Brage Field in 2023 that would add 1 mmbbl of oil reserves in the Brage Field net to LPA, as well as the upgrading of 4 mmboe of contingent resources into 2P reserves net to LPA, now that authorities have approved the Bestla Field PDO, submitted in 2024. The acquisition of an additional 15 per cent interest in the Yme Field in Norway will add another 6 mmbbls of 2P reserves, while those in the Sèmè Field in Benin are estimated to be 10.9 MMstb in an independent qualified person’s report published in 2024. Production in Norway and Oman averaged more than 11,000 boepd in 2024, versus about 9,500 boepd in 2023. Streamlining and Restructuring; Financing Secured The Group carried out a series of streamlining and restructuring of its shareholdings in various subsidiaries, including in LPA and MOL, to provide more flexibility for the Group to progress its business strategies for the subsidiaries with existing and potential future partners. Most notably, Lime Petroleum Holding AS, which was established in 2024 to be the holding company for LPA and Akrake Petroleum Benin S.A. (“Akrake”), has raised a total of NOK 1.75 billion (approximately US$159.10 million#) in NOK denominated senior secured bonds and tap issues on the bond, to finance LPA’s acquisition of more interest in the Yme Field and the Bestla development project in Norway, Akrake’s upcoming development in Sèmè Field, Benin, and working capital for both subsidiaries. The Group also conducted a strategic review of its diversified businesses in order to prioritise the Group’s management efforts and resources, and in 2024, divested its total stakes in Crescent Marine Holding Ltd, a marine asset joint venture, and in Moroxite Holding Pte. Ltd., a medical technology company, while increasing its stake in commercial drone company Xer Technologies Pte. Ltd. from 53.33 per cent to 100 per cent. Carbon Capture & Storage; Hydrogen Project While the Company’s strategic focus remains on its core business of oil & gas exploration and production, it has also continued its efforts to contribute towards action against climate change. LPA and its partners were awarded a CO2 storage licence in the North Sea by the Norwegian Ministry of Energy in June 2024. The EXL009 Iroko carbon storage licence, in which LPA has a 30 per cent interest, will be operated by Vår Energi. The Iroko area has the potential to store up to 7.5 million tonnes of CO2 annually for at least 30 years, a total of approximately 215 million tonnes. Annual Report 2024 0 6

To lay the groundwork for revenue and profits in the long run, the Rex Group has been focusing on growing its reserves organically through development of assets in its portfolio and inorganically via acquisitions, so that production can be increased and maintained for longer. Yumna Field, Oman Rex International Holding Limited 0 7

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

John d’Abo, Executive Chairman Pong Chen Yih, Lead Independent Non-Executive Director Mae Heng, Independent Non-Executive Director Dr Mathias Lidgren, Non-Independent Non-Executive Director Beverley Smith, Independent Non-Executive Director BOARD OF DIRECTORS Pong Chen Yih, Chairman Mae Heng Dr Mathias Lidgren NOMINATING COMMITTEE Pong Chen Yih, Chairman Mae Heng John d’Abo REMUNERATION COMMITTEE Mae Heng, Chairperson Pong Chen Yih John d’Abo AUDIT COMMITTEE Ms Lin Moi Heyang Ms Tang Pei Chan COMPANY SECRETARIES 9 Raffles Place #26-01 Tower 1 Republic Plaza, Singapore 048619 Telephone: (65) 6557 2477 Facsimile: (65) 6438 3164 Website: https://www.rexih.com Email: ir@rexih.com; info@rexih.com Reg. No.: 201301242M REGISTERED OFFICE Deloitte & Touche LLP 6 Shenton Way OUE Downtown 2 #33-00 Singapore 068809 Audit Partner: Yang Chi Chih (Appointed in 2023) AUDITORS Tricor Barbinder Share Registration Services 9 Raffles Place #26-01 Tower 1 Republic Plaza, Singapore 048619 Telephone: (65) 6236 3333 SHARE REGISTRAR National Bank of Oman Skandinaviska Enskilda Banken AB Union Bancaire Privée (Europe) S.A. United Overseas Bank Limited United Bank for Africa Plc PRINCIPAL BANKERS BOARD COMMITTEES DIRECTORS CORPORATE DATA Rex International Holding Limited 0 9

Mr John d'Abo, 56, was appointed as an Independent Non-Executive Director on 4 May 2022 and was re-elected to the Board on 28 April 2023. He was redesignated as Vice Chairman and Executive Director on 1 August 2023, and as Executive Chairman on 25 April 2024. He is also a board member of the following Group subsidiaries: Akrake Petroleum Holding Ltd, Akrake Petroleum Benin S.A., Porto Novo Resources Ltd, Rex International Holding Ltd. (BVI) and Xer Technologies Pte. Ltd.. Mr d'Abo has over 30 years of executive experience in global investment banks and associated businesses mainly in Southeast Asia, advising listed companies on fund-raising in both equity and debt and corporate advisory, during which he established relationships with a wide array of companies and investors across multiple sectors. His investment banking career of 23 years included stints at Royal Bank of Canada Capital Markets (Hong Kong), Royal Bank of Scotland (Hong Kong), Credit Suisse (Hong Kong), CLSA Asia-Pacific Markets (Hong Kong and New York) and HSBC James Capel (London). He is the founder and current Director of Erland Advisors Ltd. Mr d'Abo holds a Bachelor of Arts with joint honours in French and Spanish from the University of Bristol, United Kingdom. JOHN D'ABO Executive Chairman Member, Remuneration and Audit Committees Mr Pong Chen Yih, 49, was appointed as an Independent Non-Executive Director on 1 August 2023 and re-elected to the Board and redesignated as Lead Independent Non-Executive Director on 25 April 2024. He is also an independent board member of Rex Technology Investments Pte. Ltd., and Xer Technologies Pte. Ltd., both of which are subsidiaries of the Group. Mr Pong has over 20 years of experience handling complex legal and financial advisory work in relation to domestic and international corporate finance and capital markets transactions. He has successfully listed over 45 companies on the Singapore Exchange. He is a Director and the Chief Operating Officer of Novus Corporate Finance Pte. Ltd., an accredited issue manager for the Singapore Exchange Mainboard listings and a Full Sponsor for Catalist. He is presently an independent director of HRnetGroup Limited, Figtree Holdings Limited and Grand Venture Technology Limited. Mr Pong was previously the Head of the Singapore Domestic Capital Markets Group in Baker McKenzie and prior to that, a partner in the Equity Capital Markets Group in WongPartnership LLP. He regularly speaks at local and overseas conferences and seminars on topics such as capital raising and listing requirements. Mr Pong holds a Bachelor of Laws (Honours) from the National University of Singapore. PONG CHEN YIH Lead Independent Non-Executive Director Chairman, Nominating and Remuneration Committees Member, Audit Committee BOARD OF DIRECTORS Annual Report 2024 1 0

Ms Mae Heng, 54, was appointed as an Independent Non-Executive Director on 4 May 2022 and was re-elected to the Board on 28 April 2023. She is also an independent board member of Rex International Investments Pte. Ltd., a subsidiary of the Group. Ms Heng has over 16 years of experience working at Ernst & Young Singapore. She is an Independent Non-Executive Director of Grand Venture Technology Limited, Chuan Hup Holdings Limited, HRnetGroup Limited, ISDN Holdings Limited and Progen Holdings Limited, and is the chairperson or a member of these companies’ various board committees. She is also Non-Independent Non-Executive Director of Ossia International Limited. Ms Heng holds directorships in her family-owned investment holding companies. She was a past board member of Novo Tellus Alpha Acquisition and Apex Healthcare Berhad. Ms Heng holds a Bachelor of Accountancy from the Nanyang Technological University. She is a Fellow Chartered Accountant with the Institute of Singapore Chartered Accountants and an ASEAN Chartered Professional Accountant. MAE HENG Independent Non-Executive Director Chairperson, Audit Committee Member, Remuneration and Nominating Committees Dr Mathias Lidgren, 43, was appointed as a Non-Independent Non-Executive Director on 4 May 2022 and was re-elected to the Board on 28 April 2023. He is also a board member of Masirah Oil Ltd, a subsidiary of the Group. Dr Mathias Lidgren represents the interests of Limea Ltd., the controlling shareholder of the Company. He had been a practising medical doctor since 2013 and has worked for the National Health Service (NHS), United Kingdom, the Hôpitaux Universitaires de Genève, Geneva, Switzerland, and the Sahlgrenska University Hospital, Gothenburg, Sweden. Up until 1 June 2024, he had been practising at Skane University Hospitals in Lund, Sweden, and was also a postdoctoral researcher in the Division of Molecular Medicine and Gene Therapy, Department of Laboratory Medicine in Lund University, Sweden. Dr Lidgren currently holds directorships in Propatria AB, Rotationsplast i Munka-Ljungby AB, Caithness Fastighets AB, Forvaltningsaktiebolaget Maple, Trolleholms Slott AB, and Captiosus AB; companies in Sweden involved in a range of businesses including real estate, manufacturing and medicine. He is the Chief Medical Officer of Moroxite T AB. Dr Lidgren holds a Doctor of Philosophy in Health Economics from the Karolinska Institutet, Sweden, a Master of Arts in Genetics, as well as a medical degree (MB BChir) from the University of Cambridge, United Kingdom and a Bachelor of Science in Business Administration (BSBA) from the International University of Monaco. His medical degree is recognised by the Commission des professions médicales, Switzerland and Socialstyrelsen, Sweden. He is licensed to practice medicine in the canton of Geneva, Switzerland and in Sweden. He is also a board-certified specialist in clinical genetics in Sweden. DR MATHIAS LIDGREN Non-Independent Non-Executive Director Member, Nominating Committee Rex International Holding Limited 1 1

Ms Beverley Smith, 59, was appointed as an Independent Non-Executive Director on 1 August 2023 and was re-elected to the Board on 25 April 2024. She is also an independent Board member of the following Group subsidiaries: Lime Petroleum AS, Masirah Oil Ltd and Rex Oman Ltd.. Ms Smith is a professional geologist with more than 30 years’ experience in the oil & gas industry. She currently holds positions as a Non-Executive Director and chairperson of the HSSE (Health, Safety, Security & Environment) sub-committee and a member of the Reserves, Compensation and Governance sub-committees for the AIM-listed and TSX-listed Touchstone Exploration Inc. Prior to these, Ms Smith was a Non-Executive Director of AIM-listed Hurricane Energy Plc and filled in as the interim Chief Executive Officer for three months. Ms Smith was also a 26-year career veteran with the BG Group Plc, where her last held position was Vice President of Exploration and Growth (Europe), after stints in BG Nigeria, BG Algeria and BG China. She holds a Master of Science in Petroleum Geology from the University of London, United Kingdom (UK) and a Bachelor of Science in Geology (Honours) from the University of Exeter, UK. She is a Fellow, Chartered Geologist of the Geological Society of London, and served as President of the Petroleum Exploration Society of Great Britain (PESGB) (now known as the Geoscience Energy Society of Great Britain (GESGB)) from 2019 to 2022. She had also voluntarily served as a Director of POWERful Women, a professional initiative that seeks to advance the leadership and development of senior women across the UK’s energy sector, and as a Trustee of the Etches Collection, a unique and valuable collection of fossils from the Jurassic Sea. She was also Chair of the Board of Trustees of the non-government funded INPUT Diabetes Charity for five years. BEVERLEY SMITH Independent Non-Executive Director Annual Report 2024 1 2

Mr Måns Lidgren is the Chief Executive Officer and is responsible for overseeing the strategic positioning and business expansion of the Group, including making major business and finance decisions. Prior to joining the Company in January 2013, Mr Lidgren was interim chief executive officer and director of Lime Petroleum Plc from August 2011 to December 2012 and chief financial officer of his family’s business from August 2009 to August 2011. He has seven years of experience in financial structuring, mergers & acquisitions, investments and business development. From January 2008 to August 2009, Mr Lidgren was vice president of business development under the private banking division of Credit Suisse, where he managed his own client portfolio and acted as a broker for sourcing of new business and pre-screened business proposals. From 2002 to 2007, he joined his family business in private investments first as a business analyst in 2002, and subsequently a merger & acquisitions manager in 2003 and 2004. From 2005 to 2007, he assumed the position of senior investment manager in his family’s business, and carried out portfolio management, liaison with partner banks and private equity transactions. Upon his graduation, Mr Lidgren also provided consultancy services to Global Responsibility, an organisation that seeks to promote responsible citizenship worldwide, where he helped companies communicate their efforts in environmental, health and safety issues. Mr Lidgren holds a Bachelor of Science and a Master of Science, both in Business Administration and Economics, from Lund University, Sweden. MÅNS LIDGREN Chief Executive Officer Mr Svein Kjellesvik is the Chief Operating Officer and Executive Chairman of the Group’s subsidiary, Lime Petroleum AS. He is responsible for the Group's overall operations, including the integration of new business development plans into the Group's operations. Prior to joining the Company, Mr Kjellesvik has been an independent entrepreneur and he has been involved in the start-up of Rex Middle East Ltd (formerly known as Rex Oil & Gas Ltd) and Lime Petroleum Plc. Before retiring from Schlumberger in 2002, Mr Kjellesvik has held leading positions in Schlumberger's seismic division and corporate headquarters. He has also been the President of their Global Marine Seismic Division. Mr Kjellesvik has played leading roles in key innovations in the seismic industry which includes multi-cable 3D seismic, 4 component seismic, and seismic 4D. Mr Kjellesvik holds a Master degree in Applied Geophysics from the Norwegian Institute of Technology (NTH) in Trondheim and is a member of the Society of Exploration Geophysicists, the European Association of Petroleum Geoscientists and the American Association of Petroleum Geoscientists. SVEIN KJELLESVIK Chief Operating Officer CORPORATE SENIOR MANAGEMENT Rex International Holding Limited 1 3

Mr Per Lind is the Chief Financial Officer overseeing the Group's finance, legal, administration and group structural matters. He also works with the CEO in business development. He has been a board member of Rex Technology Investments Pte. Ltd., a subsidiary of the Group, since 2020, and is also a director of other Group subsidiaries, Rex International Holding Ltd. (BVI), Rex Oman Ltd. and Rex International Investments Pte. Ltd.. He was a board member of the Group's subsidiaries, Porto Novo Resources Ltd and Akrake Petroleum Holding Ltd, from 2023 to end-2024. He was a board member of Masirah Oil Ltd from 2015 to 2024, and remains a member of the Joint Management Committee of Block 50 Oman. Prior to joining the Company, from 2009 to 2013, he was Vice President, Investments at Tangerine Time, a Singapore-based investment company investing in real estate and financial services in Singapore, India and the UK. Before being Senior Vice President of Finance in AEP Investment Management, a Singapore-based investment management company in 2008, Mr Lind spent five years as Director of Finance & Corporate Development with 1st Software Corporation Ltd, a software company listed on the Mainboard of the Singapore Exchange from 2003 to 2008. He had also worked for six years in the London and Singapore offices of Merchant Venture Investments, an international federation of private equity investors. Mr Lind holds a degree in business administration and economics from the School of Business, Economics and Law at the Gothenburg University, Sweden. PER LIND Chief Financial Officer Mrs Lina Berntsen is the Chief Technology Officer and co-ordinates the use of Rex Technologies for the Group. She has also been a board member and employee of Equus Consulting AB, the Group's indirect subsidiary that provides advanced mathematical analysis, since 2013. Mrs Berntsen re-joined the Group in 2012 as the Rex Virtual Drilling Specialist to Lime Petroleum Norway AS (now known as Lime Petroleum AS). Prior to this from 2011 to 2012, she provided consultancy services to the Group as a Technology Specialist at Equus Consulting AB. From 2010 to 2011, Mrs Berntsen was the Rex Virtual Drilling Specialist for Rex Oil & Gas Ltd., and oversaw the operations and coordinated analyses in relation to the use of Rex Virtual Drilling. Prior to this, Mrs Berntsen was Development Engineer in Gambro Lundia AB, a global medical technology company, where she was responsible for product development and design control relating to dialysis technology. She was previously the Marketing Coordinator in biotechnology company Chemel AB, where she also worked on product development. Mrs Berntsen holds a Master of Science in Chemical Engineering from the University of Lund, Sweden. LINA BERNTSEN Chief Technology Officer Annual Report 2024 1 4

Ms Mok Lai Siong is the Chief Communications Officer and is responsible for the Group’s strategic communications with shareholders, potential investors, analysts and the media, as well as for sustainability reporting, branding and marketing. Ms Mok has over 28 years of experience in communications and investor relations in multinational listed firms. Prior to joining the Company, she was Group General Manager, Corporate Communications & Investor Relations for the then Singapore Mainboard-listed conglomerate WBL Corporation from 2010 to 2013. From 2007 to 2010, Ms Mok worked in YTL Starhill REIT Management, the manager of Starhill Global REIT, where her last held position was Senior Vice President, Investor Relations & Corporate Communications. She has also held positions in CapitaLand, OverseaChinese Banking Corporation, Overseas Union Bank, Pidemco Land and the National University of Singapore. Ms Mok holds a Master of Business (International Marketing) degree from the Curtin University of Technology, Australia, and a Bachelor of Arts degree in English and Philosophy from the National University of Singapore. MOK LAI SIONG Chief Communications Officer Rex International Holding Limited 1 5

SVEIN KJELLESVIK Lime Petroleum AS – Chairman LARS HÜBERT Lime Petroleum Holding AS Lime Petroleum AS Lime Resources Germany GmbH – Chief Executive Officer Mr Svein Kjellesvik was appointed Chairman of Lime Petroleum AS (“LPA”) on 19 April 2016. He was appointed Executive Chairman of LPA on 1 June 2017. Please refer to page 13 for more details. Mr Lars Hübert has over 30 years of extensive experience in the oil industry, with a focus on the Norwegian Continental Shelf, ranging from rank exploration to production and operations. He was appointed as Chief Executive Officer of Lime Petroleum AS (“LPA") in 2019. From 2024, he also took on the role of Chief Executive Officer of Lime Petroleum Holding AS ("LPH") and Lime Resources Germany GmbH ("LRG"). Prior to his appointment as Chief Executive Officer, Mr Hübert joined LPA in 2014 as Chief Geologist, and was appointed Exploration Manager in 2018. He was also an Exploration Manager for San Leon Energy in Warsaw, Poland before joining LPA. He started his career with Exxon in New Orleans, and was responsible for Exxon’s first horizontal well in the Gulf of Mexico. Mr Hübert has also held various positions in Halliburton, Rock Solid Images and Legends Exploration. Mr Hübert holds a Bachelor of Science (Geology) from the University of Oslo, Norway, a Master of Science (Geology) from the University of Wyoming, US, and a Master of Business Administration from Heriot-Watt University, UK. Dr Christopher Atkinson is the Chairman of Masirah Oil Ltd. He is also an independent Board member of Lime Petroleum AS, a subsidiary of the Rex Group. Dr Atkinson is a professional geologist with over 35 years of experience in the upstream oil & gas sector. He is currently the founder and Chairman of Helios Aragon Pte Limited, and a director of Far East Gold Limited. Prior to this, Dr Atkinson was a founding investor in several exploration and production start-up ventures in Southeast Asia, the UK and Canada. He has also worked for Shell International Petroleum Company and was a 15-year career veteran with the Atlantic Richfield Company (ARCO), where his last held position was Vice President of Exploration, Europe/North Africa. Dr Atkinson holds a Doctor of Philosophy in Geology and a Bachelor of Science (First Class Honours) in Geology from the University of Wales, Swansea. He has been a Fellow of the Geological Society of London since 1996 and is a Life Member of the Petroleum Exploration Society of Southeast Asia, where he served as President from 2002 to 2003. DR CHRISTOPHER ATKINSON Masirah Oil Ltd – Chairman OPERATIONS SENIOR MANAGEMENT Annual Report 2024 1 6

Mr Mike Hopkinson has more than 30 years of upstream experience in many different international locations. He is skilled at all engineering and operations aspects of the petroleum business, from exploration, through development and production. His experience includes onshore, offshore, as well as both shallow and deep water developments. Project locations include UK North Sea, Gulf of Mexico, Ghana, Equatorial Guinea, Ukraine, Georgia, Ecuador and Guatemala. Prior to joining Masirah Oil Ltd, Mr Hopkinson was the Energy Transition Coordinator for Cox Oil in Dallas, Texas, USA. He started his career in 1985 as Operations Engineer with Marathon Oil Company in Aberdeen, Scotland. After transferring to the USA, Mr Hopkinson has also held various upstream oil & gas positions in Kosmos Energy Inc., Caelus Energy LLC, Energy Resource Technology (a Helix company) and Triton Energy Inc., all of which are based in Texas, USA, with international and domestic operations. Mr Hopkinson holds a Master of Science in Petroleum Engineering from Imperial College, UK, and a Bachelor of Science (Honours) in Engineering with Business Studies from the University of Portsmouth, UK. MIKE HOPKINSON Masirah Oil Ltd Akrake Petroleum Benin S.A. – General Manager Mr Yannick Le Bloa is the Country Manager of Akrake Petroleum Benin S.A. (“Akrake”). He is responsible for Akrake’s strategic positioning and overall operations. Mr Le Bloa has over two decades of experience in the oil & gas industry. Prior to joining Akrake, he was at Savannah Energy (previously known as Savannah Petroleum), Africa, from 2017 to 2024, where his last held position was Operations Director, Business Development. Before that, Mr Le Bloa was General Organisation Manager at Petrofor in Limbe, Cameroon. From 2002 to 2016, he held various managerial positions in operations and administration in the Perenco Group, in locations spanning Gabon, the Democratic Republic of Congo, Iraq, Peru and Venezuela. Mr Le Bloa served in the Infantry unit of the French Army from 1995 to 2002 and last held the rank of Captain. He read Engineering at the Special Military School of Saint-Cyr and holds a Master of Offshore Projects. YANNICK LE BLOA Akrake Petroleum Benin S.A. – Country Manager Rex International Holding Limited 1 7

8 April Lime Petroleum AS (“LPA”) and LPA’s licence partners in PL740, in which LPA has a 17 per cent interest, make a Final Investment Decision (FID) for the Brasse (renamed Bestla) Field development. The field, estimated to contain 24 million barrels of oil equivalent gross in recoverable reserves1, will be developed as a tieback to the Brage Field, in which LPA has a 33.8434 per cent interest. 25 April Redesignations and changes to the composition of Rex’s board of directors, following the stepping down of four long-serving directors as part of the Company’s Board renewal process are announced, with Mr John d’Abo being redesignated as Executive Chairman from Executive Vice Chairman, and Mr Pong Chen Yih redesignated as Lead Independent Director from Independent Director, and chairman of the Company’s Nominating and Remuneration Committees. Ms Mae Heng, an Independent Director of the Company, is appointed to the Nominating Committee. 1 OKEA ASA press release, “Final investment decision made for Brasse”, 8 April 2024 2024 29 February Masirah Oil Ltd (“MOL”) announces the signing of a contract for a jackup drilling rig to perform a multiwell programme – the drilling and completion of a new in-field well and the work-over of two existing production wells – in the Yumna Field in Block 50 Oman, commencing in mid-March 2024. 14 March An Independent Summary Qualified Person’s Report (QPR) for the Yme, Brage and Brasse (renamed Bestla) Fields in Norway is issued. 14 March An Independent Summary Qualified Person’s Report (QPR) for the Yumna Field in Block 50 Oman is issued. 28 March MOL announces the spudding of the Yumna-5 well in the offshore Yumna Field in Block 50 Oman, to drain attic oil left un-swept by the current producers, as part of a multi-well programme. 30 April LPA and its licence partners in PL740, in which LPA has a 17 per cent interest, officially submit to the Norway Ministry of Energy, a NOK 6.3 billion (about US$571 million) Plan for Development and Operation (PDO) for the Brasse (renamed Bestla) Field. 8 June MOL completes its multi-well programme in the offshore Yumna Field in Block 50 Oman ahead of the 90-day schedule and below budget. The Yumna-5 well started production on 26 April 2024. The multi-well programme also included work-over of the Yumna-4 well, on top of originally planned work-overs of Yumna-2 and Yumna-3. MILESTONES Annual Report 2024 1 8

19 18 June Rex’s indirect wholly-owned subsidiary, Rex International Investments Pte. Ltd. (“RII”) enters into a joint venture agreement with Monarch Marine Holding Ltd and Peter M. Steimler, to hold LPA and Porto Novo Resources Ltd under a new joint venture company incorporated in Norway, with Rex holding an indirect 83.74 per cent interest. 20 June LPA, in partnership with OMV Norge AS and Vår Energi ASA, is awarded a CO2 storage licence in the North Sea by the Norwegian Ministry of Energy. The EXL009 Iroko carbon storage licence, located in the North Sea about 130 kilometres west of the coast from Haugesund, will be operated by Vår Energi. The Iroko area has the potential to store up to 7.5 million tonnes of CO2 annually for at least 30 years, a total of approximately 215 million tonnes. 4 July Lime Petroleum Holding AS (“LPH”), raises NOK 1.2 billion (approximately US$108.83 million#) in NOK denominated senior secured bonds with a three-year tenor. Settlement date was 17 July 2024. 16 August Rex Oman Ltd. (“Rex Oman”), MOL and the other defendants (including Mr Hans Lidgren, a controlling shareholder of the Company and past director of MOL) sign a global settlement agreement with Petroci Holding (“Petroci”) (“Settlement Agreement”), the terms of which are confidential, which provides for a full and final settlement (with no admission as to liability) of the parties' claims and termination of related judicial proceedings in the British Virgin Islands. Subject to fulfilment of closing conditions, the closing of the Settlement Agreement will result in a transfer of shares in MOL by Rex Oman to Petroci, increasing Petroci’s shareholding in MOL to 12.5 per cent. 22 August An Independent Summary Qualified Person’s Report (QPR) for the Sèmè Field in Block 1 Benin is issued. 6 September Rex announces LPA's entry into a Heads of Agreement with Canadalisted MCF Energy’s wholly-owned subsidiary Genexco GmbH (“Genexco”) for an option to farm in on Genexco's 80 per cent interest in the Reudnitz gas exploration licence in Germany. The licence is estimated to have resources of over 118 BCF of methane and over 1 BCF of Helium. 6 September Rex’s wholly-owned subsidiary, RII and its indirect wholly-owned subsidiary, Rex Technology Investments Pte. Ltd. (“RTI”) sign a share swap agreement under which RTI will acquire a total of 46.67 per cent of the shares of Xer Technologies Pte. Ltd. (“Xer”) from Limea Ltd. (“Limea”), Cresta Group Ltd. (“Cresta”) and Kjellesvik Svein Helge (“KSH”) (Limea, Cresta and KSH, collectively, the “Xer Vendors”) in consideration of RII transferring 100 per cent of the shares of Moroxite Holding Pte. Ltd. to the Xer Vendors. # US$1 = NOK 11.0262 Rex International Holding Limited 1 9

18 October LPH raises NOK 450 million (approximately US$40.92 million#) through the tap mechanism in its existing Senior Secured Bond with ISIN NO0013276410. After the tap issue is carried out, the total outstanding amount is NOK 1,650 million (approximately US$149.75 million). Settlement was on 29 October 2024. 15 November LPA and its licence partners in the Brage Field, in which LPA has a 33.8434 per cent interest, are granted the PL055FS licence in the Sognefjord East area, near to 2023 Kim discovery within the Brage Field for exploration and, if successful, development. 19 November The Norwegian Ministry of Energy approves the Plan for Development and Operation (PDO) for PL740 Bestla (previously known as Brasse), in which LPA has a 17 per cent interest. The project will be developed as a tieback to the Brage Field with first oil expected in early 2027. 23 September Rex announces the signing of a Joint Study Agreement with the cofounders of Helios Aragon to explore for natural hydrogen in Oman, which is widely regarded as one of the more prospective countries for the near-term discovery of commercial quantities of natural hydrogen. 23 September LPA signs an agreement to acquire OKEA AS’s 15 per cent interest in the producing Yme Field on the Norwegian North Sea. With the acquisition, LPA will increase its share in the Yme Field from 10 per cent to 25 per cent. 11 October RII signs a restructuring agreement with Schroder & Co Banque S.A. (“Schroders”), the terms of which are confidential, with respect to Schroders’ shares in MOL and LPA. After completion, the Group’s indirect interests in MOL would be 98.17 per cent; in LPH would be 80.14 per cent. LPA would be 100 per cent held by LPH. 29 November LPA’s acquisition of a 15 per cent interest in the Yme Field is completed. 30 December Rex announces that the closing of the Settlement Agreement with Petroci has been completed, with the Group’s indirect interest in MOL at 87.5 per cent. MILESTONES Yumna Field, Oman #US$1 = NOK 10.9973 2 0 Annual Report 2024

OPERATIONS REVIEW Yumna Field, Oman In 2024, the Group's subsidiary in Norway acquired more interest in the Yme Field, increasing its stake from 10 per cent to 25 per cent. Three new licences were awarded, including a first carbon capture and storage licence. The Plan for Development and Operation (PDO) for the Bestla (previously known as Brasse) Field was approved, with first oil expected in 2027. A bond issue was carried out, followed by a tap issue. In Oman, a multi-well drilling campaign was completed ahead of schedule and below budget. Efforts continued in Benin to submit a Field Development Plan so that production can be restarted as soon as possible in the discovered Sèmè Field in Block 1. The Group also added assets in Germany to its portfolio during the year. Rex International Holding Limited 2 1

The shareholders of LPH are Rex International Investments Pte. Ltd. (a wholly-owned subsidiary of Rex International Holding Limited) at 80.14 per cent, Monarch Marine Holding Ltd at 14.11 per cent, Schroder & Co Banque S.A. at 4.30 per cent and Peter M. Steimler at 1.45 per cent. To date from 2024, LPH has raised NOK 1.75 billion (approximately US$159.10 million#) in NOK-denominated senior secured bonds and tap issues on the bond, to finance activities undertaken by LPH’s subsidiaries in Norway and Benin. Lime Petroleum Holding AS (“LPH”), a company incorporated in Norway, became a subsidiary of Singapore-listed Rex International Holding Limited in 2024. LPH is the holding company of the Rex Group’s Norway, Germany and West African subsidiaries, including: • Lime Petroleum AS • Lime Resources Germany GmbH • Akrake Petroleum Benin S.A. LPH and its wholly-owned subsidiaries are working to grow its portfolio of oil and gas assets in Norway, Germany and West Africa. LIME PETROLEUM HOLDING # US$1 = NOK 11 Annual Report 2024 2 2

Brage Field, Norway Photo courtesy of Okea ASA Rex International Holding Limited 2 3

NORWAY OVERVIEW According to the Norwegian Offshore Directorate (NOD), total production remained at a high and stable level of about 240 million Sm³ o.e. (2023: about 233 million Sm³ o.e.) or just over 4.1 million barrels o.e. per day in 2024. This is the highest level since 2009. At the end of 2024, 94 fields were producing oil and gas, 22 projects with approved development plans were underway and many leased wells were drilled. Two new fields came on stream in 2024 – Hanz and In 2024, indirectly-held subsidiary Lime Petroleum AS (“LPA”) increased its interest in the producing Yme Field to 25 per cent, following the acquisition of another 15 per cent. On the development front, the NOK 6.3 billion (about US$571 million) Plan for Development and Operation (PDO) of the PL740 Bestla (previously known as Brasse) Field was approved, with first oil expected in 2027. Besides being awarded a 33.8434 per cent interest in PL055FS, LPA also scored a 30 per cent interest in its first CO2 storage licence. Tyrving. Both are satellite fields that will become more common in the future. Going forward, production is expected to remain at a stable high level, before being expected to decline gradually towards the end of the 2020s. Exploration activity was high in 2024, during which 40 exploration wells were drilled and 16 discoveries were made, containing 38 million Sm3 o.e. or 240 million barrels of oil equivalent. Most of the discoveries were small and they will be considered for development as tiebacks to existing fields. Sm³ : standard cubic metres o.e. : oil equivalent Sources: NOD website: http://www.sodir.no/ Norwegian Offshore Directorate, Record high gas production in 2024, 14 January 2025 Norwegian Offshore Directorate, The Shelf in 2024, 14 January 2025 In January 2024, 24 companies were offered interests in a total of 62 production licences in predefined areas (APA) 2023. Total investment on the NCS amounted to NOK 258 billion in 2024. The NOD has identified longer field lifetimes as an important reason for production remaining high. New and improved technology have allowed a better understanding of the subsurface and enabled the industry to further develop the fields so they can continue to produce far beyond the original plans, by 10 to 30 years longer or even up to 50 years longer. Annual Report 2024 2 4

NORWAY SWEDEN FINLAND NORWEGIAN SEA 50 km N PL838 PL1190 N NORTH SEA 50 km PL053B PL1178 PL055B PL055 PL185 PL740 PL055FS PL1252 PL1251 PL055E PL055D Brage Field N NORWEGIAN SEA 50 km PL841 N BARENTS SEA 50 km PL850 PL820SB PL1093 PL820S NORTH SEA 50 km N 50 km N NORWEGIAN SEA 50 km PL841 N BARENTS SEA 50 km PL850 EXL009 Yme Field PL316 2 5 Rex International Holding Limited

New development projects, additional production wells and exploration in surrounding areas have helped extend the lifetime of most fields. To achieve high production and value creation in the decades to come, the NOD has identified three key strategies. First, to continue developing resources in both fields and discoveries; second, to drill more production wells; and third, to maintain a high level of exploration activity. There are more than 50 large and small projects under development, and many investment decisions are expected in the years to come; and around 40 exploration wells (same as 2024) are expected to be drilled in 2025. Of these exploration wells, 20 to 25 are in the North Sea, 10 to 12 in the Norwegian Sea and four to six in the Barents Sea. Meanwhile, interest in safe storage of CO2 on the Norwegian continental shelf is large, and it is increasing. A total of 11 permits have been awarded, for one exploitation licence and 10 exploration licences. Offers for two additional exploration licences were announced in December 2024, they are expected to be awarded in 2025. All of Norway's oil reserves are located offshore on the Norwegian Continental Shelf, which is divided into three sections: the North Sea, the Norwegian Sea, and the Barents Sea. The bulk of Norway's oil production occurs in the North Sea. New exploration and production activity is taking place further north in the Norwegian Sea and Barents Sea. STRATEGY LPA was established in 2012 with offices at Skøyen in Oslo. The company was pre-qualified in February 2013 as a partner company and in March 2023 as an operator on the Norwegian Continental Shelf. LPA has since built a portfolio of assets focusing on mature areas, following a technology and infrastructure-led strategy. LPA uses high-quality seismic data and the Group’s Rex Virtual Drilling (“RVD”) technology together with conventional seismic attributes and analysis of the petroleum systems in its exploration efforts, and to select and build a portfolio of investments in the Norwegian Continental Shelf. The licences are in oil-prolific areas that already have producing fields and pipeline infrastructure in place, allowing for a rapid path to potential commercialisation and return on investment when more oil discoveries are made in LPA’s assets. Brage Field, Norway Photo courtesy of Okea ASA 2 6 Annual Report 2024

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