REX INTERNATIONAL HOLDING LIMITED ANNUAL REPORT 2025 PRESSING ON
01 CORPORATE PROFILE 02 GROUP STRUCTURE 03 FINANCIAL HIGHLIGHTS 04 LETTER TO SHAREHOLDERS 09 CORPORATE DATA 10 BOARD OF DIRECTORS 12 SENIOR MANAGEMENT - CORPORATE 14 SENIOR MANAGEMENT - OPERATIONS 16 MILESTONES 20 OPERATIONS REVIEW 41 TECHNOLOGY-BASED SUBSIDIARIES 43 RESERVES & RESOURCES 51 FINANCIAL REVIEW 54 INVESTOR RELATIONS & COMMUNICATIONS 56 SUSTAINABILITY REPORT 111 CORPORATE GOVERNANCE REPORT 159 FINANCIAL STATEMENTS 246 STATISTICS OF SHAREHOLDINGS & WARRANT HOLDINGS 248 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 (“SGX-ST”). 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. VALUES Our forwardlooking, 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 01 1
TECHNOLOGY SERVICES COMMERCIAL DRONES OIL & GAS EXPLORATION & PRODUCTION GERMANY 7 Onshore Licences BENIN 1 Offshore Concession NORWAY 16 Offshore Licences OMAN 1 Offshore Concession LIME PETROLEUM HOLDING AS 89.74% LIME RESOURCES GERMANY GmbH 100% REX TECHNOLOGY INVESTMENTS PTE. LTD. 100% GROUP STRUCTURE JASMINE ENERGY LTD 100% MASIRAH OIL LTD 87.50% AKRAKE PETROLEUM BENIN S.A. 100% LIME PETROLEUM AS 100% XER TECH HOLDING AB 50.40% All percentages represent effective equity interest in significant and core entities held by the Group as at 24 March 2026. REX INTERNATIONAL HOLDING LIMITED 2 Annual Report 2025
GROUP FINANCIAL HIGHLIGHTS US$’000 FY2025 FY2024 Revenue from sale of crude oil and gas 318,795 298,135 Adjusted EBITDA# 91,135 160,425 Loss for the year, net of tax (152,700) (50,204) Total comprehensive loss for the year, net of tax (158,396) (48,780) Loss per share (US cents) (10.23) (3.15) US$’000 31 Dec 2025 31 Dec 2024 Non-current assets 636,131 326,728 Current assets 134,357 245,551 Total assets 770,488 572,279 Non-current liabilities 649,256 401,143 Current liabilities 215,664 107,172 Total liabilities 864,920 508,315 Net asset value (“NAV”)* (94,432) 63,964 Total equity (94,432) 63,964 NAV per share (US cents) (7.25) 4.91 # Adjusted EBITDA = Net loss + Interests + Taxes + Depletion + Depreciation + Amortisation + Impairments * Net asset value as disclosed above includes non-controlling interests Rex International Holding Limited 3
PRESSING ON DEAR SHAREHOLDERS, 2025 WAS AN EVENTFUL YEAR FOR REX, MIXED WITH SUCCESSES AND CHALLENGES. THE COMPANY IS STICKING TO ITS GUNS TO RESOLVE ISSUES SO THAT ITS OIL & GAS OPERATIONS IN VARIOUS GEOGRAPHIES CAN CONTINUE AND PROGRESS WITH THEIR GROWTH PLANS. Brent crude oil settled at US$60.841 a barrel on the last day of 2025, a 19 per cent drop from US$74.80 a barrel at the end of 2024. This marks the steepest annual drop since 2020 amid expectations of increased oversupply in a year characterised by wars, higher tariffs, increased OPEC+ output and sanctions on Russia, Iran and Venezuela2. OPEC expects oil supply to match demand closely as global economic activity is expected to maintain its strong performance in 2026, with a projection of 1.38 million bpd growth this year3. Even as Brent crude prices continued to be volatile throughout the year amid constantly changing global socio-political developments, the Group’s focus in 2025 was on its core oil & gas business. Key objectives included participating in drilling programmes in the Brage and Bestla fields in Norway, planning for a new drilling campaign in Oman, achieving first oil in Benin and boosting production levels in Germany. As at 31 December 2025, the Group’s cash and cash equivalents and quoted investments totalled US$56.25^ million (31 December 2024: US$130.17^ million); with cash and cash equivalents at US$49.06 million (31 December 2024: US$117.20 million); and quoted investments at US$7.20 million (31 December 2024: US$12.98 million). The Group reported higher revenue in FY2025 than that in FY2024, mainly due to an increase in the volume of oil lifted and sold in Norway and Germany, partially offset by a decrease in average crude oil sale prices and a decrease in the volume of oil lifted and sold in Oman, in line with the natural gradual decline in FY2025 Financial Results For the year ended 31 December 2025 (“FY2025”), the Group recorded revenue of US$318.80 million, from the sale of crude oil and gas from the Brage and Yme Fields in Norway, the Yumna Field (after government take) in Oman, and the Schwarzbach and Lauben Fields in Germany. This was a 7 per cent increase from revenue of US$298.14 million in the year ended 31 December 2024 (“FY2024”). Adjusted EBITDA* for FY2025 was a positive US$91.14 million, as compared to an adjusted EBITDA of US$160.43 million in FY2024. The Group recorded loss after tax of US$152.70 million in FY2025, as compared to loss after tax of US$50.20 million in FY2024. 1 FactSet data 2 CNBC, Oil prices log steepest annual drop since 2020, 31 December 2025 3 Reuters, In first look at 2027, OPEC forecasts ongoing oil demand growth, 14 January 2026 * Adjusted EBITDA = Net loss + Interest + Taxes + Depletion + Amortisation + Impairments ^ Rounding difference 4 Annual Report 2025
production. Gross profit decreased 68 per cent to US$31.99 million in FY2025, from US$99.13 million in FY2024. Loss after tax increased by 204 per cent, to US$152.70 million in FY2025 from US$50.20 million in FY2024, mainly due to an increase in production and operating expenses, and non-cash items including depletion from produced oil and gas properties and impairment losses on oil & gas properties and exploration and evaluation assets. Norway: Discoveries and New Production Wells in Brage Field; Bestla Development Completed In 2025, Lime Petroleum AS (“LPA”) participated in drilling programmes for the Brage (LPA: 33.8434 per cent) and Bestla (LPA: 17 per cent) fields. At the Brage Field, new discoveries on the Prince prospect and in the Cook and Statfjord formations of the Talisker exploration well were made, and two production wells, Kim and Talisker, were drilled and completed over the course of the year. The development of the Bestla Field as a two-well subsea tie-back to the Brage Field was also carried out in 2025 and was completed in January 2026. The wells have been safely suspended and will be ready for Christmas tree installation in Q3 2026. First oil is expected in early 2027. MMstb: millions of stock tank barrels bpd: barrels per day The Brage Field partnership was offered the PL 1252 licence, located in the North Sea just west of the producing Brage Field, in the 2024 Awards in Predefined Areas (“APA 2024”) round in Norway. The licence has an initial period of two years and will have a Drill-or-Drop decision in 2027. Oman: Yumna Field Reserves Increased, Extending Life of the Field Gross production in Oman in 2025 totalled about 0.6 MMstb. An independent summary Qualified Person’s Report issued in February 2026 estimates 7.2 MMstb of remaining gross 2P reserves on the licence, based on forecast production of the current well stock and three new development wells in 2026 to achieve a 55 per cent recovery factor ahead of economic cut-off in 2030. This means that the estimated ultimate recovery (EUR) from the Yumna Field has increased to 16.8 MMstb at the 2P level, which is 75 per cent higher than the original 9.6 MMstb EUR estimate from 2020, extending the life of the field through development over the years. In 2025, Masirah Oil Limited (“MOL”) worked with energy consultant Gneiss Energy and various sub-surface teams, on a farm-out exercise for Block 50 Oman. While no farm-out has resulted from the exercise, MOL gleaned important learnings and refined its future exploration and development plans for the block, from its deep technical engagement with potential partners during the exercise. Germany: Steig Field Main Operating Plan Approved The Schwarzbach and Lauben Fields in Germany, in which Lime Resources Germany (“LRG”) holds 100 per cent and 50 per cent interests respectively, started contributing to the Group’s monthly production from 2025. During the year, LRG’s Main Operating Plan (Hauptbetriebsplan) application for the Steig Field, in which LRG holds a 100 per cent interest and is the operator, was approved by the Mining Authority (Landesamt für Geologie, Rohstoffe, und Bergbau) of Baden Württemberg. The approval is granted for a limited period until 31 May 2027. Benin: First Oil Delayed by Technical Drilling Challenges Much of the Group’s efforts during 2025 was to restart production in Block 1, Sèmè Field, before the end of the year. Contracts for the drilling rig, Mobile Offshore Production Unit (MOPU) and the Floating Storage and Offloading unit (FSO) were announced in April 2025 and the spudding of first of three wells in the work programme was announced in August 2025. Unforeseen technical issues encountered during the drilling campaign and remedial actions taken to resolve these significant problems led to a delay in the restart of oil production at the field. Rex International Holding Limited 5
Eventually, Akrake Petroleum Benin S.A. (“Akrake”) announced the completion of the AK-2H production well in February 2026. A total of 1,405 metres was drilled horizontally through the reservoir section, with a total of approximately 950 metres of oilsaturated reservoir sandstone of the Abeokuta Formation of Cretaceous age, informally called H6. The remainder is non-reservoir shale. No water-bearing sand was encountered. The reservoir quality is in line with expectations, with an average porosity of over 19 per cent and an average oil saturation over 70 per cent. Organisational Restructuring; Non-core Business Spin-off The Group carried out a series of organisational restructuring of its shareholdings in various subsidiaries during 2025. Just as Lime Petroleum Holding AS (“LPH”) was established in 2024 to be the holding company for LPA, LRG and Akrake, Jasmine Energy Ltd (“JEL”) was set up in 2025 to be the holding company for MOL, its indirect 87.5 per cent subsidiary. A share swap between certain Group subsidiaries and Monarch Marine Holding resulted in the Group exchanging 40 per cent of the shares in Xer Tech AB (“Xer”) for 9.6 per cent of the shares in LPH, bringing the Group’s interest in LPH to 89.74 per cent. A conditional share purchase agreement was signed in November 2025, to spin off Xer in a reverse takeover, with the intention of listing it on the Sweden Spotlight Stock Market. Fund-raising The Group’s risk management strategy for financing had always been to inculcate “self-sufficiency” among its operating subsidiaries, ring-fencing debt at the subsidiary level. LPH placed NOK 100 million (approximately US$9.16 million#) of bonds through the tap mechanism in its then existing Senior Secured Bond with ISIN NO0013276410 for general corporate purposes, including development capex in the Norwegian Continental Shelf and working capital, bringing the total outstanding amount to NOK 1,750 million (approximately US$158.91 million) in February 2025. In September 2025, LPH raised NOK 1.1 billion (approximately US$108.93 million^) in NOKdenominated senior secured bonds with a three-year tenor (the “Bonds”). Of the total proceeds, approximately NOK 550 million was used to refinance LPH’s then existing bond through a roll mechanism, while the remainder of approximately NOK 550 million was slated to be used for onshore field development activities in Germany and for general corporate purposes. In December 2025, JEL raised US$25 million in senior secured bonds with a three-year tenor. The proceeds will be used to fund a drilling campaign of three wells in 2026 and for general corporate purposes by MOL. Pressing On Three development wells will be drilled in Oman in 1H 2026 and are expected to contribute to production. The rig mobilisation is being planned to support the three-well infill drilling campaign, subject to regional developments and logistical conditions. MOL will continue to monitor the Gulf situation closely and will adjust plans if required to ensure the safety of personnel and continuity of operations. Production in the Brage Field, Norway, is expected to be boosted by the new Talisker A-15D production well which came onstream in January 2026. The Brage Field partners are also considering opportunities for developing the new Knockando Fensfjord discovery made in 2026. There is also potential to increase production in Germany with LRG’s further development of the Erfelden area, which includes the Schwarzbach Field, to exploit several unused # Using exchange rate of USD 1 = NOK 10.9170 ^ Using exchange rate of USD 1 = NOK 10.0984 6 Annual Report 2025
Brage Field, Norway Photo courtesy of Okea ASA The Group has no plans for further business diversification and going forward, will focus its resources mainly on its core oil & gas assets in Oman, Norway, Germany and Benin. Rex International Holding Limited 7
well slots to drill two wells, so as to add some 500 bopd to the current production level of about 40 bopd in the short- to medium-term. The unexpected delay in income from oil production and additional costs of drilling operations as a result of operational and logistical challenges in the Sèmè Field in Benin had led to an unfortunate negative impact on LPH’s cash flow and liquidity position. Thankfully, LPH sought and obtained bondholders’ approval for its requests to defer LPH’s obligation to pay the interest payments falling due in January 2026 for its bonds, and to temporarily waive and suspend the Minimum Liquidity covenants for the bonds until 31 March 2026, providing LPH with enhanced near-term financial flexibility. First oil from Benin was achieved in March 2026. However, as LPH’s financial position had been adversely affected by significant technical complications, increased drilling costs and production delay in Benin, LPH has engaged a financial advisor and legal counsel to undertake a comprehensive strategic and financial review, to evaluate all available alternatives to strengthen LPH’s balance sheet and secure a sustainable capital structure. On 16 March 2026, the trustee of LPH’s 2027 Bonds and 2028 Bonds issued a summons for a Written Resolution to LPH’s bondholders to approve the facilitation of a potential interim liquidity funding on an expedited basis in anticipation of a comprehensive recapitalisation of the LPH Group (comprising LPH and its subsidiaries), including any interim liquidity measures and in combination with any other remedial measures as deemed appropriate, which includes, inter alia, the engagement of restructuring advisors and providers of a Chief Restructuring Officer, and further potential engagement of additional advisers, including an additional financial adviser.* While LPH is formalising plans to resolve its short-term liquidity issues, there are cash call requirements due from LPA in relation to its producing asset Yme Field (25 per cent) and the discovery asset Bestla Field (17 per cent) in Norway. It is understood that these cash calls have a grace period to around early April 2026 and end April 2026 respectively. In the event LPA is unable to make the cash contributions, LPA may lose the aforementioned interests. For the key producing asset Brage Field (33.8434 per cent) in Norway, cash calls were up to date as of 16 March 2026. Xer, the Group’s non-core commercial drone business, has been successfully spun off in January 2026. While the Group has retained a 50.4 per cent interest in the listed entity, it has no plans for further business diversification and going forward, will focus its resources mainly on its core oil & gas assets in Oman, Norway, Germany and Benin. To shore up the Group’s cash position, the Company announced the placement of treasury and new shares and the issuance of free, detachable unlisted warrants in January 2026. The placement of the treasury shares was completed on 5 February 2026 and the allotment and issuance of new shares was completed on 13 March 2026, raising a total of S$7.62 million. Acknowledgements Ms Beverley Smith resigned as Independent Non-Executive Director in February 2026 and Mr Måns Lidgren stepped down as Chief Executive Officer in March 2026. On behalf of the Board, we would like to thank them for their service and contributions. We would like to thank our Board for their time, guidance and counsel during this difficult time, and our colleagues for pressing on when the going is tough. We would also like to express our appreciation to all stakeholders for their continual support, patience and understanding. John d'Abo Executive Chairman Per Lind Chief Executive Officer 24 March 2026 * The Company will update the market accordingly in accordance with applicable rules of the SGX-ST in the event of any material updates. Shareholders and potential investors should exercise caution when trading in the Shares of the Company. Persons who are in doubt as to the action they should take should consult their legal, financial, tax or other professional advisers. 8 Annual Report 2025
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 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 Barclays Bank PLC 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 9
Mr John d'Abo, 57, 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 Chairman at Lime Petroleum Holding AS and Xer Tech Holding AB, both subsidiaries of the Group. John 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 includes 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, 50, 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., 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, and a past board member of Grand Venture Technology Limited and Figtree Holdings 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 10 Annual Report 2025
Ms Mae Heng, 55, was appointed as an Independent Non-Executive Director on 4 May 2022 and was re-elected to the Board on 25 April 2025. 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 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 a 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, Apex Healthcare Berhad and Grand Venture Technology Limited. Ms Heng holds a Bachelor of Accountancy from the Nanyang Technological University, Singapore. 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, Nominating and Remuneration Committees Dr Mathias Lidgren, 44, was appointed as a Non-Independent Non-Executive Director on 4 May 2022 and was re-elected to the Board on 25 April 2025. He represents the interests of Limea Ltd., the controlling shareholder of the Company. Dr Mathias Lidgren is also a board member of Masirah Oil Ltd, a subsidiary of the Group. A practising medical doctor for over a decade, Dr Lidgren has worked for the National Health Service (NHS), United Kingdom, the Hôpitaux Universitaires de Genève, Geneva, Switzerland, the Sahlgrenska University Hospital, Gothenburg, Sweden, and Skane University Hospitals in Lund, Sweden. He was also a postdoctoral researcher at the Division of Molecular Medicine and Gene Therapy, Department of Laboratory Medicine in Lund University, Sweden. For more than 20 years, Dr Lidgren has also held multiple board positions in various private and family-owned companies involved in a range of businesses including real estate, manufacturing and medicine. He is currently an executive board member and Chief Medical Officer at Lithea AB, a pharmaceutical company based in Lund, Sweden. 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 Lidgren is a Singapore Institute of Directors (SID) Accredited Director. DR MATHIAS LIDGREN Non-Independent Non-Executive Director Member, Nominating Committee Rex International Holding Limited 11
CORPORATE SENIOR MANAGEMENT Mr Per Lind was appointed as the Chief Executive Officer on 19 March 2026 and he is responsible for overseeing the strategic positioning and business expansion of the Group, including making major business and finance decisions. Prior to this, Mr Per Lind had been the Company’s Chief Financial Officer since 8 May 2014, overseeing the Group's finance, legal, administration and group structural matters, as well as working with the Chief Executive Officer 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, including Jasmine Energy Ltd, 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, and Masirah Oil Ltd from 2015 to 2024. Mr Lind has been a member of the Joint Management Committee of Block 50 Oman since 2017. Prior to joining the Company, Mr Lind was based in Singapore from 2001 and held senior positions in Investments, Finance and Corporate Development at Tangerine Time, a Singapore-based investment company investing in real estate and financial services in Singapore, India and the UK, AEP Investment Management, a Singaporebased investment management company, and 1st Software Corporation Ltd, a software company listed on the Mainboard of the Singapore Exchange. 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 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 12 Annual Report 2025
Mrs Lina Berntsen is the Chief Technology Officer and co-ordinates the use of Rex Technologies for the Group. 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, a business providing advanced mathematical analysis. 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 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 30 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, Oversea-Chinese 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 13
OPERATIONS SENIOR MANAGEMENT Dr Christopher Atkinson is the Chairman of Masirah Oil Ltd. He is also an independent Board member of Lime Petroleum Holding 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 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 – General Manager JOHN D’ABO Lime Petroleum Holding AS – Chairman Mr John d’Abo was appointed Chairman of Lime Petroleum Holding AS on 30 May 2025. Please refer to page 10 for more details. 14 Annual Report 2025
Dr Steve Moore has almost 40 years’ experience in the oil & gas industry, 20 of which were with Shell International and another 20 with a range of independent operators including Maersk, Mubadala, Energean and Cairn India/Vedanta. As well as the UK, he has lived and worked in Oman, Qatar, Abu Dhabi, Greece, Italy, the Netherlands, Kazakhstan, India and Brunei; and has managed assets in these countries plus others in Turkmenistan, Uzbekistan, Croatia, Iraq, Egypt, Israel, Bahrain, Algeria, Thailand, Malaysia and Indonesia. Dr Moore has worked in ventures located both on-and off-shore and from shallow coastal (<3m) through to ultra-deep waters (>1,800m). His most recent role was as CEO of Cairn India, responsible for about 7,000 staff and managing a range of fields, including the world’s largest polymer flood project, located across the Indian sub-continent and producing 120,000 boe/day. Prior to this, he was with Energean for 10 years in leadership positions in Technical Management, Operations and Business Development. During this time, Energean grew 2P+2C resources from 1 million boe to 1.5 billion boe, and production from 700 boe/day to 150,000 boe/day. Dr Moore started as a Process Engineer in the UK, and progressed to diverse roles in Operations, Business Development, Technical Management, Projects, Non-operated Venture Management and Exploration, before assuming various C-suite positions in the last 10 years. Dr Moore holds a PhD and a BSc (First-Class Honours) in Chemical Engineering from the University of Newcastle upon Tyne, UK. DR STEVE MOORE Akrake Petroleum Benin S.A. – General Manager SVEIN KJELLESVIK Lime Petroleum AS – Executive Chairman LARS HÜBERT Lime Petroleum Holding AS Lime Petroleum AS – Chief Executive Officer Lime Resources Germany GmbH – Managing Director (Geschäftsführer) 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 12 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 roles of Managing Director (Geschäftsführer) of Lime Resources Germany GmbH (“LRG”) and Chief Executive Officer of Lime Petroleum Holding AS (“LPH”), the holding company of LPA, LRG and Akrake Petroleum Benin S.A.. 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. Rex International Holding Limited 15
3 March An Independent Summary Qualified Person’s Report (QPR) for the Yme, Brage and Bestla Fields and the Lunde Discovery in Norway, is issued. 18 March An Independent Summary Qualified Person’s Report (QPR) for the Sèmè Field in Benin is issued. 18 March An Independent Summary Qualified Person’s Report (QPR) for the Yumna Field in Block 50, Oman is issued. 7 April LPH announces the signing of a contract with Borr Gerd Limited, for the Gerd, a modern-built jack-up rig, to be used for an anticipated 120-day drilling campaign in the Sèmè Field in Benin operated by Akrake Petroleum Benin S.A. (“Akrake”), a wholly-owned subsidiary of LPH. 21 April An Independent Summary Qualified Person’s Report (QPR) in respect of the H7 and H8 Reservoirs in Sèmè Field in Block 1, Benin, is issued. 2025 17 January Lime Petroleum AS (“LPA”) is offered a 33.8434 per cent participating interest in PL 1252, located in the North Sea just west of the producing Brage Field, in the 2024 Awards in Predefined Areas (“APA 2024”) round in Norway. The licence has an initial period of two years and will have a Drill-or-Drop decision in 2027. 19 February Lime Petroleum Holding AS (“LPH”) sells NOK 50 million (approximately US$4.58 million#) of bonds, 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 1,700 million (approximately US$154.5 million). Proceeds from the tap issue will be used for general corporate purposes, including development capex in the Norwegian Continental Shelf and working capital. 27 February LPH places the final NOK 50 million (approximately US$4.58 million#) of bonds, 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 1,750 million (approximately US$158.91 million). 28 April Akrake announces its contracts for a Mobile Offshore Production Unit (MOPU) - to be converted from a medium-sized drilling rig and equipped with a purpose-built process package - and an Aframax tanker to be used as a Floating Storage and Offloading (FSO) unit for Akrake’s field development in Benin. 28 May LPA updates that a new discovery on the Prince prospect in the Brage Field, in which LPA has a 33.8434 per cent interest, has been made. Preliminary estimates place the size of the discovery between 1.9 to 17.5 million barrels of oil equivalents (mmboe) in place. With preliminary estimates for recovery factor, this corresponds to between 0.3 to 2.8 mmboe. Drilling of a production well in the Kim discovery has been completed, and development of PL740 Bestla (LPA: 17 per cent) as a tie-back to the Brage Field, is on time and on budget. 6 June An Independent Summary Qualified Person’s Report (QPR) for assets in Germany held by Lime Resources Germany GmbH (“LRG”) is issued. MILESTONES # Using exchange rate of USD 1 = NOK 10.9170 16 Annual Report 2025
17 6 June LPH gives a progress update on and outlines growth catalysts for its assets in Benin, Norway and Germany, including expected drilling and production timeline in Benin, overperformance of Brage Field in Norway in terms of production, and a focus on developing the Erfelden area in Germany. 23 June An Independent Summary Qualified Person’s Report (QPR) for the Yumna Field in Block 50, Oman, taking into account updates to the model that was used to provide, together with production forecasts, an estimate of the remaining reserves under various development options as of 31 December 2024, is issued. 30 June Rex Oman Ltd (“Rex Oman”) initiates a process to explore debt financing alternatives for its Oman activities. The proceeds from this new financing, if completed, will be used for capital expenditure of Masirah Oil Ltd’s (“MOL”) assets in Oman and general corporate purposes. 8 July An exploration well in the producing Brage Field, in which LPA holds a 33.8434 per cent interest, is spudded in the southern part of the Talisker discovery, aims to test hydrocarbon presence in geological layers that have not been penetrated before. This exploration well is the first of three consecutive wells to be drilled in the same campaign by the rig on the Brage platform. The two subsequent wells will comprise another exploration well and a new production well. 5 August Akrake announces that it has on 4 August 2025, spudded the first well in the Sèmè Field in Block 1, Benin, using the Borr Gerd jack-up drilling rig. The drilling is part of a three-well work-programme to redevelop the Sèmè Field. 5 August The first of two production wells in PL740 Bestla, in which LPA has a 17 per cent interest, has been spudded on 4 August 2025. The Bestla Field, estimated to contain 24 million barrels of oil equivalent gross in recoverable reserves1, is being developed as a two-well subsea tie-back to the Brage Field, in which LPA has a 33.8434 per cent interest. The Brage platform will serve as the host facility for production, processing, and export. First oil is expected in early 2027. 13 August LPH gives updates on its portfolio in Benin, Norway and Germany, including the continued overperformance in production in the Brage Field, concurrent drilling at Brage and Bestla in Norway; and finalisation of plans for the Schwarzbach/Erfelden Field in Germany. 25 August LRG’s Main Operating Plan (Hauptbetriebsplan) application made on 13 May 2025 for the Steig Field, in which LRG holds a 100 per cent interest and is the operator, has been approved by the Mining Authority (Landesamt für Geologie, Rohstoffe, und Bergbau) of Baden Württemberg on 18 August 2025. The approval is granted for a limited period until 31 May 2027. 1 OKEA ASA press release, "Final investment decision made for Brasse", 8 April 2024. Rex International Holding Limited 17
^ Using exchange rate of USD 1 = NOK 10.0984 25 September Rex International Investments Pte. Ltd. (“RII”) and its indirect whollyowned subsidiary, Rex Technology Investments Pte. Ltd. (“RTI”), sign a share swap agreement with Monarch Marine Holding Ltd (“MMH”), under which RII will acquire a total of 9.6 per cent of the shares of LPH from MMH, in consideration of RTI transferring 40 per cent of the shares in Xer Tech AB (“Xer Sweden”) owned by RTI as at the date of transfer to MMH or its nominee. 1 October LPH shares to be acquired by RII pursuant to the transaction dated 25 September 2025 have been transferred, resulting in RII’s interest in LPH increasing to 89.74 per cent. 12 November The Company announces that RTI has signed a conditional share purchase agreement (“SPA”) with Renewable Ventures Nordic AB (“RVN”), with the intention of listing Xer Sweden, the Company's indirect subsidiary, on the Sweden Spotlight Stock Market ("Spotlight”) via a reverse takeover (the “Proposed Transaction”). Pursuant to the Proposed Transaction, RTI will transfer 6,000,000 shares in Xer Sweden, representing 60 per cent of the shares in Xer Sweden, (“Xer Shares”) to RVN and as consideration for the Xer Shares, RVN will issue new shares in the share capital of RVN to RTI. 25 August New commercial oil discoveries in the Cook and Statfjord formations are made in the Talisker exploration well in the Brage Field, in which LPA holds a 33.8434 per cent interest. The discoveries are considered commercial with preliminary estimates of gross recoverable resources in the range of 16 to 33 million barrels of oil equivalent (mmboe) combined i.e. 2 to 7 mmboe in the Cook formation and 14 to 26 mmboe in the Statfjord formation. 15 September LPH engages an exclusive manager to arrange fixed income investor meetings for a possible new NOK denominated senior secured bond issue with a three-year tenor, to develop assets in Germany, and general corporate purposes. The new bond will be pari passu with LPH’s existing bond (ISIN NO0013276410). 19 September LPH raises NOK 1.1 billion (approximately US$108.93 million^) in NOK-denominated senior secured bonds with a three-year tenor (the “Bonds”). Of the total proceeds, approximately NOK 550 million will be used to refinance LPH’s existing bond through a roll mechanism, while the remainder of approximately NOK 550 million will be used for onshore field development activities in Germany and for general corporate purposes. 19 November Rex updates that technical issues encountered during the drilling campaign in Benin will delay completion of the original campaign, even as remedial actions are being taken to resolve these problems. 21 November The Company announces that Chief Executive Officer (“CEO”) Mr Måns Lidgren is taking an extended medical leave of absence with effect from 21 November 2025. During this period, Chief Financial Officer Mr Per Lind will assume Mr Lidgren's duties as Interim CEO, assisted by Executive Chairman Mr John d’Abo, senior management and the Board. 8 December Jasmine Energy Ltd (“JEL”) raises US$25 million in senior secured bonds with a three-year tenor. The proceeds will be used to fund a drilling campaign of three wells in 2026 and for general corporate purposes by MOL, an indirect 87.5 per cent subsidiary of JEL. 24 December The Company announces that the drilling campaign in Benin has encountered further significant technical issues. As such, production will not take place in 2025. Nonetheless, drilling operations are continuing to attempt to resolve these issues. MILESTONES 18 Annual Report 2025
2026 12 January LPH seeks bondholders’ approval for a deferment of its obligation to pay interest payments falling due in January 2026 for its bonds and a temporary waiver and suspension of the Minimum Liquidity covenants for the bonds until 31 March 2026. The requests have arisen due to an unexpected delay in income from oil production and additional costs of drilling operations as a result of operational and logistical challenges in the Sèmè Field, offshore Benin, operated by LPH’s subsidiary Akrake, leading to an unfortunate negative impact on LPH’s short-term cash flow and liquidity position. 13 January The Company issues a Circular on the proposed spin-off of the commercial drone business of the Company by way of a Reverse Takeover and Listing of Xer Tech AB on the Sweden Spotlight Stock Market. 19 January LPA is awarded a 25 per cent interest in PL1279, which contains the Vette discovery, in the 2025 Awards in Predefined Areas (“APA 2025”) round in Norway. The Yme partnership is looking to develop the licence with the Yme Inspirer. The new Talisker production well in the Brage Field, in which LPA has a 33.8434 per cent interest, comes onstream as planned, despite an ambitious timeline, and is looking promising. Development of PL740 Bestla (LPA: 17 per cent) as a tie-back to the Brage Field is completed. The wells are safely suspended and will be ready for Christmas tree installation in Q3 2026. 26 January LPH obtains bondholders’ approval for its requests to defer LPH’s obligation to pay the interest payments falling due in January 2026 for its Bonds, and to temporarily waive and suspend the Minimum Liquidity covenants for the Bonds until 31 March 2026, providing LPH with enhanced near term financial flexibility. All other terms and conditions of the bond agreements remain unchanged and in full force and effect. 27 January Rex enters into placement agreements with two funds, for the allotment and issuance of 40,082,930 new ordinary shares in the issued capital of the Company; and the placement of 13,187,000 existing ordinary shares held by the Company as treasury shares. Under the terms of the placement agreements, the Company has agreed to issue to these investors, 53,269,930 free, detachable, unlisted and nontransferrable warrants in the Company. 28 January Rex shareholders approve the resolution on the Proposed Spin-off of the Commercial Drone Business of the Company by way of a Reverse Takeover and Listing of Xer Tech AB on the Sweden Spotlight Stock Market at an Extraordinary General Meeting. The transaction is completed on the same day. 29 January Rex Oman Ltd., MOL’s parent company, signs a contract for the Energy Emerger jack up drilling rig, which will be used to perform MOL’s drilling of three development wells in the offshore Yumna Field in Block 50, Oman. 2 February A discovery made in the Knockando Fensfjord prospect in the Brage Field, in which LPA has a 33.8434 per cent interest, is announced. Preliminary estimates indicate additional resources for Brage of between 0.5 and 1.5 million standard cubic metres (Sm3) of recoverable oil equivalent (o.e.) if the discovery is oil. If it is gas, the preliminary volume estimate is between 0.4 and 0.9 million Sm3 of o.e.. The Brage Field partners are now considering opportunities for developing Knockando Fensfjord. Rex International Holding Limited 19
OPERATIONS REVIEW Brage Field, Norway Photo courtesy of OKEA ASA 20 Annual Report 2025
OVERVIEW According to the US International Trade Administration, oil has been the driving force of the Omani economy since Oman began commercial production in 1967. The oil industry supports Oman’s modern and expansive infrastructure, including electric utilities, roads, public education, and medical services. Oman can produce upwards of one million barrels per day of crude oil and condensates, but honours OPEC+ quotas. Oman produced 775,000 barrels per day (bpd) in mid-2025 and, as a member of OPEC+, can alter production based on the consensus of the group. Oman’s oil reserves primarily consist of heavy crude, and China is the predominant export market. Oman’s government derives roughly 70 per cent of its annual budget from oil & gas revenues through taxation and joint ownership of some of the most productive fields, and the industry accounts for 30 per cent of Oman’s gross domestic product. In February 2025, Oman Ministry of Energy and Minerals (MEM) invited investors to explore oil and gas in three concession areas: Block 43A, Block 66 and Block 36. These concession blocks are large, and the MEM believes that additional exploration could prove successful.1 According to Worldometers, Oman holds 4,971 million barrels of proven oil reserves as of 2025, ranking 24th in the world and accounting for about 0.28 per cent of the world's total oil reserves of 1.77 trillion barrels. Oman has proven reserves equivalent to 59 times its annual consumption levels (based on 2024 data). This means that, without net exports, there would be about 59 years of oil left (at 2024 consumption levels and excluding unproven reserves) 2. Oil production data collated by CEIC Data of MEM reports, recorded production at 31.81 million barrels in December 2025, an increase from the 30.70 million barrels recorded for November 2025. Monthly oil production averaged 31.20 million barrels from February 2006 (Median) to December 2025, with 239 observations. The data reached an all-time high of 33.94 million barrels in October 2022 and a record low of 20.10 million barrels in February 20073. Oman is positioning itself as a future leader in green hydrogen, targeting of 8 to 15 gigawatts (GW) of electrolyser OMAN 1 International Trade Administration (US), Oman – Country Commercial Guide (Oil & Gas), 18 December 2025 2 Worldometers, Oil reserves in Oman (2025), accessed 5 February 2026 3 CEIC Data, Oman oil production 2006 – 2025, accessed 5 February 2026 In 2025, Masirah Oil Ltd installed a second flowline connecting the Mobile Offshore Production Unit (MOPU) to the Floating Storage and Offloading (FSO) unit, to increase reliability of the production system. The FSO was changed out to optimise cost efficiency. The company is gearing up for a three-well drilling campaign in 1H 2026. The rig mobilisation is being planned, subject to regional developments and logistical conditions. Rex International Holding Limited 21
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