^ 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
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