204 Annual Report 2025 NOTES TO THE FINANCIAL STATEMENTS 7 SUBSIDIARIES (CONTINUED) The details of significant subsidiaries are as follows: Name of subsidiary Country of incorporation Principal activity Effective equity interest held by the Group 2025 2024 % % Rex International Investments Pte. Ltd. (“RII”) (a) Singapore Investment holding 100 100 Rex Technology Investments Pte. Ltd. (“RTI”) (b) Singapore Oil exploration technology 100 100 Lime Petroleum Holding AS (“LPH”) (c)(l)(m)(q) Norway Investment holding 89.74 80.14 Lime Petroleum AS (“LPA”) (d)(l)(m)(q) Norway Oil and gas exploration 89.74 80.14 Porto Novo Resources Ltd (“PNR”) (e)(l)(q) British Virgin Islands Investment holding 89.74 80.14 Masirah Oil Ltd (“MOL”) (f)(m)(n)(o) British Virgin Islands Oil and gas exploration 87.50 87.50 Pantai Rhu Energy Sdn Bhd (g) Malaysia Oil and gas exploration – 100 Xer Technologies Pte. Ltd. (“Xer”) (h)(p) Singapore Investment holding 100 100 Xer Tech AB (“Xer Sweden”) (i)(p)(q) Sweden Investment holding 60.00 – Akrake Petroleum Benin S.A. (“Akrake”) (j)(q) Benin Owner of offshore oil and gas assets in West Africa 89.74 80.14 Lime Resources Germany GmbH (“LRG”) (k)(q) Germany Oil and gas exploration 89.74 80.14 Jasmine Energy Ltd (“JEL”) (r) Cayman Islands Investment holding 100 – (a) Incorporated on 13 March 2013. Audited by Deloitte & Touche LLP, Singapore. (b) Incorporated on 6 July 2017. Audited by Deloitte & Touche LLP, Singapore. (c) Acquired on 18 June 2024. Audited by overseas practices of Deloitte Touche Tohmatsu Limited. The Group holds 89.74% interest in LPH and 4.51% is held by Monarch Marine Holding Ltd (“MMH”), in which certain controlling shareholders of the Company collectively have an effective majority stake. (d) Acquired on 10 December 2015. Audited by overseas practices of Deloitte Touche Tohmatsu Limited. (e) Incorporated on 19 December 2023. (f) Acquired on 12 November 2015. Audited by overseas practices of Deloitte Touche Tohmatsu Limited. (g) A voluntary winding up of the entity commenced in December 2023. The liquidation process has been completed as at 31 December 2025. (h) Acquired on 28 December 2023. Audited by Deloitte & Touche LLP, Singapore. On 6 September 2024, the Group completed the share swap agreement under which RTI acquired 46.67% shareholding interests in Xer and transferred out 100% shareholding interests in Moroxite Holding Pte. Ltd (“Moroxite”). Post completion, Moroxite ceased to be a subsidiary of the Group while Xer became a wholly-owned subsidiary of the Group (Note 30(i)).
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