Akrake Petroleum Benin S.A. (“Akrake”) is an indirect wholly-owned subsidiary of Lime Petroleum Holding AS (“LPH”), Rex’s 89.74 per cent-owned indirect subsidiary. Akrake is the operator and holds a 76 per cent* working interest in Block 1, Sèmè Field in Benin, West Africa. The remainder of the working interest is held by the government of Benin and Octogone E&P S.A., an integrated energy and commodities company trading throughout West Africa. * Subject to the Benin government’s entitlements under the PSC 1 World Bank, Benin Overview, 7 October 2024 2 Britannica, Economy of Benin, 23 January 2025 3 Wikipedia / African Business, Niger: an attractive nation with an emerging oil industry, 8 November 2021 4 Wikipedia / Reuters, Niger aims to start oil exports from Benin pipeline in January, leader says, 11 December 2023 5 Wikipedia / Deustche Welle, Benin gives green light for Niger's oil exports to China, 16 May 2024 6 Reuters, Niger resumes oil exports via Benin after suspension, 21 August 2024 OVERVIEW Benin’s geographical position at the juncture of two major regional corridors - the Abidjan-Lagos and Cotonou-Niamey corridors - makes this West African country an important commercial and tourism hub. Benin has a 121-kilometre long coastline on the Gulf of Guinea and is bordered by Nigeria, Burkina Faso, Niger, and Togo. Benin is a relatively politically stable country and has achieved successive democratic transitions.1 Offshore oil was discovered in 1968 in the Sèmè Field near Cotonou and has been exploited since 1982, but stopped in 1998.2 Infrastructure wise, the Niger–Benin Export Pipeline (NBEP), Africa’s longest pipeline3 spanning 1,950 kilometres connecting oilfields near the desert oasis of Agadem in Niger to the Atlantic Ocean, and ends in the Gulf of Guinea near Benin’s largest city Cotonou4, was built between 2019 to 2023. Exports through the pipeline began in May 2024.5 Following a brief suspension in June 2024, Niger resumed crude oil exports via Benin in August 2024.6 BENIN, WEST AFRICA 34 Annual Report 2025
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