1) additional funds raised through the tap mechanism of a subsidiary’s existing NOK-denominated senior secured bonds, 2) issuance of new NOK-denominated senior secured bonds by a subsidiary, 3) issuance of new USD-denominated senior secured bonds by a subsidiary, and 4) foreign currency translation losses on consolidation arising from the strengthening of the NOK against the USD, partially offset by 5) bond repayments during FY2025. Total current and non-current provisions increased to US$276.53 million as at 31 December 2025 (31 December 2024: US$210.41 million), mainly due to 1) changes in decommissioning provisions in Norway, Benin and Oman of US$22.00 million, 2) recognition of US$8.66 million in onerous contracts provision in relation to a rig contract for the Yme Field, 3) interest accretion from decommissioning provisions of US$9.64 million, and 4) foreign currency translation losses on consolidation of US$26.14 million arising from the strengthening of the NOK against the USD. Total current and non-current lease liabilities increased to US$162.40 million (31 December 2024: US$1.79 million), primarily due to the addition of lease liabilities arising from right-of-use assets in Benin for the MOPU and the FSO of US$161.90 million, partially offset by lease amortisation charges during FY2025. Deferred tax liabilities decreased to US$36.68 million as at 31 December 2025 (31 December 2024: US$49.59 million), mainly due to the decrease in deferred tax liabilities following the impairment of O&G in Norway, partially offset by foreign currency translation losses on consolidation arising from the strengthening of the NOK against the USD. CURRENT LIABILITIES Trade and other payables increased to US$120.94 million as at 31 December 2025 (31 December 2024: US$55.44 million), primarily due to higher trade and other payables, and accruals relating to drilling operations in Benin and Norway. The drilling operations in Benin encountered significant technical complications, resulting in a material increase in drilling costs incurred and a production delay of more than three months. There are no contract liabilities as at 31 December 2025 (31 December 2024: US$30.34 million) due to significant crude oil deliveries in December 2025, in excess of customer advances. Income tax payable of US$19.68 million as at 31 December 2025 (31 December 2024: US$18.66 million) relates to taxable income in Norway for FY2025. Income tax payable is expected to be settled with the Norwegian tax authorities in November 2026. CASH FLOWS 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 net cash generated from operating activities of US$130.37 million in FY2025, after accounting for movements in working capital. This was primarily due to the sale of crude oil and gas in Norway, and the sale of crude oil in Oman and Germany. The net cash generated from operating activities was partially offset by production and operating expenses used in production activities in Oman, as well as administrative and other operational expenses incurred in relation to the Group’s business. Net cash used in investing activities of US$273.30 million in FY2025 was mainly attributable to i) additions to O&G properties of US$263.20 million; ii) acquisition of interests in oil and gas licences of US$1.97 million; iii) exploration and evaluation expenditure of US$15.91 million; iv) the purchase of crude oil options of US$1.69 million; v) additions to intangible assets of US$0.84 million; and vi) the purchase of plant and equipment of US$0.15 million. The net cash used in investing activities was partially offset by proceeds from the disposal of quoted investments of US$6.11 million, interest received of US$3.94 million, and proceeds from the acquisition of additional interests in oil and gas licenses of US$0.40 million. Net cash from financing activities of US$64.12 million in FY2025 was mainly due to proceeds raised through the tap mechanism of its then existing NOK-denominated senior secured bond and issuance of new NOK- and USD- denominated senior secured bonds by subsidiaries totalling US$143.09 million, and a loan from a non-controlling interest of US$0.38 million to a subsidiary. The net cash from financing activities was partially offset by i) interest payment of US$15.36 million in relation to secured bonds issued by a subsidiary; ii) payment of transaction costs related to loans and borrowings of US$3.87 million; iii) bonds repayments of US$54.23 million; and iv) payment of lease liabilities of US$5.88 million. # rounding difference Rex International Holding Limited 53
RkJQdWJsaXNoZXIy NTM2MDQ5