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
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