production. Gross profit decreased 68 per cent to US$31.99 million in FY2025, from US$99.13 million in FY2024. Loss after tax increased by 204 per cent, to US$152.70 million in FY2025 from US$50.20 million in FY2024, mainly due to an increase in production and operating expenses, and non-cash items including depletion from produced oil and gas properties and impairment losses on oil & gas properties and exploration and evaluation assets. Norway: Discoveries and New Production Wells in Brage Field; Bestla Development Completed In 2025, Lime Petroleum AS (“LPA”) participated in drilling programmes for the Brage (LPA: 33.8434 per cent) and Bestla (LPA: 17 per cent) fields. At the Brage Field, new discoveries on the Prince prospect and in the Cook and Statfjord formations of the Talisker exploration well were made, and two production wells, Kim and Talisker, were drilled and completed over the course of the year. The development of the Bestla Field as a two-well subsea tie-back to the Brage Field was also carried out in 2025 and was completed in January 2026. The wells have been safely suspended and will be ready for Christmas tree installation in Q3 2026. First oil is expected in early 2027. MMstb: millions of stock tank barrels bpd: barrels per day The Brage Field partnership was offered the PL 1252 licence, located in the North Sea just west of the producing Brage Field, in the 2024 Awards in Predefined Areas (“APA 2024”) round in Norway. The licence has an initial period of two years and will have a Drill-or-Drop decision in 2027. Oman: Yumna Field Reserves Increased, Extending Life of the Field Gross production in Oman in 2025 totalled about 0.6 MMstb. An independent summary Qualified Person’s Report issued in February 2026 estimates 7.2 MMstb of remaining gross 2P reserves on the licence, based on forecast production of the current well stock and three new development wells in 2026 to achieve a 55 per cent recovery factor ahead of economic cut-off in 2030. This means that the estimated ultimate recovery (EUR) from the Yumna Field has increased to 16.8 MMstb at the 2P level, which is 75 per cent higher than the original 9.6 MMstb EUR estimate from 2020, extending the life of the field through development over the years. In 2025, Masirah Oil Limited (“MOL”) worked with energy consultant Gneiss Energy and various sub-surface teams, on a farm-out exercise for Block 50 Oman. While no farm-out has resulted from the exercise, MOL gleaned important learnings and refined its future exploration and development plans for the block, from its deep technical engagement with potential partners during the exercise. Germany: Steig Field Main Operating Plan Approved The Schwarzbach and Lauben Fields in Germany, in which Lime Resources Germany (“LRG”) holds 100 per cent and 50 per cent interests respectively, started contributing to the Group’s monthly production from 2025. During the year, LRG’s Main Operating Plan (Hauptbetriebsplan) application for the Steig Field, in which LRG holds a 100 per cent interest and is the operator, was approved by the Mining Authority (Landesamt für Geologie, Rohstoffe, und Bergbau) of Baden Württemberg. The approval is granted for a limited period until 31 May 2027. Benin: First Oil Delayed by Technical Drilling Challenges Much of the Group’s efforts during 2025 was to restart production in Block 1, Sèmè Field, before the end of the year. Contracts for the drilling rig, Mobile Offshore Production Unit (MOPU) and the Floating Storage and Offloading unit (FSO) were announced in April 2025 and the spudding of first of three wells in the work programme was announced in August 2025. Unforeseen technical issues encountered during the drilling campaign and remedial actions taken to resolve these significant problems led to a delay in the restart of oil production at the field. Rex International Holding Limited 5
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