Eventually, Akrake Petroleum Benin S.A. (“Akrake”) announced the completion of the AK-2H production well in February 2026. A total of 1,405 metres was drilled horizontally through the reservoir section, with a total of approximately 950 metres of oilsaturated reservoir sandstone of the Abeokuta Formation of Cretaceous age, informally called H6. The remainder is non-reservoir shale. No water-bearing sand was encountered. The reservoir quality is in line with expectations, with an average porosity of over 19 per cent and an average oil saturation over 70 per cent. Organisational Restructuring; Non-core Business Spin-off The Group carried out a series of organisational restructuring of its shareholdings in various subsidiaries during 2025. Just as Lime Petroleum Holding AS (“LPH”) was established in 2024 to be the holding company for LPA, LRG and Akrake, Jasmine Energy Ltd (“JEL”) was set up in 2025 to be the holding company for MOL, its indirect 87.5 per cent subsidiary. A share swap between certain Group subsidiaries and Monarch Marine Holding resulted in the Group exchanging 40 per cent of the shares in Xer Tech AB (“Xer”) for 9.6 per cent of the shares in LPH, bringing the Group’s interest in LPH to 89.74 per cent. A conditional share purchase agreement was signed in November 2025, to spin off Xer in a reverse takeover, with the intention of listing it on the Sweden Spotlight Stock Market. Fund-raising The Group’s risk management strategy for financing had always been to inculcate “self-sufficiency” among its operating subsidiaries, ring-fencing debt at the subsidiary level. LPH placed NOK 100 million (approximately US$9.16 million#) of bonds through the tap mechanism in its then existing Senior Secured Bond with ISIN NO0013276410 for general corporate purposes, including development capex in the Norwegian Continental Shelf and working capital, bringing the total outstanding amount to NOK 1,750 million (approximately US$158.91 million) in February 2025. In September 2025, LPH raised NOK 1.1 billion (approximately US$108.93 million^) in NOKdenominated senior secured bonds with a three-year tenor (the “Bonds”). Of the total proceeds, approximately NOK 550 million was used to refinance LPH’s then existing bond through a roll mechanism, while the remainder of approximately NOK 550 million was slated to be used for onshore field development activities in Germany and for general corporate purposes. In December 2025, JEL raised US$25 million in senior secured bonds with a three-year tenor. The proceeds will be used to fund a drilling campaign of three wells in 2026 and for general corporate purposes by MOL. Pressing On Three development wells will be drilled in Oman in 1H 2026 and are expected to contribute to production. The rig mobilisation is being planned to support the three-well infill drilling campaign, subject to regional developments and logistical conditions. MOL will continue to monitor the Gulf situation closely and will adjust plans if required to ensure the safety of personnel and continuity of operations. Production in the Brage Field, Norway, is expected to be boosted by the new Talisker A-15D production well which came onstream in January 2026. The Brage Field partners are also considering opportunities for developing the new Knockando Fensfjord discovery made in 2026. There is also potential to increase production in Germany with LRG’s further development of the Erfelden area, which includes the Schwarzbach Field, to exploit several unused # Using exchange rate of USD 1 = NOK 10.9170 ^ Using exchange rate of USD 1 = NOK 10.0984 6 Annual Report 2025
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