Rex International Holding Provides Critical Update on Sèmè Field Project in Benin

Key Points from the Update

• Arrival of Key Offshore Infrastructure: The Floating Storage & Offloading (FSO) unit has successfully arrived in Benin and is currently anchored onsite. Installation of its mooring system is underway, and preparations are being made to connect it with a flowline to the Mobile Offshore Production Unit (MOPU). The MOPU is scheduled to reach the field by end-November 2025.
• Drilling Campaign Delays: The ongoing three-well drilling campaign in the Sèmè Field has encountered technical issues. Remedial measures are being actively implemented, but the original drilling schedule will be delayed.
• Production Timeline Maintained: Despite the technical setbacks, Rex International remains committed to initiating production before the end of December 2025.
• Project Ownership Structure: The Sèmè Field, located in Block 1, Benin, is operated by Akrake Petroleum Benin S.A., which holds a 76% interest (subject to Benin government entitlements under the Production Sharing Contract). Akrake Petroleum Benin S.A. is a wholly-owned subsidiary of Lime Petroleum Holding AS, of which Rex International holds an 89.74% stake.

Investor-Relevant and Potentially Price-Sensitive Information

• Operational Delays: The revelation of technical issues and subsequent delays in the drilling campaign could influence investor sentiment, as it affects the project’s timeline and potentially the near-term revenue stream.
• Production Start Remains on Track: Management’s reaffirmation that production is still targeted to commence before the end of December 2025 may provide some reassurance to shareholders and could mitigate concerns regarding the operational delays.
• Significant Economic Interest: With an effective controlling stake in the Sèmè Field, Rex International stands to benefit substantially from the project’s eventual production, subject to the agreed government entitlements.
• Further Updates Expected: The company has committed to providing additional updates as the situation develops, suggesting that investors should monitor future announcements closely for further price-sensitive information.

Comprehensive Details for Investors

Rex International Holding Limited has provided a critical update regarding its subsidiary Akrake Petroleum Benin S.A.’s ongoing activities in the Sèmè Field, offshore Benin. Notably, the company confirmed the safe arrival of the FSO unit, a major milestone in the project’s logistics and infrastructure planning. The FSO is currently being prepared for full integration with the rest of the offshore production facilities, with the MOPU scheduled to arrive by the end of November 2025.

However, investors should note that the three-well drilling campaign has encountered unforeseen technical challenges. The company is employing remedial strategies to address these issues, but this has caused a delay in the original completion timeline for drilling. Despite these setbacks, Rex International maintains its objective to commence production before the end of December 2025, which, if achieved, could be a significant catalyst for the company’s revenues and valuation.

The ownership structure remains robust. Akrake Petroleum Benin S.A. holds a 76% interest in the Sèmè Field, though this is subject to government entitlements as per the Production Sharing Contract. Importantly, this subsidiary is fully owned by Lime Petroleum Holding AS, itself almost 90% owned by Rex International, ensuring that the bulk of future profits attributable to the Sèmè Field will flow up to Rex shareholders.

Shareholders should recognize that both the resolution of technical issues and successful start-up of production are likely to be key share price drivers over the coming months. The company has pledged to provide more updates in due course, making ongoing monitoring essential for anyone with exposure to Rex International.

Disclaimer

This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any securities. Investors are advised to exercise their own judgment and consult with professional advisers before making any investment decisions. The information provided is based on company-issued updates as of 19 November 2025 and is subject to change.

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