Rex International Holding Limited: Key Update on Lime Petroleum Holding’s Financial Position and Liquidity Bonds

Rex International Holding Limited (“Rex” or the “Company”) has released a significant update regarding the ongoing financial restructuring of its indirect subsidiary, Lime Petroleum Holding AS (LPH), and its wholly-owned operating subsidiary, Lime Petroleum AS (LPA). This update could have important implications for shareholders and investors, as it details the completion of a major financing milestone and outlines the Company’s ongoing strategies to stabilise its Norwegian operations.

Key Highlights

• Completion of New Money Liquidity Bonds Settlement: On 24 April 2026, LPA successfully concluded the first settlement of its NOK 500 million New Money Liquidity Bonds. The announcement was made by LPH on 27 April 2026.
• Payment of Overdue Cash Calls: On the same day as the bond settlement, all overdue cash calls related to the Bestla and Yme assets in Norway were fully paid. This is a critical step to maintain operational continuity and relationships with partners in these key oil fields.
• Purpose of Proceeds: The funds raised through the New Money Liquidity Bonds are earmarked specifically for LPA’s business operations and to meet its financial obligations. This targeted use of funds is designed to stabilise LPA’s position within the Norwegian oil and gas sector.
• Wider Financial Restructuring: The bond issuance forms a crucial part of a broader financial restructuring effort for the LPH Group. The process is ongoing, with LPH, Akrake Petroleum Benin S.A., and LPA working alongside other stakeholders to formulate and implement a comprehensive solution for the business.

Matters of Interest for Shareholders and Investors

• Potential Price Sensitivity: The successful settlement of the NOK 500 million bonds and the payment of overdue obligations may alleviate immediate liquidity pressures on LPA, potentially stabilising the Group’s operations in Norway. This could positively influence investor sentiment and the Company’s share price.
• Ongoing Restructuring Process: The wider restructuring process remains unresolved and is still in progress. The outcome of this process may have further material impacts on the Group’s financial health and future prospects.
• Continued Consultation with Legal Advisors: Rex International Holding is maintaining active consultations with its legal advisors regarding its interests in LPH, to ensure all actions are compliant with the rules of the Singapore Exchange Securities Trading Limited (SGX-ST).
• Commitment to Timely Disclosure: The Company has pledged to update the market promptly in accordance with SGX-ST regulations as soon as further material developments occur, especially concerning the New Money Liquidity Bonds and the restructuring process.
• Advice for Shareholders: Shareholders and potential investors are advised to exercise caution in trading the Company’s shares, given the ongoing restructuring and its potential to impact the Group’s value. Those in doubt should seek advice from legal, financial, tax, or other professional advisers.

Conclusion

The completion of the New Money Liquidity Bonds settlement and payment of overdue cash calls represents a critical step in stabilising Lime Petroleum AS’s operations and is a positive development in the Company’s ongoing restructuring efforts. However, as the broader restructuring process is still underway and may result in further material changes, shareholders should remain vigilant and monitor future announcements closely.

Disclaimer: This article is for informational purposes only and should not be construed as investment advice. The situation described is evolving, and further developments may materially impact the Company’s financial position and share price. Investors are strongly encouraged to consult with their professional advisers before making any investment decisions.

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