BENIN: Sèmè Field in Block 1 expected to Commence Production Next Week

Rex International Holding Limited together with its subsidiaries wish to announce that Rex’s indirect subsidiary Akrake Petroleum Benin S.A. is finishing drilling operations on the AK-2H production well in the Sèmè Field in Block 1, Benin. The well is expected to be ready for production during the first week of February 2026.
The well is designed to drain the western section of the Sèmè Field from the H6 reservoir. Over the
next several days, the well will be completed and made ready for production. This involves running
screens in the well across the reservoir sandstone formation and installing a down-hole electrical
submersible pump (ESP). Concurrent to the well completion, the mobile offshore production unit
(MOPU) Stella Energy 1 and the floating storage & offloading unit (FSO) Kristina are in the final stages
of installation.

About Sèmè Field

The Sèmè Field islocated in Benin’s offshore coastalsedimentary basin, near the Benin-Nigeria border, and
contains two important oil-bearing structures called “Sèmè North” and “Sèmè South”. In this coastal basin, Turonian sandstones of Abeokuta formation (Cenomanian-Turonian to Early Senonian age) form two reservoir units differentiated by two seismic horizons H6 and H6.5. The H6 seismic horizon represents the upper reservoir unit and is the main reservoir. Composed of quartz, calcite, dolomite and rutile, these
sandstones have good porosity (~18%) and were exploited from 1982 to 1998.

During the 16 years of operation, only 22% of the estimated reserves at the time were produced. In 1998,
while crude oil world prices were very low, oil production in this field was accompanied by large volumes
of water. Water production from the reservoir gradually reached 90%. This situation led to the cessation
of production activities and the definitive closure of the field.
As of 31st December 2024, the Sèmè Field had produced 16.717 MMstb. Based on the recoverable reserves estimate from the 2023/2024 work