Feb, 19 2026 – Rex International Holding Limited said its subsidiary Lime Petroleum Holding AS (LPH) has produced first oil from the AK-2H well in the Sèmè Field Block 1, Benin, with production slated to start within the next two weeks.

LPH disclosed that the drilling campaign faced “significant technical complications,” triggering a material rise in drilling costs and a production delay of more than three months. The overruns have adversely affected LPH’s financial position.

To address its capital structure, LPH has appointed ABG Sundal Collier as financial adviser and Arntzen Grette as legal counsel to conduct a comprehensive strategic and financial review. Potential options include mergers or asset transactions, amendments to existing debt facilities and a broader financial restructuring.

The company cautioned that, without a timely recapitalisation or restructuring, it may not be able to meet its financial obligations as they fall due. Rex International said it will update the market in line with Singapore Exchange requirements and advised shareholders and investors to exercise caution when trading its shares.