Rex International Holding Limited said on March, 17 2026 that subsidiary Lime Petroleum Holding AS (LPH) is continuing a financial review and considering a comprehensive recapitalisation after higher drilling costs and delayed Benin oil revenue left the LPH Group in a challenging position.

LPH is working to secure funding for outstanding debts, but no plan has yet been formalised to resolve its short-term liquidity issues.

Lime Petroleum AS (LPA) faces cash calls for its 25% interest in Norway’s Yme Field and 17% stake in the Bestla Field, with grace periods expiring in early April 2026 and late April 2026 respectively; failure to meet these payments could result in the loss of those interests. Cash calls for the Brage Field (33.8434%) are current as of March, 16 2026.

On March, 16 2026, Nordic Trustee AS, the bond trustee for LPH’s 2027 and 2028 bonds, requested a written resolution from bondholders to allow interim liquidity funding and other remedial measures. The proposal includes appointing Alvarez & Marsal Europe LLP as restructuring adviser and chief restructuring officer, with potential engagement of additional financial advisers.

Rex International said it will release further updates in line with Singapore Exchange regulations and advised shareholders and investors to exercise caution when trading its shares.