Akrake Petroleum Benin S.A. Plans to Start Offshore Oil Production at the Sèmè Field by the End of January 2026

Akrake Petroleum Benin S.A., an indirect subsidiary of Rex International Holding Limited, plans to launch offshore oil production at the Sèmè Field, located in Block 1 offshore Benin, by the end of January 2026, marking a major milestone in the development of Benin’s offshore oil sector.

The start of production will follow the completion of drilling operations on the AK-2H production well in the reservoir section, which is scheduled to commence from 12 January 2026.

The main offshore facilities required for production are already in place. The Mobile Offshore Production Unit (MOPU) Stella Energy 1 and the Floating Storage and Offloading unit (FSO) Kristina have been upgraded and positioned on site, and are now ready to enter into operation.

Akrake Petroleum’s drilling campaign comprised:

• One exploration well (AK-1P) aimed at obtaining additional information on deeper, as-yet-unproduced hydrocarbon-bearing reservoirs (H7 and H8) within the Sèmè Field;
• Two horizontal production wells (AK-1H and AK-2H) in the H6 reservoir unit, identified as the main production zone.

Drilling operations in the geomechanically unstable shale layers located in the overburden above the reservoir proved more challenging than anticipated, resulting in significant delays due to several stuck pipe incidents, which required redrilling of the overburden section. By using new geomechanical data obtained from the ongoing operations, the drilling team optimized drilling parameters and successfully drilled through this challenging overburden in the AK-2H production well.

After the AK-2H well is brought on stream, drilling operations on the other two wells will be suspended, as the contract for the Borr Gerd jack-up drilling rig comes to an end.

The forward plan is to mobilize a new drilling rig later in 2026 to complete the drilling campaign. Based on production data from the AK-2H well, the possibility of drilling an additional production well in the H6 reservoir during this second campaign will also be assessed.

For the record, Akrake Petroleum Benin S.A. holds a 76% participating interest in Block 1 of the Sèmè Field, while the Government of Benin holds 15% and Octogone Trading 9%.