Rex International with headquater in Singapore said its Norwegian subsidiary Lime Petroleum Holding is seeking a deferment on 2027 and 2028 bond interest payments.
A deferment is a temporary delay of a scheduled payment. It means Lime is asking bondholders to let it pay the interest later than planned, without treating it as a default.
Lime asked to extend the payment dates, including any late interest penalty, to 31 March. The original dates were 19 January and 12 January.
Rex said the request follows delayed income and higher drilling costs at the Sèmè field offshore Benin. It also asked for a temporary waiver of minimum liquidity covenants until 31 March.
Bondholders have until 23 January 2026 to vote on the proposals. Rex said it will provide updates if there are material developments.
Rex said its indirect unit Akrake Petroleum expects Sèmè Field production to start in late January 2026, if drilling is completed. Shares traded around 14.4 cents on 13 January, up 0.2 cents.
