LIME PETROLEUM HOLDING PROVIDES OPERATIONAL UPDATE AND INITIATES STRATEGIC REVIEW

16 Feb 2026 08:48 CET

Lime Petroleum Holding AS (“LPH”) today announced the successful achievement of
first oil from the AK-2H well, located in the Sèmè Field Block 1 in Benin.
Production from the well is expected to commence within the next two weeks.

While this operational milestone marks an important step forward for LPH, the
drilling operations encountered significant technical complications, resulting
in a material increase in drilling costs and a production delay of more than
three months. This has had a material adverse effect on LPH’s financial
position, and the Board of Directors and management are taking all appropriate
actions to safeguard creditor interests and maximise recoveries.

Considering the above, LPH has engaged ABG Sundal Collier as its financial
advisor and Arntzen Grette as its legal counsel to undertake a comprehensive
strategic and financial review. The mandate includes evaluating all available
alternatives to strengthen LPH’s balance sheet and secure a sustainable capital
structure. These alternatives may include, but are not limited to:

•Potential mergers or asset transactions
•Amendments to existing debt facilities
•A broader financial restructuring

LPH is in dialogue with its creditors, suppliers, and other key stakeholders and
will provide further updates as appropriate.

There can be no assurance that this process will result in a transaction or
outcome outside a formal restructuring proceeding.

Stakeholders should be aware that in the absence of a timely and comprehensive
recapitalisation or restructuring solution, LPH may be unable to meet its
financial obligations as they fall due.

Forward-Looking Statements
This release contains forward-looking statements, including statements regarding
expected production, financial condition, strategic alternatives, and potential
restructuring outcomes. Such statements are based on current expectations and
are subject to risks and uncertainties that could cause actual results to differ
materially. LPH undertakes no obligation to update forward-looking statements
except as required by applicable law.

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For further information, please contact: Lars B. Hübert, Chief Executive Officer

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665939_20260216_LPH_PressRelease_OpUpdateStrategicReview.pdf