PetroNor E&P ASA: Petroleum, Exploration, Development and Production Licence Agreement signed in The Gambia

18 Nov 2022 08:30 CET

Oslo, 18 November 2022: PetroNor E&P ASA (“PetroNor or the Company”) is pleased
to provide the following update regarding its A4 licence option in The Gambia.

On 19 October 2022, PetroNor announced that it had received, from the Government
of The Gambia, a 30-day extension to the longstop date of the licence option.
Following positive discussions with the Government, PetroNor today announces
that it has decided to exercise its right to continue with the Petroleum,
Exploration, Development and Production Licence Agreement (“PEPLA”) for the A4
licence in The Gambia.

PetroNor and Gambia National Petroleum Corporation (“GNPC”) have also signed a
Joint Operating Agreement (“JOA”) for the A4 Licence offshore Gambia. GNPC, as
Government licensee, has been assigned a 10 per cent participating interest in
the license. The JOA defines the operational boundaries of the PetroNor – GNPC
relationship.

The terms of the PEPLA have been amended to allow the Company to phase
commitments via an extended Initial Exploration Period of three years which is
split into two phases of 18 months each. This allows time for additional
de-risking technical work prior to commitment to exploration drilling in the
second phase. Signature of the PEPLA commits the Company to a signature bonus of
USD 1 million and a minimum work program of USD 1.5 million in the first
18-month phase. PetroNor will have the option to continue the licence after the
first phase and commit to drilling a well in the following 18-month phase.

“The PetroNor exploration team have been consistent and passionate advocates for
the potential of this part of the Atlantic margin. It is the Company’s strategy
to form a strong partnership with others to explore the identified prospects.
Encouraging interest received from third parties has supported our discussions
with the government of The Gambia to phase commitments and help make the licence
more attractive as a farm-in opportunity. It is our shared objective that these
efforts will lead to a future drilling program,” says interim CEO, Jens Pace.

For further information, please contact:
Investor Relations
Email: ir@petronorep.com

About PetroNor E&P ASA
PetroNor E&P ASA is an Africa-focused independent oil and gas exploration and
production company listed on Oslo Børs with the ticker PNOR. PetroNor E&P ASA
holds exploration and production assets offshore West Africa, specifically the
PNGF Sud licences in Congo Brazzaville, the A4 licence in The Gambia, the Sinapa
(Block 2) and Esperança (Blocks 4A and 5A) licences in Guinea-Bissau, the
Rufisque Offshore Profond and Senegal Offshore Sud Profond in Senegal (in
arbitration) and OML-113 in Nigeria.

More information:
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576133_PNOR_Gambia A4 PEPLA signed.pdf