PetroNor E&P ASA: Interim financial report for the half-year ended 31 December 2022

22 Feb 2023 06:30 CET

Oslo, 22 February 2023: Half-year revenue of USD 108.5 million, compared to USD
58.3 million in the same period of 2021, was generated as a result of higher oil
prices combined with more volumes sold. At the entry of 2023, added production
capacity from the ongoing infill drilling programme has resulted in achieving
production levels not seen for over a decade.

PetroNor E&P holds an indirect ownership interest of 16.83 per cent in PNGF Sud
in Congo, which is the company’s core production licence. Total field gross
production from this asset amounted to 26,142 bopd in the second half of 2022,
corresponding to a net working interest production to PetroNor E&P of 4,440
bopd, compared with 3,634 bopd for 1H 2022 and 3,553 bopd in 2H 2021.

“During 2022, the ongoing infill drilling programme on PNGF Sud field added
capacity and is achieving production levels above expectation. Following the
initial success on the Litanzi Field, the addition of the two wells on Tchibeli
NE have meant that December 2022 and January 2023 average production net to
PetroNor E&P was consistently greater than 5,241 bopd,” says interim CEO Jens
Pace.

The well infill drilling program on PNGF Sud has now been paused temporarily and
is expected to resume towards the end of Q2 2023.

A total of 800,177 bbls were sold in 2022, at an average realised price of USD
90.99 /bbl. For the full-year period, total revenue of USD 145.3 million (2021:
USD 106.5 million) was generated, driven by higher oil prices. This gave EBITDA
of USD 95.8 million for the year ended 31 December 2022, compared to USD 61.9
million profit in the same period in 2021.

After year-end, the board was expanded with two new directors through the
appointments of Mrs. Azza Fawzi and Mr. Jarle Norman-Hansen.

“We have had a positive start to 2023, with the sale of 317 thousand barrels of
oil at the start of February, generating a cash inflow of USD 24.1 million.
Another lifting is planned before the end of April 2023. The company continues
to work to finalise elements of the Aje transaction with the operator, YFP.
Meanwhile work progresses on the Aje field re-development plan as a gas field
with partners and potential off-takers,” Pace concludes.

Please find enclosed the interim financial report and presentation material for
the half-year ended 31 December 2022.

Interim CEO Jens Pace will present the results in a webcast Wednesday, 22
February at 09:00 CET.

The presentation and subsequent Q&A session will be held in English and may be
viewed live at:
https://channel.royalcast.com/landingpage/hegnarmedia/20230222_2/

A recording of the event will be made available on the Company’s website after
the webcast.

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 licenses in Congo Brazzaville, the A4 license in The Gambia, the Sinapa
(Block 2) and Esperança (Blocks 4A and 5A) licenses in Guinea-Bissau, the
Rufisque Offshore Profond and Senegal Offshore Sud Profond in Senegal (in
arbitration) and OML-113 in Nigeria.

More information:
Access the news on Oslo Bors NewsWeb site

583150_20230221_22H2_PNOR_Interim.pdf
583150_20230222_22H2_PNOR_Presentation.pdf
583150_20230222_22H2_OSE release.pdf