Production increase in Q4 2023 resulting from the successful infill drilling campaign

10 Jan 2024 07:00 CET

Oslo, 10 January 2024: PetroNor E&P ASA (“PetroNor” or the “Company”) is pleased
to provide the following update on the Congo operations related to the PNGF Sud
field complex.

Fourth quarter average net to PetroNor production was 5,319* bopd, compared with
5,113 bopd in the previous quarter and 4,688 bopd in the same period in 2022,
yielding an average full-year production of 5,168* bopd for 2023. December
production was lower than capacity due to a 3rd party generator shut down
yielding less power available for PNGF Sud. Going forward, with the planned
commissioning of the Tchendo 2 platform in 2024, PNGF will become independent of
external power import.

Forecasted activities in Q1 include a probable lifting and sale of the Company’s
inventory of entitlement oil of over 300,000 bbls. In addition, drilling
operations for the previously announced Tchibeli NE well to the Vandji Formation
are expected to begin. Further details will be issued when available.

The full account of production (including final allocation) will be presented in
the interim report for the fourth quarter of 2023.

*Final production allocation for the months of October and November, preliminary
production allocation for December.

For further information, please contact:
Investor Relations
Email: ir@petronorep.com
www.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 and OML-113
in Nigeria. Under the terms of the PNGF Sud licences, a proportion of oil
produced is used to pay royalties and tax to the Government. The remaining oil
produced is considered “entitlement oil” that can be lifted by the Company and
sold in the market.

More information:
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608237_PNOR_Production update Q4-23.pdf