PetroNor E&P ASA: Revised proposals from the nomination committee

22 May 2024 17:00 CEST

Oslo, 22 May 2024: Reference is made to the announcement published on 8 May 2024
regarding the notice of the annual general meeting in PetroNor E&P ASA to be
held on 29 May 2024 and the recommendation from the nomination committee
published on 10 May. The Nomination Committee has revised its prior
recommendation under item 10 on the agenda for the AGM to include Ms. Gro
Kielland as a board member. Hence the proposed reduction will be from six to
five members, and the proposed composition of the Board will be:

• Joseph Kamal Iskander Mina is elected as Chair of the Board;
• Current board members Ingvil Smines Tybring-Gjedde, Jarle Norman-Hansen, Azza
Samir Fawzi and Gro Kielland are re-elected as board members.

In addition, the Nomination Committee has revised its proposal for board
remuneration under item 11 on the agenda for the AGM. It is proposed that the
remuneration for board members is increased to NOK 500,000 per year (from NOK
450,000 as originally suggested). No changes are proposed to the remuneration of
the Chair of the Board, and the proposal thus remains at NOK 750,000. For
directors' participation in board committees, no changes are made to the
proposal for NOK 50,000 for participation by board members, however on the basis
that the Nomination Committee has consisted of board members, it is proposed
that participation in the nomination committee is compensated on the same basis
as for the board committees. No changes are made to the proposal for
extraordinary bonus for the Board, equal to NOK 900,000 for each board member
and NOK 1.5 million for the Chair.

The Board proposes that the annual general meeting makes a resolution in
accordance with the proposal by the Nomination Committee.

Information about registration and participation is further described in the
notice of meeting.

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. This information is subject to the disclosure requirements pursuant
to section 5-12 of the Norwegian Securities Trading Act.

More information:
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619416_PNOR_Nomination Committee proposal update.pdf