PetroNor E&P ASA: Q3 2024 Production update

10 Oct 2024 06:30 CEST

Oslo, 10 October 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.

Third quarter average net working interest production was 4,763* bopd, compared
with 4,684 bopd in the previous quarter and 5,113 bopd in the same period in
2023. During 2024 production efficiency has been impacted by system
instabilities from interruptions to third-party power imports, commissioning
activities, and a growing well workover list. During the third quarter,
production efficiency average improved to 86 per cent from the previous quarter
average of 81 per cent. (For reference, the 2023 average production efficiency
was 92 per cent).

The new gas supply line from Litanzi and Tchibeli to Tchendo 2 was completed
during the quarter, which provides for the new Tchendo 2 generators to be
independent of third-party gas imports and fully meet the power demands of the
PNGF Sud field complex. The well workover list is declining, and production
efficiency improvement is therefore expected to continue in the fourth quarter.
Additional infill drilling activities are planned in 2025.

As communicated before, the company has lifted and sold 914,268 bbls of oil for
an average realised price of USD 82.70 per barrel year-to-date. The next lifting
is forecasted to be in the first quarter of 2025 with a year-end inventory of
entitlement oil expected to be approximately 400,000 bbls.

The full account of production (including final allocation) will be presented in
the interim report for the third quarter of 2024.

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.

*Final (net to PetroNor 16.83 per cent) production allocation for the month of
July and August, preliminary production allocation for September.

More information:
Access the news on Oslo Bors NewsWeb site

629305_PNOR_Production update for Q3-24.pdf