PetroNor E&P ASA: Support for a shareholder distribution and update on the next sale of oil from Congo

31 Oct 2024 07:00 CET

Oslo, 31 October 2024: PetroNor E&P ASA (“PetroNor” or the “Company”) is pleased
to provide a positive update regarding cashflow from Congo and the timing of the
next lifting of entitlement oil.

Following discussions with investigating authorities, the Company is pleased to
confirm that it is now in a position to move forward with implementation of the
strategy to make excess cash available to shareholders with a distribution of
USD 25 million as signalled during the AGM of 29 May 2024.

The distribution to shareholders is planned to take place as soon as practically
possible using an interim audited balance sheet to be approved at an
extraordinary general meeting. Further details, including timing for the
extraordinary general meeting and for the subsequent payment of such
distribution, will be provided as and when available.

Additional support for future liquidity comes from the next lifting of
entitlement oil which has been scheduled just before the end of December 2024.
It has been agreed that a full cargo of 920,000 barrels will be sold to ADNOC
Trading. This lifting will bring oil sales for the Company during 2024 to a
total of approximately 1,834,000 barrels.

This sales volume for the year will be a new annual record for the Company due
to the timing of the lifting schedule. This volume of this next oil sale will
create an overlifting position for the Company at the Djeno oil terminal of
approximately 520,000 barrels as at the year-end that will be replenished by
future production entitlement from PNGF Sud during 1H 2025.

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.

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630797_PNOR_PetroNor update.pdf