PetroNor E&P ASA: Interim financial report for the quarter ended 30 September 2024

20 Nov 2024 06:30 CET

Oslo, 20 November 2024: For PetroNor E&P ASA, the third quarter of 2024 was
characterised by improved production efficiency and further strengthening of the
balance sheet.

While there were no liftings in the third quarter, oil sales to date totalled
914,268 bbls at a realised price of 82.90 USD/bbl. The next oil sale is
scheduled for end of December 2024 and will increase the 2024 total to
approximately 1,834,000 bbls.

For the third quarter of 2024, the company generated revenue of USD 15.4
million, compared with USD 18.7 million in the same period of 2023. This gave an
EBITDA result for the quarter of USD 10.2 million, compared to USD 13.3 million
in the same period in 2023.

The company’s cash balance has increased to USD 100.7 million at the close of
the third quarter. The company is moving forward with implementation of the
strategy to make excess cash available to shareholders. The initial 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.

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. From this asset, net
working interest production allocated to PetroNor E&P was 4,763 bopd* in the
third quarter of 2024, compared with 4,709 bopd in the prior quarter and 5,113
bopd in the third quarter of 2023.
Production efficiency during the third quarter averaged 87 per cent, up from Q2
of 82 per cent but lower than the 2023 average of 92 per cent. Production
efficiencies were affected by system instabilities due to the high commissioning
activities and third-party power import interruptions in addition to the lagging
workover activities, all of which have shown an improvement in Q3.

Please find enclosed the interim financial report and presentation material for
the quarter ended 30 September 2024.
CEO Jens Pace will present the results in a webcast today 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/20241120_2/

A recording of the event will be available 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 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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*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

632676_24Q3 PNOR Interim Report.pdf
632676_PNOR Corporate Presentation.pdf
632676_PNOR Q3-24 Interim Report (web).pdf