PetroNor E&P ASA: Interim financial report for the quarter ended 31 March 2025

20 May 2025 06:30 CEST

Oslo, 20 May 2025: During the first quarter, PetroNor E&P ASA has built up a
strong cash position, allowing for a supplementary return of capital to
shareholders. While H1 production will replenish the overlift position from
year-end 2024, another lifting is expected late 2025.

Before year-end 2024, the company had a significant sales overlift of
entitlement oil from the Djeno terminal. In effect, approximately 490K bbls of
the expected oil entitlement from 2025 production were sold in advance at USD
72.8 per bbl. As a result, production from PNGF Sud during the first quarter has
been replenishing the oil stock position at the terminal, and so no oil was
lifted and sold during Q1 2025.

Oil inventory build-up in H2 to support a potential 4Q lifting

The revenue for the quarter of USD 13.9 million reflects the gross up of
royalties and tax oil that was paid-in-kind out of oil production to the
Congolese authorities.

As at 31 March 2025, the company is still in an overlift position with a
liability of USD 21.9 million on the balance sheet, representing those advanced
oil sales, compared with USD 35.8 million as at 31 December 2024. The next
lifting and sale of entitlement oil is expected in late 2025, with H1 2025
production first replenishing the oil stock position after the overlift in
December 2024.

Stable production from Congo assets with infill drilling program to resume H2
2025

Net working interest production allocated to PetroNor E&P from the company’s
16.84 stake in the PNGF Sud licence was 4,321 bopd in the first quarter of 2025,
compared with 4,759 bopd in the prior quarter and 5,025 bopd in the first
quarter of 2024.

Production efficiency during the first quarter averaged 90 per cent and was
affected by two higher rate wells being taken out of production and added to the
workover queue. Both of these wells have since been restored to production.

During 2025, the five well infill drilling programme will focus on the
Tchibouela East field, which is expected to give a significant production
contribution to the PNGF Sud production in H2 2025.

Strong cash position supports an additional return of capital

The company ended the quarter with USD 107.5 million in cash, including USD 64.2
million received in January 2025 related to the lifting completed in December.

At the end of January, an initial distribution of NOK 2 per share, USD 25.6
million, was returned to shareholders in line with the company’s stated dividend
policy.

On 28 April 2025, the company announced the proposal for a repayment of capital
equivalent to NOK 2.2 per share to the shareholders as of 22 May 2025,
conditional on approval of the 2024 financial statements at the upcoming annual
general meeting and subsequent filing with the Norwegian register of company
accounts.

Økokrim Investigation

On 2 April 2025, the DOJ notified the company that its inquiry relating to the
company had been closed. The investigation by Økokrim remains ongoing. The
timeline for this process is beyond the company’s control but the company would
expect to get more clarity about the way forward during 2025.

Focused strategy with strong shareholder returns

“PetroNor remains well-positioned to continue selection of attractive organic
investment opportunities within our current portfolio of assets. We can do this
while maintaining our commitment to financial discipline and return of excess
capital to shareholders ” says CEO Jens Pace.

Please find enclosed the interim financial report and presentation material for
the quarter ended 31 March 2025.

CEO Jens Pace will present the results in a webcast today at 09:00 CEST.

The presentation and subsequent Q&A session will be held in English and may be
viewed live at:
https://channel.royalcast.com/landingpage/hegnarmedia/20250520_1/

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.

More information:
Access the news on Oslo Bors NewsWeb site

646860_PNOR Q1-25 OSE results (OSE).pdf
646860_25Q1 PNOR Interim Report.pdf
646860_25Q1 PNOR Presentation.pdf