Oslo, 20 August 2025: In the second quarter, PetroNor delivered stable
production and commenced an infill drilling programme that is anticipated to add
rate during the fourth quarter. The company expects to build its entitlement oil
inventory allowing for a lifting and sale in Q4 2025.
During the quarter, the company made a supplementary distribution of NOK 2.2 per
share, in line with the strategy focused on maximising value of existing
portfolio and returning cash to shareholders.
"Over the past 12 months, PetroNor has generated total shareholder returns of
~50 per cent and remains committed to financial discipline and attractive
shareholder returns. During H2, a five well infill drilling programme is
expected to make a significant contribution to the PNGF Sud production, building
inventories that enable lifting and oil sales in Q4," says CEO Jens Pace.
Oil inventory build-up in H2 to support a potential Q4 lifting
Just before year-end 2024, the company had a significant sales overlift of
entitlement oil from the Djeno terminal. The timing impact of that overlift
meant that record oil sales were recognised in 2024, but the priority through H1
has been to repay the overlift. As a result, the revenue for the quarter of USD
27.6 million reflects the gross up of royalties and tax oil that was paid
in-kind out of oil production to the Congolese state.
The entitlement oil inventory will build through H2 to support a Q4 lifting and
sale.
Cash returned to shareholders in line with the dividend policy
Following shareholder distributions of NOK 2.0 per share in January and a
further NOK 2.2 per share in May, the company ended the quarter with USD 60.6
million in cash.
Please find enclosed the interim financial report and presentation material for
the quarter ended 30 June 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/20250820_6/
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.