Petrolia SE Group, has two divisions, Energy and Energy Service.
Petrolia is the largest shareholder (49.9%) in Petrolia NOCO AS ("PNO" on NOTC)
and is the largest lender to the company. Presently, Petrolia has given an
unsecured loan of NOK 56,750,000.
PNO has reported commencement of drilling a wildcat exploration well on NCS in a
promising prospect "Bounty" in PL 935 (10%). Ref attached map and notification
of well approval by the Norwegian Petroleum Directorate (NPD).
The well is shallow with low cost and has a low chance of discovery, but has a
high potential value to the shareholders of PNO and Petrolia. In addition, the
well is financed by a carry of cost, so no additional financing is needed from
Petrolia and other lenders.
PNO presently has a NOTC stock market value of about NOK 320 million.
The Energy Service Division consist of Green Energy Service activities and
global Oilservices.
Revenue for the Energy Service segment for 2021 was USD 50 million (2020: USD 44
million) with a result for the year of USD 2.5 million in 2021 (2020: USD 1.3
million) ref note 5 of the Annual Report.
The stock market value for Petrolia SE on the Oslo Stock Exchange is about NOK
500 million.
Berge Gerdt Larsen / Sølve Nilsen
Executive Chair /Finance Manager