Petronor E&p Asa · OSL:PNOR
Petronor E&p Asa — Q1 2025 Earnings Presentation
14 slides from Petronor E&p Asa's earnings presentation, May 20, 2025
Slide 1: Q1 2025 Results Presentation
Q1 2025 Results Presentation 20th May 2025, Jens Pace (CEO) Tchendo well-head platform ready for deployment Q4 23
Slide 2: Disclaimer
Disclaimer This Presentation has been prepared by PetroNor E&P ASA (Company). Investment risk An investment in the Company shares is subject to investment and other known and unknown risks, Summary information some of which are beyond the control of the Company Group. The Company does not guarantee
Slide 3: Q1 Presentation Outline
Q1 Presentation Outline 1. Operational update 2. Financial performance and shareholder value 3. Portfolio overview 4. Investigation update 5. Summary of highlights 6. Q&A 3
Slide 4: Q1 2025: Natural reservoir decline to be addressed by new wells
Q1 2025: Natural reservoir decline to be addressed by new wells Performance update: Average Net Working Interest Production 1) ➢ Q1 net working interest production was 4,321 bopd vs previous quarter of 4,759 000 bopd bopd 5.2 5.3 5.0 5.1 5.0 ➢ Anticipated reservoir decline and 4.7 4.8 4.8 4.8 4.3 te
Slide 5: Financial metrics and oil sales
Financial metrics and oil sales Cash at bank at 31 March Revenue for quarter ended 31 March USD 107.5 million USD 13.9 million 31 December 2024: USD 79.7 million 2024: USD 44.3 million Gross assets at 31 March Cash flows from operations for quarter ended 31 March USD 264.9 million USD 55.4 million 3
Slide 6: 2025 – Source and Use of cash
2025 – Source and Use of cash -2.8 -25.2 54.4 13.9 -9.9 -2.6 -3.2 107.5 79.7 Cash at 1 Assignment Opex costs Admin costs Working Capex Repayment Cash at 31 January 2025 of tax oil and capital investments of capital March royalties movement 2025 Amounts in USD million 6
Slide 7: Shareholder Value
Shareholder Value Focus on near term shareholder return: Share Price: ➢ Continued operational delivery and focused strategy has generated cash to support shareholder distributions. ➢ 2.0 NOK per share repayment of capital in January 2025 in consideration of 2023 profit ➢ An additional 2.2 NOK per sh
Slide 8: Portfolio Overview
Portfolio Overview 1 Production – Congo-Brazzaville – PNGF Sud/Bis > Gross field production of ~26,000 bopd > Operated by Perenco , PetroNor WI 16.83% > High margin production 2 Re-development – Nigeria – Aje Field (OML 113) > Consolidating licence partnership via acquisition > Re-development plan o
Slide 9: Congo Production
Production base – Congo-Brazzaville – PNGF Sud/Bis 1 Congo Production Operational update PNGF Sud PNGF Bis ➢ Field complex with ~2.3 Bnbbls STOOIP with about 500 mmbbls recovered ➢ Audited 2P Reserves with 93% reserve replacement PNGF Sud ➢ Supports more than a decade of current production Productio
Slide 10: Aje re-development as a gas field
Re-development – Nigeria – Aje Field (OML 113) 2 Aje re-development as a gas field Aje re-development planning is advancing ➢ Gross project appraised resource estimates: • 500 BCF Gas • 17 mmbbls Condensate • 33 mmbbls of LPG and Propane • >10 mmbls Oil ➢ Exploration upside in licence area ➢ Nearby
Slide 11: West African high impact exploration
Exploration – The Gambia – A4 licence 3 West African high impact exploration Attractive exploration opportunity ➢ The Gambia • Target reservoirs analogous to Sangomar Field in Senegal • Technical work program shows potential seismic attribute support for prospects • Current licence phase expires 13t
Slide 12: Investigation update
Investigation update ➢ The Department of Justice in the United States have closed their investigation ➢ The investigation by Økokrim in Norway initiated in 2021 remains ongoing ➢ The company is co-operating fully with this process ➢ The timeline for the investigation is uncertain and beyond the comp
Slide 13: Summary
Summary: ➢ Stable production from Congo assets with infill drilling program to resume 2H 2025 ➢ Oil inventory build in 2H to support a potential 4Q lifting ➢ Company strategy is focused on maximising value of existing portfolio and returning cash to shareholders ➢ Second return of capital of 2.2 NOK
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