Slide 1: Q3 2025 Results Presentation
Q3 2025 Results Presentation 20 November 2025, Jens Pace (CEO)
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: Q3 2025 Presentation outline
Q3 2025 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: Q3 2025: New wells to reverse production decline
Q3 2025: New wells to reverse production decline ➢ Q3 production on trend with previous quarters to be addressed by addition of new wells in Q4 ➢ Increased net production this week of 4,700 bopd includes 3 new wells with 2 more being brought online ➢ Lifting and sale of 540,000 bbls achieved in Nove
Slide 5: 2025 Financial delivery: Q4 oil sale adds ca USD million
2025 Financial delivery: Q4 oil sale adds ca USD 33 million BALANCE SHEET HIGHLIGHTS Oil sales from barrels Cash at bank at Revenue for 9 months ended lifted 30 September 30 September Thousands 1,800 USD 45.9 million USD 38.6 million 1,600 Overlift 31 December 2024: USD 79.7 million 2024: USD 120.9
Slide 6: 2025 – Source and use of cash
2025 – Source and use of cash Amounts in USD million -17.8 35.8 -6.3 -13.0 -7.4 -7.9 38.6 79.7 -55.8 45.9 Cash at 1 Assignment Sales Opex costs Admin costs Capex Working Dividend Return of Cash at 30 January of tax oil overlift investments capital to NCI capital September 2025 and adjustment movemen
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 sha
Slide 8: Portfolio overview
Portfolio overview 1 Production – Congo-Brazzaville – PNGF Sud/Bis > Gross field production of ~28,000 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 reinvestment in new opportunities
Production base – Congo-Brazzaville – PNGF Sud/Bis 1 Congo reinvestment in new opportunities Operational update PNGF Sud PNGF Bis ➢ Field complex with ~2.3 bnbbls STOOIP with about 500 mmbbls recovered ➢ Infill well program spudded in June with focus on 5 wells in Tchibouela East PNGF Sud ➢ All well
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 ➢ The Gambia • A4 Licence first phase has expired • Discussions to extend without a drilling commitment • Outcome may result in relinquishment of the block ➢ Guinea-Bissau • Possible follow-on well to Atum-1X being consider
Slide 12: Investigation update
Investigation update ➢ The investigation by Økokrim in Norway initiated in 2021 remains ongoing ➢ The timeline for the investigation is uncertain and beyond the company’s control 12
Slide 13: Summary
Summary ➢ Q3 stable production with improved efficiency offsetting expected reservoir decline ➢ Infill drilling of 5 wells has been completed and is increasing Q4 production rate Tchibouela East ➢ Lifting and sale of 540,000 bbls executed 11 November will strengthen balance sheet ➢ Company strategy
Slide 14: Slide 14