Slide 1: 2H 2022 Results Presentation
2H 2022 Results Presentation 22th February 2023, Eyas Alhomouz (Chairman), Jens Pace (Interim 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: Infill drilling supporting production growth
2H 2022 and subsequent events: Infill drilling supporting production growth Ø Average 2H total net production of 4,400 bopd was increased vs 1H average of 3,634 bopd, with current rates in 2023 to date of over 5,200 bopd. Ø Added productive well capacity in Congo via the infill drilling programme wi
Slide 4: H2 2022 Performance: At last the money arrives…
H2 2022 Performance: At last the money arrives… BALANCE SHEET HIGHLIGHTS Oil sales from barrels Cash at bank at 31 December 2022 H2 2022 revenue lifted 1,000 USD 24.8 million USD 108.5 million 900 800 Bbls Thousands 31 December 2021: USD 31.8 million H2 2021: USD 58.3 million 700 Q4 600 Net debt at
Slide 5: H2 2022 Use of cash
H2 2022 Use of cash 22.4 8.1 USD millions 39.9 11.0 1.6 24.8 1.7 7.7 Cash Net cash Investment Investment New loans Loan Other Cash 1 Jul 2022 from in producing in repayments 31 Dec 2022 operations assets exploration assets 5
Slide 6: Balanced portfolio across the E&P value chain
Balanced portfolio across the E&P value chain Geographical target area 1 Production base – Congo-Brazzaville – PNGF Sud/Bis > Gross field production of ~32,000 bopd > High margin production > Operated by Perenco (PetroNor 16.83%) 2 Re-development – Nigeria – Aje Field (OML 113) > Purchase of interes
Slide 7: Production base – Congo-Brazzaville – PNGF Sud/Bis
1 Production base – Congo-Brazzaville – PNGF Sud/Bis Congo Production Ø PNGF Sud field complex with ca 2 bnbbls STOOIP and less than 500 mmbbls recovered to date. Ø High margin production with opex of ca $11/bbl. Ø Consistent track record of adding net 2P reserves in excess of production via technic
Slide 8: Aje re-development as a gas field
2 Re-development – Nigeria – Aje Field (OML 113) Aje re-development as a gas field Key development1 Ø PetroNor now has a seat at the Licence group table Ø Finalising arrangements with Licence operator to hold 52% interest in jointly owned Aje Production Ø Advancing plan for re-development with partn
Slide 9: West African high impact exploration
3 Exploration – large scale prospects West African high impact exploration Attractive exploration portfolio Ø PetroNor holds a prospective exploration portfolio on trend with significant discoveries Ø Gambia A4 license award agreed with the government in October 2022 • Modified work program with no
Slide 10: 2023 off to a good start
2023 off to a good start Ø Continued strong delivery from Congo assets Ø Production in PNGF Sud exceeding levels last Medium term outlook positions seen a decade ago with current net working PetroNor with the financial capacity and interest production over 5,200 bopd flexibility to: Ø Infill drillin
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