Petronor E&p Asa · OSL:PNOR
Petronor E&p Asa — Q4 2024 Earnings Presentation
14 slides from Petronor E&p Asa's earnings presentation, Feb 19, 2025
Slide 1: Q4 2024 Results Presentation
Q4 2024 Results Presentation 19th February 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: Q4 Presentation
Q4 Presentation 1. Operational update 2. Financial performance and shareholder value 3. Portfolio overview 4. Investigation update 5. Summary 6. Q&A 3
Slide 4: Q4 2024: Record oil sale, improved production efficiency
Q4 2024: Record oil sale, improved production efficiency Performance update: Average Net Working Interest Production 1) Ø Sale of 881 thousand bbls in December 000 bopd at a realised price of USD 73/bbl. 5.2 5.3 5.0 5.1 5.0 Ø Total sales for 2024 of 1.8 million bbls, 4.7 4.8 4.8 4.8 generating USD 1
Slide 5: 2024 Financial Delivery
2024 Financial Delivery: BALANCE SHEET HIGHLIGHTS Oil sales from barrels Cash at bank at Revenue for year ended lifted 31 December 31 December Thousands 1,800 USD 79.7 million USD 204.5 million 1,600 Overlift 31 December 2023: USD 46.2 million 2023: USD 187 million 1,400 Q4 Debt at EBITDA for year e
Slide 6: 2024 – Source and Use of cash
2024 – Source and Use of cash Amounts in USD million 35.8 20.5 13.1 140.0 14.0 9.7 5.5 79.7 7.9 -3.2 46.2 Cash at 1 Oil sales Sales overlift Opex costs Capex Admin costs Working Debt Minority Cash at 31 January 2024 adjustment investments capital repayments interest December movements dividends 2024
Slide 7: Shareholder Value
Shareholder Value Share price performance: Ø Operational delivery and strategy to distribute cash to shareholders has driven growth in share price. Ø 37% increase in share price over recent 12 months Ø Distribution of 2 NOK per share at the end of January 2025 provided an additional 14% return to sh
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 Production
Production base – Congo-Brazzaville – PNGF Sud/Bis 1 Congo Production Operational update PNGF Sud PNGF Bis Ø Field complex with ~2.3 Bnbbls STOOIP with about 500 mmbbls recovered to date Ø 2P Reserves support a decade of production at current levels PNGF Sud Ø 2C Resource opportunities to double thi
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 Ø Gross project appraised resource estimates: • 500 BCF Gas • 17 mmbbls Condensate • 33 mmbbls of LPG and Propane • >5 mmbls Oil Ø Exploration upside in licence area Ø Nearby d
Slide 11: West African high impact exploration
Exploration – The Gambia – A4 licence 3 West African high impact exploration Attractive exploration opportunity Ø The Gambia • Technical work program shows potential seismic attribute support for prospects • Target reservoirs analogous to Sangomar Field in Senegal • Licence extended by 18 months fro
Slide 12: Investigation update
Investigation update Ø The investigations initiated by Økokrim in Norway, and the DOJ in the United States, are still ongoing Ø The company is co-operating fully with this process in both jurisdictions Ø Involves a significant commitment of legal resources Ø The timeline for the investigations is un
Slide 13: Summary
Summary Ø Stable production from Congo assets with infill drilling program to resume in Q2 2025 Ø Company strategy is focused on maximising value of existing portfolio and returning cash to shareholders Ø Building a significant cash position, with USD 80 million at the end of Q4 Ø USD 64 million pro
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