Petronor E&p Asa · OSL:PNOR
Petronor E&p Asa — Q1 2026 Earnings Presentation
12 slides from Petronor E&p Asa's earnings presentation, May 29, 2026
Slide 1: Q1 2026 Results Presentation
Q1 2026 Results Presentation 29 May 2026, Jens Pace (CEO) Djeno oil terminal
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 2026: Production increasing with new wells and work-overs
Q1 2026: Production increasing with new wells and work-overs ➢ Q1 improved well production Average Net Working Interest Production1) capacity from new wells and reduced work-over queue. 000 bopd 4.8 - 5.1 ➢ Infrastructure maintenance impacted 4.7 production during February. 4.3 4.6 4.3 4.1 Post Q1 c
Slide 4: Q1 2026 Financial Delivery
Q1 2026 Financial Delivery: BALANCE SHEET HIGHLIGHTS Oil sales from barrels Cash at bank at Revenue for quarter ended lifted 31 March 31 March Thousands 1,800 USD 44 million USD 11.5 million 1,600 31 December 2025: USD 58.9 million Q1 2025: USD 13.9 million 1,400 Q4 Gross assets at Net (loss) / prof
Slide 5: Q1 2026 – Source and Use of cash
Q1 2026 – Source and Use of cash Amounts in USD million 111.9 11.5 58.9 -6.0 -1.9 44.0 -16.2 -2.3 Cash at 1 Assignment Opex costs Admin costs Working Capex Cash at 31 6 April 2026 January 2026 of tax oil and capital investments March 2026 Oil sale at royalties movements $116 /bbl 5
Slide 6: Portfolio overview
Portfolio overview 1 Production – Congo-Brazzaville – PNGF Sud/Bis > Gross field production of ~31,000 bopd > Operated by Perenco , PetroNor WI 16.83% > High margin production 2 Re-development – Nigeria – Aje Field (OML 113) > Re-development plan of 25,000 boepd (70% gas) > Gas considered a transiti
Slide 7: 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 ➢ Long lived production with rate PNGF Sud responding to investment in new wells ➢ Infill drilling
Slide 8: 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 project focus ✓ Aligned partnership and consolidated position ✓ Defined project with attractive economics ✓ Improved subsurface description • Static modelling and dynamic reservoir modeling nearing
Slide 9: 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 ➢ 4.2 NOK per share repayment of capital during 2025 ➢ 3.25 NOK per share approved in AGM for repayment of capital in Ju
Slide 10: Økokrim indictment of Hemla Africa Holding AS
Økokrim indictment of Hemla Africa Holding AS ➢ Hemla Africa Holding AS ("Hemla") is indicted in relation to suspected corruption. ➢ Hemla is a 100% indirect subsidiary of PetroNor, and the majority shareholder of Hemla E&P Congo, which is the holder of a 20 per cent interest in the PNGF Sud license
Slide 11: Summary
Summary ➢ Production capacity increased by new wells to over 5,000 bopd net ➢ Preparing for additional infill drilling investments in 2027 ➢ Building inventory of entitlement oil at ca 100,000 bbls per month ➢ Realized lifting of 965,000 bbls generating USD 112m ➢ Advisor appointed for commercial op
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