Slide 1: Q2 2024 Results Presentation
Q2 2024 Results Presentation 30th August 2024, Jens Pace (CEO) Tchendo platforms PNGF Sud, Congo 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: Q2 Presentation
Q2 Presentation 1. Operational update 2. Financial performance 3. Portfolio overview 4. Update on investigation and impact on dividend plans 5. Summary 6. Q&A 3
Slide 4: Q2 2024: Strong sales, focus on improving production efficiency
Q2 2024: Strong sales, focus on improving production efficiency Performance update: Average Net Working Interest Production 6000 ➢ 2024 sales in Q1 and Q2 totalling 914 thousand bbls of entitlement oil with an average price of USD 5000 82.89/bbl. 4000 ➢ Q2 net working interest oil production of 4709
Slide 5: 2024 Financial Delivery
2024 Financial Delivery: BALANCE SHEET HIGHLIGHTS Cash at bank at 30th June Revenue for six months ended 30th June USD 65.8 million USD 110.4 million 31 December 2023: USD 46.2 million H1 2023: USD 93.9 million Trade receivables at 30 June EBITDA for 6 months ended Year-end inventory 30th June USD 4
Slide 6: 2024 - Use of cash to 30th June (plus post close receivable)
2024 - Use of cash to 30th June (plus post close receivable) Amounts in USD million 114.2 48.4 9.8 5.8 65.8 35.2 46.2 -3.2 Cash at 1 Net cash from Capex Loan Cash at 30 Trade receipts Post close January 2024 operations repayments June 2024 3 July 2024 cash balance 6
Slide 7: Balanced portfolio across the E&P value chain
Balanced portfolio across the E&P value chain 1 Production base – Congo-Brazzaville – PNGF Sud/Bis > Gross field production of ~30,000 bopd > High margin production > Operated by Perenco, PetroNor 16.83% 2 Re-development – Nigeria – Aje Field (OML 113) > Consolidating licence position via acquisitio
Slide 8: Production base – Congo-Brazzaville – PNGF Sud/Bis
Production base – Congo-Brazzaville – PNGF Sud/Bis 1 Congo Production Operational update PNGF Sud PNGF Bis ➢ Field complex with ~2 Bnbbls STOOIP and less than 500 mmbbls recovered to date. ➢ Track record of adding production via work- overs of existing wells and infill drilling. PNGF Sud ➢ 11 of 18
Slide 9: Congo Production: Efficiency set to improve
Production base – Congo-Brazzaville – PNGF Sud/Bis 1 Congo Production Efficiency set to improve ➢ Production efficiency has been a challenge in 2024 for several reasons: • Well workover activities have been lagging due to high offshore activities and space limitations for personnel • Numerous planne
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 ➢ Consolidating interest in OML 113: • Aje Production AS1 JV transaction with YFP completed. • Acquisition of New Age interests subject to government approval ➢ Plan for re-dev
Slide 11: West African high impact exploration – awaiting Atum-1X outcome
Exploration – large scale prospects 3 West African high impact exploration – awaiting Atum-1X outcome Attractive exploration opportunity ➢ Guinea-Bissau • Await drilling of Atum-1X in September 2024 • Potential future revenue from a farmed-out asset of USD 60 million contingent on approved field dev
Slide 12: Investigation update 13th May
Investigation update 13th May ➢ The Company and a subsidiary, Hemla Africa Holding AS, were made suspects in the Økokrim investigations* into the allegations of corruption by individuals formally associated with the Company. ➢ Grounds for suspicion include allegations of corruption as well as mislea
Slide 13: Company response to change in investigation status
Company response to change in investigation status ➢ The board has adopted a strategy focused on the current portfolio in Congo, Nigeria, and The Gambia with a tactical suspension of new business development efforts. ➢ The organisation has been aligned with this strategy via a reduction in staff num
Slide 14: Summary
Summary: ➢ Continued strong delivery from Congo assets underpinned by regular liftings to sell oil inventory and generate cash flow ➢ Nigeria and The Gambia represent valuable options that can be progressed at modest cost in the near term ➢ Building a significant cash position, with USD 114 million
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