Petronor E&p Asa · OSL:PNOR
Petronor E&p Asa — Q2 2025 Earnings Presentation
14 slides from Petronor E&p Asa's earnings presentation, Aug 20, 2025
Slide 1: Q2 2025 Results Presentation
Q2 2025 Results Presentation 20 August 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: Q2 2025 Presentation outline
Q2 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: H1 2025: Continued operational delivery and focused strategy
H1 2025: Continued operational delivery and focused strategy ➢ Stable production and consistent efficiency rates in H1 ➢ H2 production increase expected from infill drilling programme ➢ Repayment of NOK 4.2 per share distributed to shareholders in the first half-year ➢ Total shareholder return over
Slide 5: Financial metrics – strong cash position and building oil inventory in H2
Financial metrics – strong cash position and building oil inventory in H2 Cash at bank at 30 June Revenue for six months ended 30 June USD 60.6 million USD 27.6 million 31 December 2024: USD 79.7 million 2024: USD 110.4 million Gross assets at 30 June Net cash flows from operations for six months en
Slide 6: 2025 – Source and use of cash
2025 – Source and use of cash -5.4 48.0 -20.8 -55.8 27.6 79.7 -5.4 -7.9 60.6 -3.2 Cash at 1 Assignment Opex costs Admin costs Working capital Capex Repayment Minority Cash at 30 January 2025 of tax oil and movements investments of capital interest June 2025 royalties dividend Amounts in USD million
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 ~25,000 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 ➢ Batch dr
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 Attractive exploration opportunity ➢ The Gambia • Target reservoirs analogous to Sangomar Field in Senegal • Technical work program shows seismic attribute support for hydrocarbons in prospects • Current licence phase expir
Slide 12: Investigation update
Investigation update ➢ The Department of Justice in the United States have closed their investigation ➢ The investigation by Økokrim in Norway initiated in 2021 remains ongoing ➢ The company is co-operating fully with this process ➢ The timeline for the investigation is uncertain and beyond the comp
Slide 13: Summary
Summary ➢ Stable production from Congo assets with improved efficiency offsetting expected reservoir decline ➢ Infill drilling program of 5 wells commenced with contribution of new production anticipated from September Tchibouela East ➢ 2024 overlift position paid back with entitlement oil inventory
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