Petronor E&p Asa · OSL:PNOR
Petronor E&p Asa — Q4 2025 Earnings Presentation
12 slides from Petronor E&p Asa's earnings presentation, Feb 20, 2026
Slide 1: Q4 2025 Results Presentation
Q4 2025 Results Presentation 20 February 2026, Jens Pace (CEO) Tchibouela East and Axima drilling rig
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 2025 Presentation outline
Q4 2025 Presentation outline 1. Økokrim Investigation update 2. Operational update 3. Financial performance 4. Portfolio overview 5. Summary of highlights 6. Q&A 3
Slide 4: Økokrim investigation update
Økokrim investigation update ➢ Økokrim has decided to indict Hemla Africa Holding AS ("Hemla") in relation to suspected corruption committed on behalf of the company. ➢ 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 c
Slide 5: Q4 2025: Production decline reversed by new wells
Q4 2025: Production decline reversed by new wells ➢ Q4 production increased as infill wells at Tchibouela East came online in December ➢ New wells added 7,000 bopd gross capacity at year end raising 2005 gross exit rate to over 32,000 bopd ➢ Entitlement oil inventory, currently at 250,000 bbls, is b
Slide 6: 2025 Financial Delivery
2025 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 Overlift USD 58.9 million USD 83.1 million 1 600 31 December 2024: USD 76.7 million 2024: USD 204.5 million 1 400 Q4 Debt at EBITDA for year
Slide 7: 2025 – Source and Use of cash
2025 – Source and Use of cash Amounts in USD million 22,9 35,8 -20,5 -20,4 33,1 -8 79,7 -3.2 -55,8 58,9 -7,9 Capex Return of Dividend to Cash at 31 Cash at 1 Oil sales Sales overlift Working Opex costs investments Admin costs capital NCI December January 2025 adjustment capital 2025 movements 7
Slide 8: Portfolio overview
Portfolio overview 1 Production – Congo-Brazzaville – PNGF Sud/Bis > Gross field production of ~30,000 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 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 ➢ Long lived production with rate responding to investment in new wells PNGF Sud ➢ Five well infil
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 project focus ✓ Align partnership and consolidate position • JV with operator YFP • New Age transaction completed ✓ Define a project with attractive economics • FPSO with gas processing capacity • D
Slide 11: Summary
Summary ➢ Q4 production capacity increased by new wells to over 5,000 bopd net ➢ Building inventory of entitlement oil at ca 100,000 bbls per month ➢ Next lifting and sale of oil is anticipated in Q2 ➢ Entering 2026 with a strong balance sheet ➢ Focus on legal defence of Hemla indictment in hearing
Slide 12: Slide 12