Petronor E&P Asa (PTEAF) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Well, I have to say it's an absolutely stunning morning here in Oslo. So I feel fortunate to be here to discuss the performance of Petronor E&P. Good morning. My name is Jens Pace. I'm the CEO of the company. And today we put out an interim report covering the first quarter. And I'd like to I'm here to answer your questions about the company's performance over the first part of this year. I have a few slides as normal to get through to provide a little bit of extra context to the report we put out. But I really want to get to your questions. So please send them in and we'll get to them as soon as I get through these slides. It's a fairly standardized pack and it starts with the disclaimer, so I'll let you consider that at your leisure. Really, we're starting off with production as normal, and we've seen improved production over the course of first quarter, based on how we ended the year in 2025. And this comes from the additional production capacity that was added with new wells last year, as well as a reduced queue of workovers that bringing wells back on production. So we've seen production increase to an average of 4,700 barrels a day over the course of the quarter. We did have some interruptions, which I'll provide a little bit more detail on later on in this presentation. But there was a significant interruption in February that has depressed that average a little bit. As we have gone into the second quarter, we've seen production come back strong. We're currently producing just shy of 5,100 barrels a day. And that's going to give us a very strong second quarter. We've also, in the second quarter, lifted and sold just under a million barrels of entitlement oil and generated sales of $112 million, so a significant cash input to the balance sheet. Looking at the b...