Oslo, 20 February 2026: In the fourth quarter, PetroNor E&P ASA ("PetroNor" or
the "Company") completed a lifting and sale of 540,000 bbls of entitlement oil,
generating USD ~33 million in cash. Production rate increased with the
conclusion of the infill drilling campaign, bringing the 2025 net exit rate to
5,400 bopd.
As part of the infill drilling programme, five wells were successfully drilled -
on time and budget. The collective incremental gross rates from these wells
exceeded 7,000 bopd.
"We delivered a solid operational quarter with a growing production rate and
strong cash generation from the lifting and sale of entitlement oil. The
successful conclusion of the infill drilling campaign demonstrated once again
how well this asset responds to investments. We are pleased to see that the
production decline over the preceding quarters has been reversed in the fourth
quarter," says CEO Jens Pace.
In February 2026, the transaction with New Age was completed, giving PetroNor a
project economic and JOA voting interest of 52.2 per cent in OML 113, which
contains the Aje field.
After year-end, Økokrim decided to indict Hemla Africa Holding AS ("Hemla") in
relation to suspected corruption committed on behalf of Hemla in the Congo.
Hemla is a 100 per cent indirect subsidiary of the Company, and the majority
shareholder of Hemla E&P Congo, which is the holder of a 20 per cent interest in
the PNGF Sud licenses in Congo Brazzaville.
The Company categorically contests the indictment of Hemla and welcomes the
opportunity to have the case thoroughly examined in court. The trial is expected
to begin 23 November 2026. Økokrim has decided not to press charges relating to
suspected market manipulation on behalf of PetroNor.
Please find enclosed the interim financial report and presentation material for
the quarter ended 31 December 2025.
CEO Jens Pace will present the results in a webcast today at 09:00 CET.
The presentation and subsequent Q&A session will be held in English and may be
viewed live at: https://qcnl.tv/p/gYFkcji4TnThZ_MfSCFN8A
A recording of the event will be available after the webcast.
For further information, please contact:
Investor Relations
Email: ir@petronorep.com
www.petronorep.com
About PetroNor E&P ASA
PetroNor E&P ASA is an Africa-focused independent oil and gas exploration and
production company listed on Oslo Børs with the ticker PNOR. PetroNor E&P ASA
holds assets offshore West Africa, specifically the PNGF Sud licenses in Congo
Brazzaville and OML 113 in Nigeria. Under the terms of the PNGF Sud licences, a
proportion of oil produced is used to pay royalties and tax to the Government.
The remaining oil produced is considered "entitlement oil" that can be lifted by
the company and sold in the market.