Oslo, 29 May 2026: In the first quarter, PetroNor E&P ASA ("PetroNor" or the
"Company") delivered net production of 4,712* bopd, up from 4,303 bopd in Q1
2025.
"We delivered a solid operational quarter, with production continuing to improve
following the completion of the infill drilling campaign. New wells have
exceeded expectations and support the case for further infill activity in the
field," says CEO Jens Pace.
No entitlement oil liftings occurred in the first quarter, resulting in
inventory build-up at the Djeno terminal. At the beginning of April 2026, the
Company completed a lifting and sale of approximately 964,593 barrels of oil,
generating cash proceeds of about USD 112 million.
A shareholder distribution of NOK 3.25 per share was approved by the Annual
General Meeting held on 28 May 2026. The distribution is expected to be paid in
June 2026, subject to customary approvals.
Please find enclosed the interim financial report and presentation material for
the quarter ended 31 March 2026.
CEO Jens Pace will present the results in a webcast today at 10:00 CEST.
The presentation and subsequent Q&A session will be held in English and may be
viewed live at: https://qcnl.tv/p/AytPFduybVzMyGcEs6D3ww
A recording of the event will be available after the webcast on the Company's
website.
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.
*Effective 16.83 per cent net to PetroNor working interest production with final
production allocation for January to March 2026.
th final\
production allocation for January to March 2026.\