Oslo, 10 April 2025: PetroNor E&P ASA ("PetroNor" or the "Company") is pleased
to provide the following update on the Congo operations related to the PNGF Sud
field complex.
First quarter average net working interest production was 4,321 bopd*, compared
with 4,759 bopd in the previous quarter and 5,037 bopd in the first quarter of
2024. The decrease reflects expected natural reservoir decline.
Production efficiency was at 90%, which is an improvement from the 2024 average
of 86%. To support this efficiency there are currently three workover crews
pursuing reinstatement of idle production from wells in the queue.
Additional production capacity is planned via the previously announced five-well
infill drilling programme Tchibouela East which is expected to commence drilling
in early May and should add significantly to the production rate in the second
half of the year.
The full account of production (including final allocation for March) will be
presented in the interim report for the first quarter of 2025.
*Effective 16.83 per cent net to PetroNor working interest production with
preliminary only production allocations for March.
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 exploration and production assets offshore West Africa, specifically the
PNGF Sud licenses in Congo Brazzaville, the A4 license in The Gambia 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.