GUINEA BISSAU/ CONGO: PetroNor Records All-time High Production Levels & Solid Oil Sales FOR H1 2023

: For PetroNor E&P ASA, the first half of 2023 was characterised by alltime high production levels and solid oil sales resulting in a healthy cash flow for the period.

In June, a 100 per cent farm-out of the Guinea Bissau acreage was agreed, in a deal worth
up to USD 85 million.

To date, the company has completed three oil liftings and a fourth lifting is scheduled during
October. A total of 833,266 bbls of entitlement oil has been sold at an average price of 76.3
USD/bbl, equivalent to USD 63.6 million. This volume exceeds the total entitlement oil of
800,177 bbls sold in the whole of 2022 at an average price of 91.0 USD/bbl.

For the first six months of 2023, the company generated revenue of USD 93.9 million,
compared to USD 36.8 million in the same period of 2022, when no liftings were made. This
gave an EBITDA result of USD 57.8 million for the half-year period, compared to USD 20.4
million in the same period in 2022.

PetroNor E&P holds an indirect ownership interest of 16.83 per cent in PNGF Sud in Congo,
which is the company’s core production licence. From this asset, net working interest
production allocated to PetroNor E&P was 5,119 bopd in the first half of 2023, compared with
4,400 bopd for 2H 2022 and 3,634 bopd for 1H 2022.

“PNGF production is exceeding levels last seen a decade ago due to the investments made in
the infill drilling program during 2021 and 2022 which has already added six new wells to
production. During 2023, another four new infill wells have been drilled, which will be brought
on production starting next month together with a fifth well currently being drilled,” says
interim CEO Jens Pace.

The Guinea Bissau transaction announced in June demonstrates the value of PetroNor’s
Atlantic margin exploration position. The 100 per cent farm-out agreement secures USD 25
million cash on completion and another two conditional payments of up to USD 30 million

“A strengthened balance sheet and positive operational outlook provides the company with
the financial capacity to execute on its organic growth strategy and enables accretive business
development as well as other options for shareholder value,” Pace concludes.

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