Oslo ,17 November 2023 :PetroNor E&P ASA (the "Company") has received the final ruling from the ICSID arbitration tribunal in a proceeding between the Company's subsidiaryAfrican Petroleum Senegal Limited ("APSL") and theRepublic of Senegal . The ruling rejects claims by APSL and counter claims by theRepublic of Senegal . APSL has been ordered to pay approximatelyUSD 3 million in respect of 90% of the ICSID costs and theRepublic of Senegal's legal expenses. APSL is considering all options available in relation to this disappointing ruling including filing an application for annulment as provided for in theICSID Convention . Further information will be provided to the market as and when any decisions in this regard have been made. The Senegal Offshore Sud Profond and Rufisque Offshore Profond licences were awarded to APSL in 2011. InJuly 2018 , APSL registered arbitration proceedings with theInternational Centre for Settlement of Investment Disputes (ICSID) (case ARB/18/24) to protect its interests in the licences. The combined licences cover an area of 15,796 km2 and since the start of the arbitration process they have had nil carrying value in financial statements of the Company due to the previous uncertainty of the final ruling. For further information, please contact: Investor Relations Email: ir@petronorep.com AboutPetroNor E&P ASA PetroNor E&P ASA is anAfrica -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 offshoreWest Africa , specifically the PNGF Sud licenses in Congo Brazzaville, the A4 license in TheGambia and OML-113 inNigeria .
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