PETRONOR E&P ASA Oslo ,21 February 2024 : With all-time high production and oil sales, 2023 was a record year forPetroNor E&P , and the fourth quarter was no exception. Solid operational performance, in combination with the gain from theGuinea-Bissau farm-out, led to more than a doubling of the net profit for the year. In 2023, the company has lifted and sold 1.5 million bbls of oil at an average realised sales price of78.35 USD /bbl. This generated gross revenue ofUSD 187.3 million for the full-year period, compared withUSD 146.0 million in 2022. This gave an EBITDA result ofUSD 141.3 million , up fromUSD 96.4 million in 2022. In addition, theGuinea-Bissau farm-down transaction which was announced on27 June 2023 completed during the fourth quarter of 2023. The transaction resulted in a cash contribution to past costs ofUSD 22.9 million , yielding a net profit contribution from discontinued operations ofUSD 15.4 million . Total combined net profit for the company in 2023 came in atUSD 78.1 million , up fromUSD 34.4 million in the prior year.PetroNor 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 toPetroNor was 5,319 bopd in the fourth quarter, supported by production from five new infill wells drilled in Tchibeli which started inSeptember 2023 . Average net working interest production for the full year was 5,168 bopd, up from 4,017 bopd in the prior year. On27 December 2023 , theCouncil of Ministers in theRepublic of Congo awarded the PNGF Bis licence to a contractor group led byPerenco as an operator and withPetroNor , represented through its Congolese subsidiary, Hemla E&P Congo, as a partner with a net interest of 22.7 per cent. This approval will clear the path for signing a new production sharing agreement in early 2024. "The continued strong operational performance of our Congo producing assets underpinned a great fourth quarter. In addition, the approval from theCongolese Council of Ministers on PNGF Bis and the completion of theGuinea-Bissau transaction was a welcome way to close what has been a very successful year forPetroNor . The company's year-end balance sheet has benefited from record production and oil sales during the year as well as the contribution from theGuinea-Bissau transaction," says interim CEOJens Pace . Please find enclosed the interim financial report and presentation material for the quarter and the full-year period ended31 December 2023 . Interim CEOJens Pace will present the results in a webcast today at09:00 CET . The presentation and subsequent Q&A session will be held in English and may be viewed live at: https://channel.royalcast.com/landingpage/hegnarmedia/20240221_6/ A recording of the event will be made available on the company's website after the webcast. 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 . 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.
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