Presentation

PetroNor E&P is a full cycle, Sub-Saharan-focused independent E&P, created through the merger between listed African Petroleum and privately held PetroNor in August 2019. The combination represented a transformation of African Petroleum, moving from a pure play frontier exploration company to a full-cycle E&P independent with production assets offshore Congo and Nigeria and exploration assets offshore Senegal and the Gambia. As of YE’19, the company had ~10.6 and ~7.3 mill boe in 2P reserves and 2C contingent resources, respectively. PetroNor E&P targets to grow production to more than 30,000 boepd by three years. The company is listed on the Oslo Stock Exchange.

The majority of the company’s production stems from the PNGF Sud block in Congo, where it holds a 10.5% working interest. Current production from PNGF Sud is ~23,000 boepd gross, having grown from 15,000 boepd when PetroNor entered the block in 2017. Additionally, Petronor has acquired a 13-18% economic interest in the producing asset OML 113 (Aje Field) offshore Nigeria from Panoro and YPF. The field produces ~2,300 boepd gross and have a high growth potential ahead. PetroNor E&P also has the right to enter the neighbouring PNGF Bis license with a 14.7% working interest, subject to agreement on final terms with the government. The current development plan is to tie back production to one of the fields at PNGF Sud. The company also holds four disputed exploration blocks in Senegal (90% WI) and The Gambia (100% WI). PetroNor E&P is in negotiations with local governments regarding title status.