Presentation

PetroNor E&P is a 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 Q1’21, the company had ~20.4 mill bbl in 2P reserves in PNGF Sud. The company is listed on the Oslo Stock Exchange.

The majority of the company’s production stems from the PNGF Sud block in Congo, with a current net production of ~3,850 bbl/day. In May 2021, the company received shareholder approval to increase indirect participation interest in PNGF Sud to 16.8% by acquisition of shares in Hemla Africa Holding AS, which increased PetorNor’s equity exposure by almost 50%. In addition, PetroNor has interests in the producing Aje Field offshore Nigeria. The company also has the right to enter the neighbouring PNGF Bis license with a ~23.6% WI, with gross 2C contingent resources of 29 mill bbl. PetroNor is currently in the process of finalizing the PNGF Bis contract and expects to commence drilling in 2021.

Through further M&A activities, PetroNor has a 3-year target of reaching net production of 30,000 boepd and 300 mmboe in 2P reserves.