PetroNor E&P ASA

Investor Presentation • Nov 20, 2024

Q3 2024 Results Presentation

20th November 2024, Jens Pace (CEO)

This Presentation has been prepared by PetroNor E&P ASA (Company).

Summary information

This Presentation contains summary information about the Company and its subsidiaries (Company Group) and their activities. The information in this Presentation does not purport to be complete or comprehensive, and does not purport to summarise all information that an investor should consider when making an investment decision. It should be read in conjunction with the Company's other periodic and continuous disclosure announcements lodged with Oslo Børs, which are available at www.euronext.com/nb/markets/oslo

Not financial product advice

This Presentation is for information purposes only and is not a prospectus, product disclosure statement or other offer document under Norwegian law or the law of any other jurisdiction. This Presentation is not financial advice, a recommendation to acquire Company shares or accounting, legal or tax advice. It has been prepared without taking into account the objectives, financial or tax situation or needs of individuals. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial and tax situation and needs and seek such legal, financial and/or taxation advice as they deem necessary or appropriate to their jurisdiction. The Company is not licensed to provide financial product advice in respect of Company shares.

Future performance

This Presentation contains certain forward looking statements. The words anticipated, expected, projections, forecast, estimates, could, may, target, consider and will and other similar expressions are intended to identify forward looking statements. Forward looking statements, opinions and estimates provided in this Presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forward looking statements including projections, indications or guidance on future earnings or financial position and estimates are provided as a general guide only and should not be relied on as an indication or guarantee of future performance. There can be no assurance that actual outcomes will not differ materially from these statements. This difference may be due to various factors, including, among others: general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; actual results of reclamation activities; the outcome of negotiations, conclusions of economic evaluations and studies; changes in project parameters and returns as plans continue to be refined; future price of oil and gas; drilling risks; political instability; insurrection or war; arbitrary changes in law; delays in obtaining governmental approvals or financing or in the completion of development activities. The forward looking statements in this Presentation speak only as of the date of this Presentation. To the full extent permitted by law, the Company and its directors, officers, employees, advisers, agents and intermediaries disclaim any obligation or undertaking to release any updates or revisions to the information to reflect any change in expectations or assumptions. Nothing in this Presentation will under any circumstances create an implication that there has been no change in the affairs of Company Group since the date of this Presentation.

Investment risk

An investment in the Company shares is subject to investment and other known and unknown risks, some of which are beyond the control of the Company Group. The Company does not guarantee the performance of the Company or any particular rate of return on the performance on the Company Group, nor does it guarantee the repayment of capital from the Company or any particular tax treatment.

Not an offer

This Presentation is not and should not be considered an offer or an invitation to acquire Company shares or any other financial products and does not and will not form any part of any contract for the acquisition of the Company shares. This Presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States. Company shares have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in a transaction exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws.

Competent person statements

The information in this Presentation relating to hydrocarbon resource estimates for Congo-Brazzaville includes information compiled by AGR Petroleum Services AS ("AGR"). AGR has consented to the inclusion in this Presentation of the matters based on the information in the form and context in which it appears. In addition, this is supplemented with corporate management estimates for Nigeria. Further, hydrocarbon resource estimates for The Gambia includes information compiled by Dr Adam Law, Geoscience Director of ERC Equipoise Ltd. Dr Law, is a postgraduate in Geology, a Fellow of the Geological Society and a member of the Society of Petroleum Evaluation Engineers. He has 18 years relevant experience in the evaluation of oil and gas fields and exploration acreage, preparation of development plans and assessment of reserves and resources. Dr Law has consented to the inclusion in this Presentation of the matters based on the information in the form and context in which it appears.

Disclaimer

The Company's advisers have not authorised, permitted or caused the issue, lodgement, submission, despatch or provision of this Presentation and do not make or purport to make any statement in this Presentation and there is no statement in this Presentation which is based on any statement by the advisers. To the maximum extent permitted by law, the Company, its representatives, advisers and their respective officers, directors, employees, agents or controlling persons (collectively, the Representatives) expressly disclaim all liabilities in respect of, and make no representation or warranty, express or implied, as to the accuracy or completeness of the information contained in this Presentation or in any other documents furnished by the foregoing persons.

Statements made in this Presentation are made only at the date of this Presentation. The information in this Presentation remains subject to change without notice.

Q3 Presentation

• 1. Operational update
• 1. Financial performance
• 1. Portfolio overview
• 1. Plan for shareholder distribution
• 1. Summary
• 1. Q&A

Q3 2024: Improving production efficiency supporting record annual sales

Performance update:

• ➢ 2024 sales in H1 totalling 914 thousand bbls of entitlement oil with an average price of USD 82.89/bbl.
• ➢ Additional lifting and sale of 920 thousand bbls is scheduled in December.
• ➢ Q3 net working interest oil production of 4,763 bopd, vs 4,684 bopd in Q2.
• ➢ Commissioning of new power generation and well workover capacity has improved efficiency

1) September production preliminarily allocated

BALANCE SHEET	HIGHLIGHTS	Oil sales from barrels
Cash at bank at 30 September	Revenue for 9 months ended 30 September	lifted ds
USD 100.7 million	USD 125.9 million	1,800 n Scheduled a us Q4 Lifting 1,600 o h
31 December 2023: USD 46.2 million	Q1 to Q3 2023: USD 112.6 million	T 1,400
Debt at	EBITDA for 9 months ended	1,200 Q4
30 September	30 September	1,000
USD nil	USD 72.6 million	800
31 December 2023: USD 5.5 million	Q1 to Q3 2023: USD 71.1 million	Q2 600 Q2
Gross assets at 30 September	Cash flows from operations for 9 months ended 30 September	400 Q4 200 Q1 Q1
USD 261.7 million	USD 69.6 million	0 2024 to 2023 2022 date
31 December 2023: USD 239.5 million	Q1 to Q3 2023: USD 34.5 million	Realised average price USD /bbl

82.9 78.3 91.0

2024 - Use of cash in nine months to 30th September

Amounts in USD million

1) Volumes as of 1 Jan 2024 on PNGF Sud (AGR 20/3/2024), Aje: AGR-TRACKS 2019 based on effective interest of 20.2%; 2) Exploration: Sum Net Unrisked Mean Case Prospective Recoverable Resources, based on ERC Equipoise, net unrisked mean prospective resources. 7

Production base – Congo-Brazzaville – PNGF Sud/Bis Congo Production

Operational update PNGF Sud

• ➢ Field complex with ~2.2 Bnbbls STOOIP and less than 500 mmbbls recovered to date
• ➢ Newly installed power generation at Tchendo yields fully autonomous production operations with less interruptions
• ➢ Workover program addressing idle production wells and increasing production efficiencies
• ➢ Tchibeli NE Vandji production from 2024 well to inform potential PNGF BIS development program
• ➢ Infill well program to resume in 2025 with focus on 5 wells in Tchibouela East

Reserves addition – Congo-Brazzaville – PNGF Sud/Bis Tchibouela East infill well program

Progress Contingent Resources to Reserves

• ➢ Cenomanian and Turonian reservoirs with in-place volume of ~140 mmbo and recovery to date of only 11% in good reservoir quality reservoirs
• ➢ Three horizontal wells to target deeper Cenomanian reservoir
• ➢ Two U-shaped infill wells to access overlying Turonian un-drained areas
• ➢ Reserves generation between 4.6 11.5 mmbo at a CAPEX of less than \$10/bbl
• ➢ Rig scheduled to be on location in April 2025
• ➢ The wells will have a significantly positive effect on the 2025 production rates, offsetting natural decline in other fields

Re-development – Nigeria – Aje Field (OML 113) Aje re-development as a gas field 2

Aje re-development planning is advancing

• ➢ Gross project appraised resource estimates:
  • 500 BCF Gas
  • 17 mmbbls Condensate
  • 33 mmbbls of LPG and Propane

  • 5 mmbls Oil

• ➢ Exploration upside in licence area
• ➢ Nearby discoveries need infrastructure

➢Plan for re-development:

• FPSO with gas processing capacity
• Drilling 4-5 wells for gas and liquids production
• 30 km gas pipeline from the FPSO to shore
• Onshore LPG plant

Current Activity:

• ➢ Ministry approval pending New Age acquisition (due-diligence workshop completed in September)
• ➢ 3D seismic depth re-processing ongoing to verify identified oil upside
• ➢ Baseline onshore and offshore data sampling for ESIA evaluation underway

Exploration – large scale prospects West African high impact exploration – awaiting Atum-1X outcome

Attractive exploration opportunity

➢ The Gambia

3

• Licence extended by 18 months from June 2024
• Progressing a technical work program on A4 licence with partner GNPC
• A farm-out data-room is open with re-processed data and conversations are on-going with interested parties under NDAs

➢ Guinea-Bissau

• Potential USD 60 million future revenue contingent on approved field development plan and establishment of continuous production
• Await further information on Atum-1X

Plan for shareholder distribution

• ➢ Strategy previously signalled to make excess cash available to shareholders during the AGM of 29 May 2024 with an initial distribution of USD 25 million.
• ➢ Following discussions with investigating authorities during September, the Company is moving forward with implementation of the proposed strategy.
• ➢ The Company is working to make this shareholder distribution take place as soon as possible.
• ➢ Approval of audited interim balance sheet is planned at an extraordinary general meeting in mid-January 2025 with distribution to be implemented upon approval.
• ➢ Further details including timing of the EGM and subsequent payment of such distribution will be provided as and when available.

Summary:

• ➢ Increasing production and improving production efficiencies from Congo assets
• ➢ Infill drilling program to resume in 2025 to add reserves and production capacity
• ➢ Nigeria and The Gambia represent valuable options that can be progressed at modest cost in the near term
• ➢ Building a significant cash position, with USD 101 million at the end of Q3 and additional oil sales scheduled before end 2024
• ➢ Company strategy is focused on maximising value of existing portfolio and returning cash to shareholders
• ➢ Initial distribution signalled following extraordinary general meeting in January 2025