PetroNor E&P ASA

Investor Presentation • Aug 30, 2024

Q2 2024 Results Presentation

30th August 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. Due to the widespread Covid-19 virus, the situation is highly volatile implying significant risk on forward looking statements.

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 and estimates by PetroNor E&P AB for the Guinea Bissau licenses. Further, hydrocarbon resource estimates for The Gambia and Senegal includes information compiled by Dr Adam Law, Geoscience Director of ERC Equipoise Ltd. Dr Law, is a post-graduate 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.

Q2 Presentation

• 1. Operational update
• 1. Financial performance
• 1. Portfolio overview
• 1. Update on investigation and impact on dividend plans
• 1. Summary
• 1. Q&A

Q2 2024: Strong sales, focus on improving production efficiency

Performance update:

• ➢ 2024 sales in Q1 and Q2 totalling 914 thousand bbls of entitlement oil with an average price of USD 82.89/bbl.
• ➢ Q2 net working interest oil production of 4709 bopd, vs 5035 bopd in Q1.
• ➢ 2024 production efficiency impacted by infrastructure instabilities and well failures (workover backlog).
• ➢ Commissioning of new power generation and well workover capacity expected to improve efficiency.

BALANCE SHEET	HIGHLIGHTS
Cash at bank at 30th June	Revenue for six months ended 30th June
USD 65.8 million	USD 110.4 million
31 December 2023: USD 46.2 million	H1 2023: USD 93.9 million
Trade receivables at 30 June	EBITDA for 6 months ended 30th June	Year-end inventory
USD 48.4 million*	USD 62.4 million
31 December 2023: USD 27.3 million	H1 2023: USD 57.8 million
Gross assets at 30 June	Cash flow from operations for half year ended 30 June
USD 276.2 million	USD 35.2 million	Realised average price USD /bbl
31 December 2023: USD 239.5 million	H1 2023: USD 69.8 million	82.9 78.3 91.0

2024 - Use of cash to 30th June (plus post close receivable)

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 Company estimates. 7

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

Operational update PNGF Sud

• ➢ Field complex with ~2 Bnbbls STOOIP and less than 500 mmbbls recovered to date.
• ➢ Track record of adding production via workovers of existing wells and infill drilling.
• ➢ 11 of 18 planned infill wells completed since 2022 have exceeded expectations
• ➢ 2024 program:

1

• Follow-up well to 2022 Vandji discovery in Tchibeli NE was successful and brought online
• Commissioning of new platform at Tchendo complete – awaiting additional gas import pipeline in Q3
• 6 infill wells in the Tchendo field scheduled 2025

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

1

Efficiency set to improve

• ➢ Production efficiency has been a challenge in 2024 for several reasons:
  • Well workover activities have been lagging due to high offshore activities and space limitations for personnel
  • Numerous planned and unplanned shutdowns from commissioning activities and 3 rd party shut-downs
  • System instabilities increase failures of downhole pumps
• ➢ Efficiencies are expected to increase in Q4 with lower installation activities permitting greater focus on workover activities

➢ 10% improvement in production efficiency will increase average gross field production by 3000 bopd

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

Aje re-development planning is advancing

• ➢ Consolidating interest in OML 113:
  • Aje Production AS¹ JV transaction with YFP completed.
  • Acquisition of New Age interests subject to government approval
• ➢ 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
• ➢ 3D seismic re-processing completed with additional potential upside in oil reservoir identified
• ➢ Onshore property purchased for landfall area and ESIA contract being awarded

• ➢ 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 needing infrastructure

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

Attractive exploration opportunity

➢ Guinea-Bissau

• Await drilling of Atum-1X in September 2024
• Potential future revenue from a farmed-out asset of USD 60 million contingent on approved field development plan and establishment of continuous production

➢ The Gambia

• 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.

Investigation update 13th May

• ➢ The Company and a subsidiary, Hemla Africa Holding AS, were made suspects in the Økokrim investigations* into the allegations of corruption by individuals formally associated with the Company.
• ➢ Grounds for suspicion include allegations of corruption as well as misleading investors through disclosures during and since the reverse take-over of African Petroleum Corporation Limited.
• ➢ Despite the change in status, the strategic objective of returning capital to shareholders remains. However, a first distribution to shareholders may be delayed beyond the second half of 2024.
• ➢ Liquidity for a shareholder return would come from the operations in Congo, and currently there is a risk that extracting funds from Congo would negatively impact the Company's commitment to fully cooperating with the authorities.
• ➢ The Company is working to resolve the situation and will update the market in due course.

Company response to change in investigation status

• ➢ The board has adopted a strategy focused on the current portfolio in Congo, Nigeria, and The Gambia with a tactical suspension of new business development efforts.
• ➢ The organisation has been aligned with this strategy via a reduction in staff numbers and other cost saving measures are being taken during 2H 2024.
• ➢ The near-term Company priorities are:
  • Governance and Compliance;
  • Maximising the value of the existing assets;
  • Cash generation for shareholder distribution as soon as possible;
  • Management of potential corporate legal liabilities.
• ➢ It is anticipated that the change in status will involve a more active engagement by the Company with the investigating authorities in the coming months.

Summary:

• ➢ Continued strong delivery from Congo assets underpinned by regular liftings to sell oil inventory and generate cash flow
• ➢ 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 114 million at the entry of Q3
• ➢ Strategy focused on maximising value of existing portfolio and returning cash to shareholders
• ➢ Co-operation with investigating authorities is likely to delay the planned initial shareholder distribution
• ➢ Meetings with authorities during Q3 are expected to clarify the position so that the Company can update the market