PetroNor E&P ASA

Investor Presentation • Feb 21, 2024

Q4 2023 Results Presentation

21st February 2024, Eyas Alhomouz (Chairman), Jens Pace (Interim 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.

Performance update:

• ➢ Q4 net working interest oil production of 5,319 bopd, increasing the 2023 average to 5,168 bopd
• ➢ Q4 sales totalling 711 thousand bbls of entitlement oil were achieved with an average price of USD 80.65/bbl.
• ➢ Total oil sales for 2023 was a record 1.5 million bbls with an average price of USD 78.3/bbl.
• ➢ The Guinea-Bissau transaction completed in Q4 with a payment of USD 22.9 million to PetroNor.
• ➢ The Congo Council of Ministers awarded the PNGF Bis licence to a Perenco lead partnership with PetroNor having a 22.7% interest .

Net Working Interest Production bopd by Quarter

HIGHLIGHTS	Oil sales from barrels lifted 1,600
Revenue for year ended 31 December 2023
USD 187.3 million	n a 1,400 us o
2022: USD 146.1 million	h T 1,200	Q4
	1,000
31 December 2023	800
USD 141.3 million	600	Q2		Q4
2022: USD 96.4 million	400		Q4	Q3
	200	Q1		Q2
ended 31 December 2023	0			Q1
				2021
2022: USD 37.5 million		78.3	91.0	69.3
	EBITDA for year ended Cash flow from operations for year USD 69.8 million	ds	2023	2022 Realised average price USD /bbl

2023 - Use of cash

Amounts in USD million

1) Congo: PNGF Bis constitutes 6.6 mmbbls of 2C resources in Congo. PetroNor has the right to enter into the PNGF Bis license with net working interest of 22.7% with Perenco as operator. Volumes as of 1 Jan 2023 on PNGF Sud (AGR 17/3/2023); 2) Exploration: Sum Net Unrisked Mean Case Prospective Recoverable Resources, based on ERC Equipoise, net unrisked mean prospective resources. 6

7

Strong operational delivery from 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 has just spudded
• Refurbished platform in place at Tchendo with commissioning underway
• 6 infill wells in the Tchendo field awaiting heavy lift equipment for rig placement – (schedule likely to slip into 2025)

0 5 10 15 20 25 30 35 Oil production, kbopd PNGF Sud Gross Production 2017 - 2023 Tchibouela Tchibouela East Tchendo Tchibeli Albien Tchibeli NE Litanzi Albien

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 to complete.
  • 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
• ➢ Positive discussions with sources of project finance underpinned by view of gas as a transition fuel.

• ➢ 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 – focusing position

Attractive exploration opportunity

• ➢ Guinea-Bissau transaction completed.
  • Receipt of USD 22.9 million consideration
  • Await drilling of Atum-1X in 2024
  • USD 60 million consideration contingent on approved field development plan and establishment of continuous production
• ➢ The Gambia, PetroNor is progressing a technical work program on A4 licence with partner GNPC.
  • A farm-out data-room is open with reprocessed data and conversations are on-going with interested parties under NDAs.

• ➢ Continued strong operational delivery from Congo assets underpinned by regular liftings to sell oil inventory and generate cash flow.
• ➢ Infill drilling programme has proven to be an attractive investment to achieve long term reserve growth in a high margin asset.
• ➢ New PNGF Bis licence will bring additional opportunity for accretive investment.
• ➢ Aje re-development planning is advancing with partners, the supply chain, and potential purchasers of gas.
• ➢ Exploration position exposes company to positive outcomes in a proven basin

Strengthening balance sheet and positive operational outlook provides PetroNor with the financial capacity to:

• Execute organic growth strategy with re-investment into infill program fully funded

• Board intend to propose a dividend policy at the next AGM with the objective of considering a "meaningful" return of capital to shareholders during 2024.