PetroNor E&P ASA

Investor Presentation • Nov 28, 2023

Q3 2023 Results Presentation

28th November 2023, 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

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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

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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 2023: Positive production outlook and record oil sales

Operational performance update:

• ➢ Q3 net working interest oil production of 5,113 bopd maintaining 1H average
• ➢ Current net production at ca 6,000 bopd as new infill wells were brought online in October
• ➢ 1.2m bbls of oil sold in 2023 realising USD 94m, an additional lifting of 360k bbls is scheduled early December
• ➢ The 100% farm-out of Guinea-Bissau acreage approved by the government, payment of USD 25m is expected soon
• ➢ Agreement signed to acquire New Age interest in Nigeria's Aje Field gas re-development
• ➢ Senegal licence dispute arbitration has concluded with claims by both parties rejected by ICSID tribunal

BALANCE SHEET	HIGHLIGHTS	Oil sales from barrels
Cash at bank at 30 September 2023	Revenue for nine months ended 30 September 2023	lifted 1,500
USD 23.7 million	USD 112.6 million	ds n a us 1,300 o		Dec scheduled lifting
31 December 2022: USD 24.8 million	2022: USD 52.2 million	h T 1,100
Net cash/-debt at 30 September 2023	EBITDA for nine months ended 30 September 2023	900	Q4	Oct completed lifting
		700			Q4
USD 16.8 million	USD 71.1 million	500	Q2		Q3
31 December 2022: USD 13.8 million	2022: USD 36.1 million	300		Q4	Q2
Gross assets at 30 September 2023	Cash flow from operations for nine months ended 30 September 2023	100	Q1		Q1
		-100	2023 YTD	2022	2021
USD 210.0 million	USD 64.2 million	Realised average price USD /bbl
31 December 2022: USD 184.5 million	2022: USD 41.9 million		79.9	91.0	69.3

1) Congo: PNGF Bis constitutes 6.8 mmbbls of 2C resources in Congo. PetroNor has the right to enter into the PNGF Bis license with net working interest of 23.56% 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

Strong operational delivery from PNGF Sud

• ➢ Field complex with ca 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 17 planned infill wells completed since 2022 - all have exceeded expectations
• ➢ 2024 program:

1

• Follow-up Vandji producer to 2022 discovery will be drilled in Tchibeli NE
• Six infill wells in the Tchendo field
• ➢ Tchendo refurbished platform to be in field mid December

Production growth from disciplined investment in a large field

PetroNor at net working interest 16.83%

Net PetroNor Production, 2023 - 2024

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:
  • Completion of transaction with YFP to hold 52% in jointly owned Aje Production AS¹ expected
  • Agreement with New Age to acquire controlling interest subject to government approval
• ➢ Advancing plan for re-development with partners:
  • 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 nearing completion
• ➢ Positive discussions with sources of project finance underpinned by gas as a transition fuel for the region

• ➢ 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 portfolio

• ✓ Guinea-Bissau transaction close to completion following government approval.
  • Receipt of \$25m consideration expected soon.
• ➢ The Senegal arbitration to resolve a legacy dispute resulted in a ruling rejecting claims on the licences, which are removed from the company portfolio. x
• ➢ 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 represents an attractive investment to achieve long term reserve growth in a high margin asset
• ➢ Aje re-development planning is advancing with partners, the supply chain, and potential purchasers of gas
• ➢ Farm-out of the Guinea-Bissau position adds to current year balance sheet

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

• Provide equity for execution of accretive business development via un-leveraged Congo production

• Consider other options for shareholder value such as a dividend or share buyback program in 2024