PetroNor E&P ASA

Investor Presentation • Sep 20, 2023

2023 Pareto Securities' 30th annual Energy Conference

20th September 2023, Jens Pace (Interim CEO)

Disclaimer

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.

2

PetroNor E&P ASA

• Ø Africa focused full cycle E&P independent
• Ø Listed on Oslo stock exchange (ticker: PNOR)
• Ø Market capitalisation NOK 1.20 bn (USD 112 m)
• Ø Major shareholder is UAE based Petromal (34%)
• Ø So far this year:
  • 2023 1H average net production of 5,119 bopd
  • 2023 entitlement oil of 833 k bbls sold (after government take)
  • USD 64 m realised at \$76.3/bbl
• Ø Looking forward:
  • 4Q sale of ca 400 k bbls entitlement oil planned
  • Extracting value from exploration portfolio in deal worth up to USD 85 m
  • Firm consideration of USD 25 m to be realised during October.

BALANCE SHEET	HIGHLIGHTS	Oil sales from barrels
Cash at bank at 30 June 2023	H1 2023 revenue	lifted
USD 26.5 million	USD 93.9 million	1,000 Planned Q4 Lifting 900
31 December 2022: USD 24.8 million	H1 2022: USD 36.8 million	ds 800 n a
		us 700 Q4 o h
Net cash/-debt at 30 June 2023	H1 2023 EBITDA	600 T Q2 bls 500 B Q3
USD 18.2 million	USD 57.8 million	400 Q4 Q2 300
31 December 2022: USD 13.8 million	H1 2022: USD 20.4 million	200
Gross assets at 30 June 2023	H1 2023 Cash flow from operations	Q1 Q1 100 0
		2021 2022 2023 YTD
USD 212.9 million	USD 41.8 million	Realised average price USD/bbl
31 December 2022: USD 184.5 million	H1 2022: USD 20.4 million	69.3 91.0 76.3

2

Production base – Congo-Brazzaville – PNGF Sud/Bis

• Gross field production of ~30,000 bopd

• High margin production - \$9/bbl opex

• Operated by Perenco (PetroNor 16.83%)

Re-development – Nigeria – Aje Field (OML 113)

• Development plan of 25,000 boepd

• Gas delivers a strong ESG profile

• Focus on partner alignment and pre-FID planning

Exploration – large scale prospects

• Multi-billion bbl potential

• Proven basin with significant recent discoveries

Net unrisked prospective resource

Net 2C resources

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 (Gambia/Senegal), Company management estimate, SPE Guinea Bissau AB estimate.

1

Strong operational delivery from Congo assets

• Ø PNGF Sud field complex 2 Bnbbls STOOIP and less than 500 mmbbls recovered to date.
• Ø Track record of adding production via work-overs of existing wells and infill drilling.
• Ø Six new wells on Litanzi and Tchibeli NE completed in 2022 and exceeding expectations in production.
• Ø 2023 program of five wells completed on the Tchibeli field with first oil expected imminently.
• Ø Planned program of six wells in 2024 on the Tchendo field.
• Ø A converted jack-up rig is being deployed as a wellhead platform during Q4.

Production growth from disciplined investment in a large field

PetroNor at net working interest 16.83%

2

Aje re-development planning is advancing1

• Ø Completion of deal with YFP for 52% interest in jointly owned Aje Production AS in process.
• Ø Advancing plan for re-development with partners comprising:
  • FPSO with gas handling capacity
  • 4-5 wells for gas and liquids production
  • 30 Km gas pipeline to onshore LPG plant
• Ø Market enquiries on FPSO and gas sales underway
• Ø 3D seismic re-processing for well positioning.
• Ø Positive discussions for project finance underpinned by gas as a transition fuel for the region.

• Ø Gross project appraised resource estimates:
  • 500 BCF Gas
  • 20 mmbbls Condensate
  • 7 mmbls Oil
• Ø Exploration upside in licence area
• Ø Nearby discoveries needing infrastructure

Exploration – large scale prospects West African high impact exploration – monetising value

Attractive exploration portfolio

• Ø Guinea Bissau deal demonstrates value of exploration portfolio.
• Ø 100% farm-out agreement secures USD 25m cash on completion with conditional payments of up to USD 60m.
• Ø Government approval has been confirmed.
• Ø In Gambia, PetroNor is progressing work program.
• Ø A farm-out data-room is set-up and conversations on-going with 3rd parties.
• Ø The Senegal arbitration ruling to resolve legacy licence dispute is expected during 3Q.

• Ø Continued strong operational delivery from Congo assets underpinned by regular liftings to sell oil inventory and generate cash flow.
• Ø Infill drilling programme represents an attractive investment to achieve long term reserve growth in a high margin asset.
• Ø Aje re-development planning is advancing with partners, the supply chain, and potential purchasers of gas.
• Ø Monetisation of the Guinea Bissau position expected in 2H demonstrates potential value of the exploration portfolio.

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