PetroNor E&P ASA

Investor Presentation • Aug 30, 2023

H1 2023 Results Presentation

30th August 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

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.

H1 2023: Continued production and revenue growth

Operational performance update:

• ➢ Average H1 net working interest oil production of 5,119 bopd, a 16% increase vs H1 2022 average of 4,400 bopd.
• ➢ PNGF production is exceeding levels last seen a decade ago due to the investment in the infill drilling program during 2021 and 2022 which added six new wells to production.
• ➢ Four new infill wells have been drilled during 2023, and following completion of a fifth currently being drilled, these will be brought on production (one injector) starting next month.
• ➢ Three liftings of net entitlement oil have been completed during 2023 with sale of 833K bbls at an average price of USD 76.3/bbl, and a fourth lifting is scheduled during October.
• ➢ A 100% farm-out of the Guinea-Bissau acreage has been agreed in a deal worth up to USD 85m, with a firm consideration of USD 25m expected following government approval during Q3.

BALANCE SHEET

Balanced portfolio across the E&P value chain

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 (The Gambia/Senegal), Company management estimate, SPE Guinea-Bissau AB estimate. 6

1

Strong operational delivery from Congo assets

• ➢ PNGF Sud field complex with ca 2 Bnbbls STOOIP and less than 500 mmbbls recovered to date.
• ➢ Consistent track record of adding production via workovers of existing wells and infill drilling.
• ➢ High margin barrels with opex averaging USD 9/bbl at current production rates.
• ➢ Six new wells on Litanzi and Tchibeli NE completed in 2022 and exceeding expectations in production.
• ➢ 2023 program of four wells completed on the Tchibeli field with 5th currently drilling and first oil from four producers starting in September.
• ➢ Planned program of six infill wells in 2024 will focus on the Tchendo field.
• ➢ A conversion of a former jack-up rig is being completed as a wellhead platform in the Netherlands with sail-away to Congo planned during Q4.

Production growth from disciplined investment in a large field

PetroNor at net working interest 16.83%

Aje re-development planning is advancing¹

• ➢ Completion of agreement with YFP to hold 52% interest in jointly owned Aje Production is in process.
• ➢ Advancing plan for re-development with partners and gas off-takers comprising:
  • Upgraded FPSO with gas processing capacity
  • Drilling / sidetracking 4-5 wells for both gas and liquids production
  • Laying a 30 Km gas pipeline from the FPSO to shore
  • Onshore LPG plant (to meet WAGP specifications)
• ➢ Market enquiries on FPSO and gas sales underway
• ➢ Critical path 3D seismic re-processing for well positioning started.
• ➢ Positive discussions with sources of project finance underpinned by recognition of gas as a transition fuel for the region.

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

Attractive exploration portfolio

• ➢ Guinea-Bissau transaction demonstrates value of PetroNor's Atlantic margin exploration position.
• ➢ 100% farm-out agreement secures USD 25m cash on completion while maintaining exposure to a success case outcome via deferred conditional payments of up to USD 60m.
• ➢ Government approval is expected to be confirmed via an official gazettal soon.
• ➢ The Gambia, PetroNor is progressing a technical work program on the A4 license award as agreed with the government in November 2022.
• ➢ A farm-out data-room has been set-up with newly acquired data and there are conversations on-going with interested parties under NDAs.
• ➢ The Senegal arbitration process to resolve legacy licence dispute is completed and a ruling from ICSID tribunal is expected during Q3.

• ➢ 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.
• ➢ Monetisation of the Guinea-Bissau position expected in H2 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 reinvestment 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

The company will return to quarterly financial reporting during H2.