PetroNor E&P ASA

Legal Proceedings Report • Mar 2, 2023

PetroNor E&P ASA: Company update regarding recent media article

Oslo, 2 March 2023: Reference is made to the news article published on Investigate Europe and in Finansavisen today, 2 March 2023, in which PetroNor E&P ASA ("the Company") is mentioned.

Reference is made to stock exchange announcements issued by the Company 15 and 16 December 2021, 11 April 2022 and 22 February 2023. In these announcements, PetroNor E&P has confirmed that the National Authority for Investigation and Prosecution of Economic and Environmental Crime in Norway (Økokrim) in December 2021 opened investigations into criminal charges and allegations of corruption brought against individuals related to the Company. In April 2022, the U.S. Department of Justice opened a separate investigation into these allegations.

PetroNor E&P takes compliance very seriously and continues to cooperate fully with authorities in order to facilitate an efficient completion of the investigations. As previously announced, no criminal charges have been brought against PetroNor E&P ASA nor any of its Group companies.

For further information, please contact:

Investor Relations Email: ir@petronorep.com

About PetroNor E&P ASA

PetroNor E&P ASA is an Africa-focused independent oil and gas exploration and production company listed on Oslo Børs with the ticker PNOR. PetroNor E&P ASA holds exploration and production assets offshore West Africa, specifically the PNGF Sud licenses in Congo Brazzaville, the A4 license in The Gambia, the Sinapa (Block 2) and Esperança (Blocks 4A and 5A) licenses in Guinea-Bissau, the Rufisque Offshore Profond and Senegal Offshore Sud Profond in Senegal (in arbitration) and OML-113 in Nigeria.