PetroNor E&P ASA

Investor Presentation • Feb 22, 2023

2H 2022 Results Presentation

22th February 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

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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 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.

2H 2022 and subsequent events: Infill drilling supporting production growth

• Ø Average 2H total net production of 4,400 bopd was increased vs 1H average of 3,634 bopd, with current rates in 2023 to date of over 5,200 bopd.
• Ø Added productive well capacity in Congo via the infill drilling programme with four wells on Litanzi and two wells on Tchibeli NE.
• Ø An exploration discovery was made in a deeper reservoir underlying Tchibeli NE. This is now on production while the regional significance of the discovery is evaluated.
• Ø Two liftings of entitlement oil were achieved during October 2022 of respectively 334,061 and 466,116 bbls at an average price of USD 90.99/bbl.
• Ø A lifting was achieved on February 5th 2023 of 317,904 bbls at a realised price of USD 75.89/bbl
• Ø Next lifting scheduled in April 2023

H2 2022 Performance: At last the money arrives…

H2 2022 Use of cash

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 6/4/2022); 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.

resource

Congo Production

• Ø PNGF Sud field complex with ca 2 bnbbls STOOIP and less than 500 mmbbls recovered to date.
• Ø High margin production with opex of ca \$11/bbl.
• Ø Consistent track record of adding net 2P reserves in excess of production via technical work, infill drilling, and acquisition of minority partners.
• Ø 6 new wells on Litanzi and Tchibeli NE completed in 2022 and exceeding expectations in production.
• Ø 2023 infill target is the Tchibeli field with 4 wells planned from May.

Aje re-development as a gas field

Key development1

• Ø PetroNor now has a seat at the Licence group table
• Ø Finalising arrangements with Licence operator to hold 52% interest in jointly owned Aje Production
• Ø 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)
• Ø 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

West African high impact exploration

Attractive exploration portfolio

• Ø PetroNor holds a prospective exploration portfolio on trend with significant discoveries
• Ø Gambia A4 license award agreed with the government in October 2022
  • Modified work program with no drilling commitment in the first phase of 18 months.
  • New processing of 3D seismic being interpreted
• Ø Guinea Bissau advancing well planning for 2023 based on encouragement from farm-out discussions
• Ø Revival in industry interest in exploration observed supported by recent West Africa DW discoveries
• Ø Senegal arbitration process to resolve legacy licence dispute is completed and awaiting ruling from ICSID tribunal

9

• Ø Continued strong delivery from Congo assets
• Ø Production in PNGF Sud exceeding levels last seen a decade ago with current net working interest production over 5,200 bopd
• Ø Infill drilling programme supports long term reserve growth
• Ø First lifting/sale of entitlement inventory delivered and visibility on next lifting in Q2
• Ø Aje transaction completed and engagement of partners and off-takers on gas redevelopment is underway

Medium term outlook positions PetroNor with the financial capacity and flexibility to:

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

• Execute transformational and accretive M&A deals with Congo production un-leveraged

• Consider other options for shareholder value