PetroNor E&P ASA

Investor Presentation • Mar 2, 2022

Q4 2021 Presentation

2 March 2022, Eyas Alhomouz (Chairman), Jens Pace (CEO) and Claus Frimann-Dahl (CTO)

March 2020

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.

> Production improving as forecast

• Rising price realization throughout the year with double lifting achieved during Q4

• Infill drilling program in Congo progressing as planned – self funded

• PetroNor successfully redomiciled to Norway and up-listed to the main list on the Oslo Stock exchange

• Government approval received for Aje transaction

Lifting agreement signed with ADNOC Trading

Successfully listed on the main market of the Oslo Stock Exchange

4

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 2021 on PNGF Sud (AGR 10/3/2021); Corrected for production until 31.12.21 and Tchibeli NE resources to reserves. 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.

	Q1-21	Q2-21	Q3-21	Q4-21	2021	2020
Average daily gross field oil production at PNGF Sud1 (bopd)	21,528	18,994	20,007	22,016	20,636	22,713
Volumes sold (liftings) (1,000 bbl)	219	201	94	317	831	994
Average oil selling price (USD/bbl)	58.7	67.6	74.2	76.3	69.3	40.9
Revenue from sales of petroleum products (USD m)	12.8	13.6	7.0	24.2	57.6	40.6
Other revenues (USD m)	10.1	11.6	11.4	15.8	48.9	26.9
Total revenue (USD m)	22.9	25.2	18.3	40.0	106.5	67.5
Net comprehensive income (USD m)	4.9	3.9	0.1	11.9	20.8	10.1
EBITDA (USD m)	13.7	13.9	9.6	24.4	61.9	33.8

• Cash build up in advance of PNGF Sud drilling campaign cost
• USD 19.2 million CAPEX spend on PNGF during H2 2021
• USD 1 million spend on Exploration activities
• Non-controlling Interest reduction through purchase of subsidiary HAH & HEPCO
• Net Assets increase due to equity issued for Private Placement and Repair Offer

Summary Financial Position (USD m)	Dec 2021	Jun 2021	Dec 2020	Jun 2020
Current assets	51.8	34.7	27.1	45.1
Non-current assets	73.4	53.2	51.9	27.4
Total assets	125.2	87.8	79.0	72.5
Current liabilities	39.2	23.7	26.4	24.1
Non-current liabilities	20.2	25.9	30.3	29.8
Total liabilities	59.4	49.6	56.7	53.9
Net Assets	65.8	38.2	22.3	18.5
Non-controlling interest	6.5	16.7	14.4	12.8
Net interest bearing debt	13.1	18.1	18.9	15.0
Cash balance	31.8	20.4	27.9	11.1

				2021			2022		2023
	Asset	Comment	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2
		• Infill drilling commenced					Extensive infill drilling program
	PNGF Sud	• Continuous workover program					Workover program
TS ASSE RE	PNGF Bis	• Operator led negotiations expected to resume in 20221 • Pilot development								Pilot
O C	Aje	• Field re-development: replace FPSO, pipeline to shore, PetroNor as technical service company • Government approval received in January 2022; completion expected by end of April							Development planning
ES TI VI TI C	Exploration portfolio	• Gambia A4 • Guinea Bissau, Sinapa/Esperança • Senegal arbitration		Farm-out prces		Conclusion Senegal arbitration	Well commitment
A R E H T O	M&A / Business development	• Several ongoing and identified M&A initiatives					Ongoing M&A actvities

Our production Base – PNGF Sud¹

High margin producer with growth potential

• 2 Bn barrels mature oil asset which came on stream in 1987 and holds a significant remaining potential

• Located in shallow waters (80 100 meters) with significant infrastructure in place

  • Seven steel jackets as drilling or processing centers
  • 67 active producing wells across five fields

• New partnership established in Jan 2017 operated by Perenco, a world leading operator of mature assets in emerging markets

• Asset revamped with new partnership with further potential to increase production through workovers and infill drilling

  • Substantial scope for increased oil recovery
  • Strong IRR from incremental low-effort measures

Key facts PNGF Sud

¹ Consisting of three Production sharing Agreements: Tchibouela II, Tchibeli–Litanzi II and Tchendo II

² PNGF Sud indirect interest of 16.83% to PetroNor through Hemla E&P Congo's 20% interest

3 Independent competent person's report as of 1 Jan 2021 prepared by AGR 10 Mar 2021; Corrected for production until 31 Dec 2021 and accelerated Tchibeli NE drilling – CPR revision ongoing

Strong performance from Perenco partnership

Gross / net reserves increased 3.9x / 3.2x respectively¹

2P reserves replacement ratio of ~400%

Reserves have increased consistently every year since license entry based on production performance and approved infill drilling programmes

Production (2017- 2021)

2P 2017 2P

increase (2017- 2021)

Net reserves

WI increases

Production increase - infill drilling started on PNGF Sud

Steady PNGF Sud Production Well drilling campaign has started ¹

• Average production for the year (final allocation) 2021 of 20,636 bopd

  • Q3 and Q4 saw improved well workover performance
  • Strong entry rate into 2022

• 17 well drilling campaign started November

  • Part batch drilling four Litanzi wells four tophole sections completed and one well successfully drilled through the reservoir section
  • Currently drilling second well 12 ½" section planned through reservoir
  • Production benefits to be seen from Q1 2022 and onwards

PNGF Sud 2021

	Q1-21	Q2-21	Q3-21	Q4-21	Year
Gross, bopd	21,528	18,994	20,007	22,016	20,636
Net to PN, bopd	3,623	3,197	3,367	3,705	3,473

Production growth from infill drilling

Field	Litanzi	Tchibeli NE	Tchibeli	Tchendo
Target	Infill drilling	Development drilling	Infill drilling	Infill drilling
Producers	2	2	2	7
Injectors	2		2
Gross capex, mill. USD	~105	~90	~50	~105

Aje re-development – government consent for license transaction

Key development¹

• Nigeria Upstream Petroleum Regulatory Commission approval for license transaction received

• Expected completion by the end of April

• Significant upside potential to be unlocked through new partnership and different technical approach

• PetroNor ready to engage at the lease as Technical Service Company

• PetroNor to hold 45% interest in Aje Production SPV and effective Economic Interest of 13.08% and expected to reach 17.4% within 3 years based on projected payout phases.

• Aje will at re-development become a significant contributor to the CO² emission reduction for Nigeria

  • Potential to produce/replace +500MW power generated on diesel
  • Provide +10% of the country cooking gas (LPG)

• Gas and LPG is important for Africa to reach several of the UN sustainability goals

power around the clock, according

to state commissioner for energy and mineral resources Olalere Odusote

1) 6.502% participating interest, with 16.255% cost bearing interest, representing an economic interest of 12.1913% in OML 113. Option to pay partly in cash should the PetroNor share price fall below USD 0.13 per share; Future consideration of up to USD 16.67m based on gas production royalty in a success case 12

West African exploration "hotspot"

Attractive exploration portfolio

• Regional activity

  • Significant discoveries made along the African Margin
  • BP/Kosmos LNG, Woodside Sangomar

• PetroNor has re-established a strong exploration portfolio through 2021

  • Guinea Bissau advanced well planning
  • Gambia A4 license option extended to 18. October 2022
  • Farm-out discussions with International Oil Companies across the portfolio
  • Revival in exploration expected with strengthening oil price

• Significant prospect sizes

  • Multiple prospects each >200million barrels recoverable
  • Attractive fiscal terms

Best quarter financial performance in company history

• Production improving as forecast

• Rising price realization throughout the year with double lifting achieved during the year

• Infill drilling program in Congo progressing as planned – self funded

• PetroNor successfully redomiciled to Norway and up-listed to the main list on the Oslo Stock exchange

• Government approval received for Aje transaction

• Lifting agreement signed with ADNOC Trading

Financial capacity for growth

Positions PetroNor with the financial capacity and flexibility to:

• Execute its organic growth strategy

• Execute transformational and accretive M&A deals

• Whilst maintaining a conservative risk profile

Reserves 300 mmbbl

Production 30,000 boepd