PetroNor E&P ASA

Investor Presentation • Nov 26, 2021

Trading Update Q3 2021

November 26th 2021, Knut Søvold (CEO) and Claus Frimann-Dahl (CTO)

March 2020

Disclaimer

This Presentation has been prepared by PetroNor E&P Limited (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 Euronext Expand (former Oslo Axess), 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 Australian 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 SPE Guinea Bissau 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

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. Nigeria: Estimates according to independent competent person's report prepared by AGR. Volumes as of 1 Jan 2021 on PNGF Sud (AGR 10/3/2021); Corrected for production until 1.7.21. 2) Nigeria: Resources are subject to completion of the Aje transaction (initial net working economic interest of 13.08%, 17.4% within three years based on project payout phases). 3) 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.

> Infill drilling program in Congo1 progressing as planned

• Drilling starting in November

• PetroNor to invest USD ~80 million during 2021-2023

• Gross field production levels expected at 22,200 bopd in Q4-21, up from 20,020 bopd in Q3-21

• Attractive exploration prospects in The Gambia & Guinea-Bissau

  • Farm-out process continues

• Continued M&A activity to reach growth target

• Capital raised to enable execution of PetroNor's growth strategy

  • A private placement with gross proceeds of NOK 340 million was completed in H1 2021

  • Gross proceeds totalling NOK 51 million raised in a subsequent share offering in Q3-21

• Re-domicile to Norway and process to be listed on Oslo Stock Exchange ("Main list") progressing to complete before year-end

Well spud on Litanzi this month

Net allocated oil (post tax oil and royalties)

38

Q4-21 (estimate)

109

	Q4-20	Q1-21	Q2-21	Q3-21	YTD Q3-21	2020
Average daily gross field oil production at PNGF Sud1 (bopd)	22,182	21,530	19,061	20,020	20,198	22,713
Volumes sold (liftings) (1,000 bbl)	206	219	201	94	514	994
Average oil selling price (USD/bbl)	44.8	58.7	67.6	74.2	65.0	40.9
Revenue from sales of petroleum products (USD m)	9.2	12.8	13.6	7.0	33.4	40.6
Other revenues (USD m)	7.6	10.1	11.6	11.4	33.1	26.9
Total revenue (USD m)	16.8	22.9	25.2	18.3	66.5	67.5
EBITDA (USD m)	11.5	13.7	13.9	9.6	37.2	33.8
Net interest Bearing Debt (USD m)	18.9	18.9	18.1	15.6	15.6	18.9
Cash balance at period-end (USD m)	14.1	19.6	20.4	37.9	37.9	14.1

Estimated Q4-21 revenues from oil sales would be USD ~24 million, assuming an average oil price of 75 USD/bbl for the period.

				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	• Negotiations expected to be completed in 20221 • Pilot development								Pilot dev.
O C	Aje	• Field re-development: replace FPSO, pipeline to shore, PetroNor as technical operator • Still awaiting governmental approvals							FPSO, 3-5 wells, pipeline to shore
ES TI VI TI C A R E H	Exploration portfolio	• Gambia A4 • Guinea Bissau, Sinapa/Esperança • Senegal arbitration		Farm-out prces	Conclusion Senegal arbitration		Well commitment
		Basin activity • FAR drilling in Gambia A2 • Sangomar on-stream in Senegal • Opportunities for portfolio optimization			A2 in Gambia			Sangomar	First Oil
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

• 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
  • 61 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

AGR 2P 2021 AGR 2P+2C 2021 Cum AGR2P Cum AGR2C

Reserves and resources3 2P (gross) 116.5 mmbbl 2C (gross): 43.4 mmbbl STOIIP: 2,029 mmbbl Accumulated produced 01.07.21: 464 mmbbl

Production Q3 2021 production (gross): 20.0 kbopd

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 1 Jul 2021

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

Strong performance from Perenco partnership

Gross / net reserves increased 2.4x / 3.6x respectively1

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

Production back on track and starting infill drilling on PNGF Sud

Production back on track at PNGF Sud Well drilling campaign has started ¹

• Gross field production is back on track with estimated average for Q4 2021 of 22,200 bopd

  • Q2 production was impacted by logistics chain issues implying lack of production maintenance equipment

• 17 well drilling campaign starting November

  • First well to be spud on Litanzi
  • Production benefits to be seen from Q1 2022 and onwards

Q1-21	Q2-21	Q3-21	Q4-21 (est.)
21,530 bopd	19,061 bopd	20,020 bopd	22,200 bopd

¹ PNGF Sud indirect interest of 16.83% to PetroNor through Hemla E&P Congo's 20% interest

Planned USD ~80 million capex in PNGF Sud up to 2023

Production growth from infill drilling ahead of program

Aje re-development – a project with a strong ESG profile

Key development

• Participating interest pending ministerial approval process well advanced and conducted Due Diligence session with DPR in early June 2021 with positive feedback

• Producing asset1 with significant upside potential to be unlocked through new partnership and different technical approach

• During Q4 2019, PetroNor acquired an interest in OML 113 through acquisition of Panoro's interest and contributing it to Aje Production SPV. PetroNor will 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.

Gas – the transition fuel for Africa

• 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

¹⁾ 2020 production of 259 bopd (net)

²⁾ 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 13

West African exploration "hotspot"

Attractive exploration portfolio

• Regional activity

  • ENI made a significant discovery in Ivory Coast
  • Sangomar Field target 100,000 bopd in 2023
  • Bambo well (A2 licence) in The Gambia spudded by FAR 15 November 2021

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

  • Farm-out discussions with several IOC ´s ("International Oil Companies") across the portfolio
  • Revival in exploration expected with strengthening oil price

• Significant prospect sizes

  • Multiple prospects with +500mill.bbl recoverable

Balanced portfolio across the E&P value chain

> Production growth in Congo

• Infill well program starting November

• Target to reach net 5,000 bopd during 2023

> Attractive re-development and exploration portfolio

• Aje project awaiting governmental approval

• Target farm-down and carried through well exploration drilling

• Remain significant interests in world-class prospects

• Long-term strong free cash flow

  • Recycle profit in Congo into drilling

• Additional growth from M&A

  • Actively looking for value accretive transactions

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