PetroNor E&P ASA

Business and Financial Review • Nov 4, 2019

Significant Increase in 2P Reserves - PNGF Sud, Congo

Significant Increase in 2P Reserves - PNGF Sud, Congo

PetroNor E&P Limited (“PetroNor” or the “Company”) (OSE ticker: “PNOR”) is pleased to announce an update to its reserves for its 10.5% indirect interest in PNGF Sud, Congo Brazzaville.

The Company engaged AGR Petroleum Services AS (“AGR”) to carry out an independent reserves and contingent resources evaluation of four producing fields in PNGF Sud in Congo Brazzaville.

The competent persons report (“CPR”) produced by AGR includes the Tchibouela Main, Tchendo, Tchibeli and Litanzi fields in PNGF Sud and estimates remaining 2P reserves as at 1 January 2019 as follows:

Licence Gross Reserves (2P) Net Reserves to PetroNor (2P)

Oil mmbo Gas bcf Boe mmboe Oil mmbo Gas bcf Boe mmboe

PNGF Sud (10.5%)

Tchibouela 61.70 11.80 63.80 6.48 1.24 6.70

Tchendo 20.50 0.00 20.50 2.15 0.00 2.15

Tchibeli 15.10 0.00 15.10 1.59 0.00 1.59

Litanzi 13.20 0.00 13.20 1.39 0.00 1.39

TOTAL 2P RESERVES 110.50 11.80 112.60 11.60 1.24 11.82

After adjusting for 2019 actual production the remaining net 2P oil reserves attributable to PetroNor as at 31 October 2019 are 10.89mmbo. This represents a 28% increase to the previously reported net 2P oil reserves of 8.54mmbo based upon the 2018 CPR by AGR. The Company expects 2019 year end net 2P oil reserves to be 10.75mmbo based upon forecast production to 31 December 2019.

The CPR estimates 2C contingent resources as at 1 January 2019 as follows:

Licence Gross Contingent Resources (2C) Net Contingent Resources to PetroNor (2C)

Oil mmbo Gas bcf Boe mmboe Oil mmbo Gas bcf Boe mmboe

PNGF Sud (10.5%)

Tchibouela 8.80 5.00 9.69 0.92 0.53 1.02

Tchendo 10.70 0.00 10.70 1.12 0.00 1.12

Tchibeli 9.70 0.00 9.70 1.02 0.00 1.02

Litanzi 0.00 0.00 0.00 0.00 0.00 0.00

TOTAL 2C CONTINGENT

RESOURCE 29.20 5.00 30.09 3.07 0.53 3.16

The AGR CPR has been compiled in accordance with the SPE PRMS (Petroleum Resources Management System) with an effective date of 1 January 2019.

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For further information, please contact:

Jens Pace, Chief Executive Officer

Stephen West, Chief Financial Officer

Tel: +44 20 3655 7810

Media Contacts:

Buchanan

Ben Romney/Chris Judd

Tel: +44 207 466 5000