PetroNor E&P ASA

Investor Presentation • Feb 19, 2025

Q4 2024 Results Presentation 19th February 2025, Jens Pace (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.

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. Further, hydrocarbon resource estimates for The Gambia includes information compiled by Dr Adam Law, Geoscience Director of ERC Equipoise Ltd. Dr Law, is a postgraduate 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.

Q4 Presentation

• 1. Operational update
• 1. Financial performance and shareholder value
• 1. Portfolio overview
• 1. Investigation update
• 1. Summary
• 1. Q&A

Q4 2024: Record oil sale, improved production efficiency

Performance update:

• Ø Sale of 881 thousand bbls in December at a realised price of USD 73/bbl.
• Ø Total sales for 2024 of 1.8 million bbls, generating USD 140 million
• Ø Q4 net working interest production of 4,759 bopd vs Q3 4,778 bopd
• Ø Stable infrastructure has improved production efficiency
• Ø Additional infill drilling to increase production in 2025 is scheduled

Average Net Working Interest Production 1)

000 bopd

1) Finally allocated data

BALANCE SHEET	HIGHLIGHTS	Oil sales from barrels lifted ds
Cash at bank at 31 December	Revenue for year ended 31 December
USD 79.7 million	USD 204.5 million	n usa 1,600 o h	1,800 Overlift
31 December 2023: USD 46.2 million	2023: USD 187 million	T 1,400	Q4
Debt at	EBITDA for year ended	1,200		Q4
31 December	31 December	1,000
USD nil	USD 100.3 million	800
31 December 2023: USD 5.5 million	2023: USD 121.8 million	600	Q2	Q2
Gross assets at	Cash flows from operations for	400			Q4
31 December	year ended 31 December	200	Q1	Q1
USD 300.7 million	USD 60.8 million	0
31 December 2023: USD 239.5 million	2023: USD 49.4 million		2024 2023 2022 Realised average price USD /bbl
			77.9	78.3	91.0

Amounts in USD million

Shareholder Value

Share price performance:

• Ø Operational delivery and strategy to distribute cash to shareholders has driven growth in share price.
• Ø 37% increase in share price over recent 12 months
• Ø Distribution of 2 NOK per share at the end of January 2025 provided an additional 14% return to shareholders from peak at 14 NOK per share.
• Ø Board will evaluate options for additional distribution to be recommended to the AGM

Portfolio Overview

1

2

3

Production – Congo-Brazzaville – PNGF Sud/Bis

• Gross field production of ~28,000 bopd

• Operated by Perenco , PetroNor WI 16.83%

• High margin production

Re-development – Nigeria – Aje Field (OML 113)

• Consolidating licence partnership via acquisition

• Re-development plan of 25,000 boepd

• Gas considered a transition fuel for Africa

Exploration – The Gambia – A4 Licence

• Proven basin

• Prospects analogous with nearby production

• Seismic attribute supported targets

Key Net Metrics1,2
Un-risked prospective resources (bnbbl)	2C resources (mmboe)	2P reserves (mmboe)	Oil production (bopd)
1.1	36.7	17.2	4,800

1) Volumes as of 1 Jan 2024 on PNGF Sud (AGR 20/3/2024), Aje: AGR-TRACKS 2019 based on effective interest of 20.2%; 2) Exploration: Sum Net Unrisked Mean Case Prospective Recoverable Resources, based on ERC Equipoise, net unrisked mean prospective resources.

8

Production base – Congo-Brazzaville – PNGF Sud/Bis Congo Production

Operational update PNGF Sud

• Ø Field complex with ~2.3 Bnbbls STOOIP with about 500 mmbbls recovered to date
• Ø 2P Reserves support a decade of production at current levels
• Ø 2C Resource opportunities to double this lifespan
• Ø Workover program addressing idle production wells and increasing production efficiencies
• Ø Tchendo 2 power generation in stable operation
• Ø Infill well program to resume in 2025 with focus on 5 wells in Tchibouela East

Aje re-development planning is advancing

• Ø Gross project appraised resource estimates:
  • 500 BCF Gas
  • 17 mmbbls Condensate
  • 33 mmbbls of LPG and Propane

  • 5 mmbls Oil

• Ø Exploration upside in licence area
• Ø Nearby discoveries needing infrastructure

ØPlan for re-development:

• FPSO with gas processing capacity
• Drilling 4-5 wells for gas and liquids production
• 30 km gas pipeline from the FPSO to shore
• Onshore LPG plant

Current Activity:

• Ø Ministry approval pending for New Age acquisition
• Ø 3D seismic depth re-processing ongoing to verify identified oil upside
• Ø Baseline onshore and offshore data sampling for ESIA evaluation underway

Attractive exploration opportunity

Ø The Gambia

• Technical work program shows potential seismic attribute support for prospects
• Target reservoirs analogous to Sangomar Field in Senegal
• Licence extended by 18 months from June 2024

Ø Guinea-Bissau

• Atum-1X well being evaluated by operator with possible follow-on well in 2026
• Potential future revenue to PetroNor contingent on approved field development plan and establishment of continuous production

• Ø The investigations initiated by Økokrim in Norway, and the DOJ in the United States, are still ongoing
• Ø The company is co-operating fully with this process in both jurisdictions
• Ø Involves a significant commitment of legal resources
• Ø The timeline for the investigations is uncertain and beyond the company's control, but the company expects to get more clarity about the way forward during 2025
• Ø Stable production from Congo assets with infill drilling program to resume in Q2 2025
• Ø Company strategy is focused on maximising value of existing portfolio and returning cash to shareholders
• Ø Building a significant cash position, with USD 80 million at the end of Q4
• Ø USD 64 million proceeds from oil sales received in January 2025
• Ø Initial distribution of NOK 2 per share (USD 25.6 million) paid following EGM in January 2025
• Ø Board will consider an additional distribution in 2025 to be recommended to the AGM