PetroNor E&P ASA

Investor Presentation • May 20, 2025

Q1 2025 Results Presentation

20th May 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.newsweb.oslobors.no.

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 reserve and resource estimates for Congo-Brazzaville estimated internally and audited by Three60 Energy Norway AS. OML113 Nigeria (Aje) includes information on contingent hydrocarbon resources compiled by AGR Tracs ("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. Further, hydrocarbon resource estimates for The Gambia 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.

Q1 Presentation Outline

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

Performance update:

• ➢ Q1 net working interest production was 4,321 bopd vs previous quarter of 4,759 bopd
• ➢ Anticipated reservoir decline and temporary shut-in of two high-rate wells affecting production in Q1
• ➢ Stable new infrastructure supporting higher overall production efficiency
• ➢ Infill drilling program expected to increase 2H production

Average Net Working Interest Production 1)

000 bopd

1) Finally allocated data 2) Operator full year forecast

Cash at bank at 31 March

USD 107.5 million

31 December 2024: USD 79.7 million

Gross assets at 31 March

USD 264.9 million

31 December 2024: USD 301.2 million

Revenue for quarter ended 31 March

USD 13.9 million

2024: USD 44.3 million

Cash flows from operations for quarter ended 31 March

USD 55.4 million

2024: USD 55.4 million

Entitlement Oil Sales and Inventory

Focus on near term shareholder return: Share Price:

• ➢ Continued operational delivery and focused strategy has generated cash to support shareholder distributions.
• ➢ 2.0 NOK per share repayment of capital in January 2025 in consideration of 2023 profit
• ➢ An additional 2.2 NOK per share repayment of capital is proposed by the board for the AGM on 21 May 2025 in consideration of 2024 profit
• ➢ Total Shareholder Return over past 12 months will be ca 78% following AGM approval

Portfolio Overview

Production – Congo-Brazzaville – PNGF Sud/Bis

• Gross field production of ~26,000 bopd

• Operated by Perenco , PetroNor WI 16.83%

• High margin production

1

2

3

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	35.2	17.0	4,300

1) Volumes as of 1 Jan 2025 on PNGF Sud (PN reserves audited by THREE60 Energy Norway AS), Aje: AGR-TRACKS 2019 based on effective interest of 20.2% prior to New Age completion adding 32.1%; 2) Exploration: Sum Net Unrisked Mean Case Prospective Recoverable Resources, based on ERC Equipoise, net unrisked mean prospective resources.

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

Operational update PNGF Sud

• ➢ Field complex with ~2.3 Bnbbls STOOIP with about 500 mmbbls recovered
• ➢ Audited 2P Reserves with 93% reserve replacement
• ➢ Supports more than a decade of current production
• ➢ 2C Resource opportunities to double this lifespan
• ➢ Workover program and recent infrastructure investment improving production efficiency
• ➢ Infill well program to commence shortly with focus on 5 wells in Tchibouela East

Re-development – Nigeria – Aje Field (OML 113) Aje re-development as a gas field 2

Aje re-development planning is advancing

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

  • 10 mmbls Oil

• ➢ Exploration upside in licence area
• ➢ Nearby discoveries needing infrastructure
• ➢ Plan 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:

• ➢ Ministry approval pending for New Age acquisition
• ➢ 3D seismic re-processing completed with increased confidence in mapped oil upside
• ➢ Baseline onshore and offshore data sampling for ESIA evaluation underway

3 Exploration – The Gambia – A4 licence West African high impact exploration

Attractive exploration opportunity

➢ The Gambia

• Target reservoirs analogous to Sangomar Field in Senegal
• Technical work program shows potential seismic attribute support for prospects
• Current licence phase expires 13th November 2025

➢ Guinea-Bissau

• Atum-1X well being evaluated by operator with possible follow-on well in 2026
• Potential future revenue of USD 60 million to PetroNor contingent on approved field development plan and establishment of

• ➢ The Department of Justice in the United States have closed their investigation
• ➢ The investigation by Økokrim in Norway initiated in 2021 remains ongoing
• ➢ The company is co-operating fully with this process
• ➢ The timeline for the investigation is uncertain and beyond the company's control
• ➢ It is expected that the company will be provided more clarity about the way forward during 2H 2025

Summary:

• ➢ Stable production from Congo assets with infill drilling program to resume 2H 2025
• ➢ Oil inventory build in 2H to support a potential 4Q lifting
• ➢ Company strategy is focused on maximising value of existing portfolio and returning cash to shareholders
• ➢ Second return of capital of 2.2 NOK/share (ca USD 30m) is proposed to AGM on 21st May