PetroNor E&P ASA

M&A Activity • Jun 30, 2021

PetroNor Announces Further Extension of Long Stop Date for Purchase of Aje

PetroNor Announces Further Extension of Long Stop Date for Purchase of Aje

30 June 2021

PetroNor E&P Limited

(“PetroNor” or the “Company”)

PetroNor Announces Further Extension of Long Stop Date for Purchase of Aje

PetroNor (OSE ticker: “PNOR”), the independent oil and gas exploration and production company with a focus on sub-Saharan Africa, announces that the Company and Panoro Energy ASA (“Panoro”) have agreed on a further extension of the completion long stop date for the previously announced purchase of Panoro’s fully-owned subsidiaries that hold 100% of the shares in Pan Petroleum Aje Limited ("Pan Aje") (the “Transaction").

The original date was initially extended to the 30 June 2021 per the announcement on 31 December 2020. However, due to persistent challenges related to the COVID-19 pandemic, the progress has taken longer than expected. As such the Company and Panoro have agreed a three month extension to gain the required authorisation of the Nigerian Department of Petroleum Resources and the consent of the Nigerian Minister of Petroleum Resources to complete the transaction. The amended long stop date to complete the Transaction is now 30 September 2021.

All other terms and conditions of the Transaction remain unchanged.

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For further information, please contact:

Knut Søvold, Chief Executive Officer

Chris Butler, Group Financial Controller

info@petronorep.com

Media Contacts:

Buchanan

Ben Romney

Tel: +44 207 466 5000

About PetroNor E&P

PetroNor E&P Limited is a sub-Saharan focused independent oil and gas exploration and production company listed on Oslo Euronext Expand with the ticker PNOR. PetroNor holds exploration and production assets offshore West Africa, specifically the PNGF Sud licenses in Congo Brazzaville, the A4 license in The Gambia, the Sinapa (Block 2) and Esperança (Blocks 4A and 5A) licenses in Guinea-Bissau, the Rufisque Offshore Profond and Senegal Offshore Sud Profond in Senegal (in arbitration) and OML-113 in Nigeria (subject to completion).