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PetroNor E&P
PetroNor E&P (PNOR) investor relations material
PetroNor E&P Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary20 Feb, 2026
Executive summary
Q4 2025 saw strong operational performance, with new infill wells in PNGF Sud and Tchibouela East reversing prior declines and boosting net production capacity above 5,000 bopd.
EBITDA for 2025 was $63.2M, down from $102.4M in 2024; net profit dropped to $11.0M, impacted by lower oil prices and a $6.9M impairment on the Gambia A4 license.
Legal uncertainty persists due to Økokrim's indictment of Hemla Africa Holding AS for alleged corruption, with hearings set for November 2026 and possible resolution extending to 2028–2029.
The company maintains a strong balance sheet with no debt and is preparing for legal defense while progressing key projects.
Financial highlights
Revenue for 2025 was $83.1M, down from $204.5M in 2024, mainly due to timing of oil liftings and lower average oil price ($61.32/bbl vs $77.94/bbl).
EBITDA for 2025 was $63.2M; operating cash flow was $61.5M.
Cash at year-end was $58.9M, with no debt.
$56M returned to shareholders in 2025, including $7.9M in dividends to minority holders.
Only one oil lifting in 2025 due to prior year overlift; oil inventory rebuilding at 100,000 bbl/month.
Outlook and guidance
Next oil lifting and sale planned for Q2 2026; entering 2026 with a strong balance sheet.
Dividend policy remains, but future distributions depend on board review at AGM in May.
Drilling at PNGF Sud to restart in 2027; further infill investments planned for 2027 and 2028.
Aje Field (Nigeria) redevelopment plan targets 25,000 boepd (70% gas); Field Development Plan progressing with 3D models expected Q2 2026.
Hemla indictment: What is the defense strategy?
Explain the 2025 'Return of capital' outflow.
Aje re-development: Progress on project finance?
Future impact of overlift position on liftings
Financial impact of Hemla's Økokrim indictment?
PNGF Sud drilling plans beyond 2025?
Aje financing: What commercial solutions?
PNGF Sud: Future infill drilling targets?
Shareholder distributions: Factors for 2026?
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Next PetroNor E&P earnings date
Q1 202622 May, 2026
PetroNor E&P
Next PetroNor E&P earnings date
Q1 202622 May, 2026
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Frequently asked questions
PetroNor E&P ASA operates as an independent oil and gas exploration and production company. PetroNor E&P ASA is engaged in the acquisition, exploration, development, and production of crude oil and natural gas properties located mainly in Norway. It operates through five segments: Drilling, Production and Operations, Corporate, Upstream Development, and Renewables. The Drilling segment entails drilling activities. The Production and Operations segment offers services to support the operations of license areas. The Corporate segment covers corporate activities relating to the Group's corporate functions. The Upstream Development segment covers exploration activities supporting future development of existing discoveries, as well as investment for new discoveries.
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