PetroNor E&P

PetroNor E&P (PNOR) investor relations material

PetroNor E&P Q2 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.

Q2 2026 earnings summary28 Aug, 2026

Executive summary

Q2 2026 production exceeded 5,000 bopd, supported by new wells, high uptime, and improved infrastructure, with 964,593 barrels lifted and sold for USD 112 million post-tax cash.
Net profit for Q2 2026 surged to USD 46.3 million, reflecting strong oil sales and higher realised prices.
Returned USD 50 million to shareholders in June 2026, reflecting robust cash generation and balance sheet strength.
Acquisition of Aje Exploration Nigeria Ltd increased OML 113 interest and strengthened the asset base.
Advisor appointed to explore commercial options for Nigerian asset divestment.

Financial highlights

H1 2026 revenue reached USD 163 million, up from USD 27.6 million in H1 2025, with EBITDA at USD 88.6 million.
Gross profit for H1 2026 was USD 83.6 million, and profit after tax attributable to shareholders was USD 36.1 million.
Cash at bank as of 30 June 2026 was USD 85.2 million, up from USD 58.9 million at year-end 2025.
Gross assets totaled USD 247.2 million, buoyed by strong cash holdings.
Realised average oil price was USD 116.1/bbl in H1 2026.

Outlook and guidance

No further oil sales expected in 2026; focus is on replenishing the overlift position.
Additional infill drilling planned for 2027, targeting Tchibouela and Tchibouela East fields.
Year-end exit rate for gross production forecast to exceed 25,500 bopd (net ~4,300 bopd).
Ongoing discussions for potential divestment or farm-down of OML 113 interest.

OML 113 divestment status and partner default impact

H2 2026 sales outlook and overlift impact

Financial risks of Hemla corruption indictment

Commercial options for Aje gas field divestment

Hemla indictment impact on PNGF Sud ownership

2027 PNGF Sud infill drilling capital plans

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