PetroNor E&P

PetroNor E&P (PNOR) investor relations material

PetroNor E&P Q1 2026 earnings summary

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

Q1 2026 earnings summary29 May, 2026

Executive summary

Production capacity exceeded 5,000 barrels/day net in Q1 2026, supported by new wells and reduced work-over queue, with Q1 2025 averaging 4,700 barrels/day and nearly 5,100 barrels/day in Q2 2025.
Net loss of USD 3.7 million for Q1 2026, compared to a profit of USD 1.3 million in Q1 2025, mainly due to higher cost of sales and absence of oil sales lifting in the quarter.
Major oil sales lifting of 965,000 barrels in April 2026 generated USD 112 million in cash, significantly boosting liquidity post-quarter.
Shareholder distributions approved, with NOK 3.25 per share to be paid in June 2026; total shareholder return over 18 months exceeds 250%.
Focus remains on operational delivery, core assets, and preparing for further infill drilling in 2027, with potential divestment of Nigerian Aje Field under consideration.

Financial highlights

Q1 2026 revenue was USD 11.5 million, down from USD 13.9 million in Q1 2025, reflecting only grossed-up royalties and tax oil due to no entitlement oil lifted.
Operating costs remain low at $12/barrel; administrative expenses fell to USD 1.9 million in Q1 2026.
CapEx for Q1 2026 was $16.2 million; full-year 2025 CapEx expected at $8 million.
Realized oil price for Q2 2025 and April 2026 lifting was about $116/barrel, a multi-year high.
Cash at Q1 2026-end was USD 44 million, down from USD 58.9 million at year-end 2025.

Outlook and guidance

Preparing for additional infill drilling investments in 2027, targeting further production growth and efficiency improvements.
Inventory build-up of entitlement oil at 100,000 barrels/month; next major lifting anticipated in early 2027.
No further shareholder distributions expected in 2025; next review in early 2027 unless Aje sale accelerates.
Advisor appointed to explore commercial options for the Nigeria position.

Drivers of PNGF Sud production efficiency decline

Aje acquisition impact on 2C contingent resources

Reserve replacement ratio and 2026 drilling plan

Impact of April lifting on Q2 cash position

Commercial options for Aje Field re-development

Timeline for Økokrim indictment resolution

Rationale for divesting Aje Field interest

Impact of Økokrim case on new business growth

Funding plan for 2027 infill drilling CapEx

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