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PetroNor E&P (PNOR) investor relations material

PetroNor E&P Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary20 Aug, 2025

Executive summary

  • Production remained stable at 4,300 barrels/day in H1 2025, with infill drilling set to boost output from September and into Q4, targeting an exit rate above 5,000 barrels/day.

  • Total shareholder return over the last 12 months exceeded 50%, with $55.8M repaid in two tranches and NOK 4.2 per share returned in H1.

  • EBITDA for H1 2025 was $34.6M, down from $62.4M in H1 2024, with net profit at $8.0M versus $31.0M year-over-year, mainly due to timing of oil sales and overlift position.

  • Portfolio includes high-margin Congo production, Nigerian gas redevelopment, and Gambian exploration.

  • US Department of Justice closed its investigation; Norwegian Økokrim investigation ongoing.

Financial highlights

  • Revenue for H1 2025 was $27.6M, reflecting grossed-up tax and royalties, not actual cash sales, and down $82.9M year-over-year.

  • Cash at bank was $60.6M at June 30, 2025, down from $79.7M at end 2024.

  • Operating costs at $11 per barrel, with total OpEx at $20.8M and admin costs at $5.4M, down from $7.9M YoY.

  • Gross profit for H1 2025 was $31.1M, down from $60.3M in H1 2024.

  • $55.8M returned to shareholders in H1 2025; capital repayments and dividends were significant uses of cash.

Outlook and guidance

  • Production expected to average 4,400–4,700 barrels/day for FY 2025, with an exit rate above 5,000 barrels/day; 2026 production expected to be higher.

  • Five infill wells on Tchibouela East to be completed in H2 2025, supporting increased PNGF Sud production.

  • Oil inventory build-up to over 600,000 barrels by year-end, supporting a Q4 oil lifting and cash inflow.

  • Additional shareholder distributions likely, with the next cycle anticipated at the May AGM.

  • Continued focus on maximizing portfolio value and shareholder returns.

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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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