Petrolia NOCO (PNO) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached NOK 180.9 million, up from NOK 157.8 million in Q4 2024, driven by higher sales volumes.

• Net profit for Q1 2025 was NOK 1.2 million, reversing a net loss of NOK 16.9 million in Q4 2024.

• Net production averaged 2,150 boe/day, slightly down from 2,186 boe/day in the previous quarter.

• Five new licences were awarded in APA 2024, expanding the exploration portfolio.

• Completed a NOK 20 million private placement, improving equity and repaying shareholder loans.

Financial highlights

• Operating profit was NOK 51.4 million, a significant improvement from a NOK 92.8 million loss in Q4 2024.

• Production cost decreased to NOK 47.2 million from NOK 50.5 million sequentially.

• Exploration expenses dropped to NOK 9.0 million from NOK 136.3 million in Q4 2024 due to lower activity.

• Cash flow from operations was NOK 52.2 million, up from NOK 14.7 million in Q4 2024.

• Cash and cash equivalents at quarter-end were NOK 14.8 million, down from NOK 25.1 million at year-end.

Outlook and guidance

• Dugong (PL 882) field development scenarios are ongoing, with first oil expected in 2029.

• Several new licences from APA 2024 are being matured for exploration and development.