Petrolia NOCO (PNO) Q1 2026 earnings summary

Executive summary

• Achieved record high production and earnings in Q1 2026, driven by the Talisker East well coming online in January 2026.

• Net production reached 3,337 boe/day, up from 2,084 boe/day in Q4 2025.

• Revenues rose to NOK 244.3 million, up from NOK 148.6 million in Q4 2025, supported by higher oil and gas prices due to Middle East disruptions.

• EBITDA was NOK 167.2 million, and net profit was NOK 13.8 million, reversing a net loss in the previous quarter.

Financial highlights

• Operating profit increased to NOK 108.1 million from NOK 12.5 million in Q4 2025.

• Production cost decreased to NOK 50.1 million from NOK 68.9 million in Q4.

• Exploration expenses fell to NOK 12.7 million from NOK 18.2 million in Q4.

• Cash and cash equivalents rose to NOK 98.1 million from NOK 73.5 million at year-end.

• Book equity increased to NOK 14.9 million from NOK 1.1 million in Q4.

Outlook and guidance

• Several North Sea licenses are being matured for drill or drop decisions between December 2026 and March 2027.

• Dugong prospect in PL 882 targets production start in Q4 2029, with co-development options under assessment.