Petrolia NOCO (PNO) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenues reached NOK 207.3 million, with net profit of NOK 6.3 million and net production of 2,319 boe/day.

• Entered a gas and NGL sales agreement with PGNiG Supply & Trading and established an office in Oslo.

• Strategic focus remains on profitable growth, reinvestment, and emissions reduction initiatives.

Financial highlights

• Revenues decreased to NOK 207.3 million from NOK 218.9 million in Q1 2024; average realized oil price was USD 87.6/bbl.

• Operating profit was NOK 36.9 million, down from NOK 78.6 million in Q1 2024.

• Net profit increased to NOK 6.3 million from NOK 5.7 million in Q1 2024.

• Cash flow from operations was NOK 47.4 million; cash and cash equivalents at quarter-end were NOK 25.2 million.

• Exploration expenses rose to NOK 55.0 million, mainly due to seismic data acquisition.

Outlook and guidance

• First oil from Dugong (PL 882) expected in 2029; field development scenarios under evaluation.

• Exploration well at Løvmeis prospect (PL 1013) planned for Q3 2024, with potential fast-track development if successful.

• Drill or drop decisions for PL 1181 and PL 1210 expected in Q1 2025 and Q1 2026, respectively.