Petrolia NOCO (PNO) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue was NOK 136.2 million, down from NOK 180.9 million in Q1, mainly due to lower sales volumes and weaker commodity prices.

• Net loss for the quarter was NOK 20.8 million, compared to a net profit of NOK 1.2 million in Q1, impacted by lower oil prices and a NOK 31.8 million seismic cost.

• Average daily production was 1,951 boe, down from 2,150 in Q1.

• Oil discoveries in the Talisker exploration well are estimated to add 3 million boe to net reserves.

Financial highlights

• EBITDA for Q2 was NOK 31.1 million, down from NOK 109.0 million in Q1.

• Production cost was NOK 45.8 million, slightly lower than Q1.

• Exploration expenses rose to NOK 41.5 million, mainly due to seismic data acquisition.

• Cash flow from operations was NOK 69.7 million, up from NOK 52.2 million in Q1.

• Cash and cash equivalents increased to NOK 25.9 million from NOK 14.8 million at the end of Q1.

Outlook and guidance

• No further seismic acquisitions are expected in 2025.

• Talisker well expected to commence production in Q1 2026.

• Dugong field development scenarios are under evaluation, with first oil expected in 2029.