Petrolia NOCO (PNO) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenues reached NOK 129.6 million, with net profit at NOK 0.9 million and net production averaging 2,200 boe/day.

• Revenue decline from Q2 2024 attributed to a 23-day planned maintenance shutdown, lower oil sales, and general depletion.

• Strategic focus remains on reinvesting cash flow into exploration, field development, and acquisitions, with an emphasis on low-emission initiatives.

Financial highlights

• Revenues decreased to NOK 129.6 million from NOK 207.3 million in Q2 2024; net profit dropped to NOK 0.9 million from NOK 6.3 million sequentially.

• Operating profit was NOK 24.3 million, down from NOK 36.9 million in Q2 2024.

• Cash flow from operations improved to NOK 72.1 million, up from NOK 47.4 million in Q2 2024.

• Cash and cash equivalents increased to NOK 42.7 million from NOK 25.2 million at the end of Q2 2024.

• Total assets stood at NOK 1,130.5 million as of 30 September 2024.

Outlook and guidance

• Fensfjord North infill well expected to start production in Q4 2024, potentially boosting output.

• Dugong (PL 882) first oil now anticipated in 2029; several field development scenarios under review.

• Upcoming wells in PL 935 and PL 1181 could impact reserves and future production, with key decisions in Q1 2025.