Petrolia NOCO (PNO) Q3 2025 earnings summary

Executive summary

• Achieved a significant oil discovery at the Talisker well with estimated gross recoverable reserves of 16–33 mmboe, expected to add 3 mmboe to net reserves based on mid-range estimates.

• Q3 2025 saw a sharp increase in production to 2,914 boe/day, driven by a new Brage well coming online.

• Net profit reached NOK 7.6 million, reversing a net loss of NOK 20.8 million in Q2 2025.

Financial highlights

• Revenues rose to NOK 169.2 million, up from NOK 136.2 million in Q2 2025 and NOK 129.6 million in Q3 2024.

• EBITDA increased to NOK 122.1 million from NOK 31.1 million in Q2 2025.

• Operating profit was NOK 63.6 million, compared to a loss of NOK 27.6 million in Q2 2025.

• Production cost dropped to NOK 24.9 million, mainly due to an overlift effect.

• Cash flow from operations was NOK 41.9 million, down from NOK 69.7 million in Q2 2025.

Outlook and guidance

• Talisker well expected to commence production in Q1 2026.

• Dugong field development scenarios are under review, with first oil targeted for 2031.

• Multiple new licences are being matured towards drill or drop decisions between 2026 and 2027.