Petrolia NOCO (PNO) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenue reached NOK 157.8 million, up from NOK 129.6 million in Q3 2024, driven by an overlift.

• Net loss of NOK 16.9 million, compared to a net profit of NOK 0.9 million in Q3 2024, mainly due to Løvmeis drilling expenses.

• Løvmeis well was a technical but not commercial discovery, leading to reversal and expensing of previously capitalized costs.

• Net production averaged 2,183 boe/day, stable quarter-over-quarter.

• Awarded five new licences in APA 2024 in January 2025, including three operatorships.

Financial highlights

• Operating loss of NOK 92.8 million in Q4 2024, down from a profit of NOK 24.3 million in Q3 2024.

• Exploration expenses surged to NOK 136.3 million from NOK 14.5 million in Q3 2024 due to Løvmeis drilling.

• Production cost increased to NOK 50.5 million from NOK 21.3 million in Q3 2024, mainly due to overlift changes.

• Cash flow from operations was NOK 14.7 million, down from NOK 72.1 million in Q3 2024.

• Cash and cash equivalents at quarter-end were NOK 25.1 million, down from NOK 42.7 million at Q3 2024.

Outlook and guidance

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

• Several new licences awarded in APA 2024, with PNO as operator for three.