Petrolia NOCO (PNO) Q4 2025 earnings summary

Executive summary

• Completed drilling of Talisker East production well and announced a new discovery at Knockando Fensfjord with estimated gross recoverable reserves of up to 9.4 mmboe if oil, or 5.7 mmboe if gas.

• Q4 2025 EBITDA reached NOK 43.9 million, with a net loss of NOK 0.3 million and net production averaging 2,084 boe/day.

Financial highlights

• Q4 2025 revenues were NOK 148.6 million, down from NOK 169.2 million in Q3, reflecting lower production and prices.

• Operating profit was NOK 12.5 million, down from NOK 63.6 million in Q3; net loss was NOK 0.3 million compared to a profit of NOK 7.6 million in Q3.

• Production cost increased to NOK 68.9 million (Q3: NOK 24.9 million); exploration expenses rose to NOK 18.2 million.

• Cash flow from operations was NOK 64.3 million, up from NOK 41.9 million in Q3.

Outlook and guidance

• Talisker East well, completed in Q4, is expected to positively impact production in Q1 2026.

• Multiple licences are being matured for drill or drop decisions in 2026 and 2027, indicating ongoing exploration activity.