PetroNor E&P (PNOR) Q2 2026 earnings summary

Executive summary

• Q2 2026 production exceeded 5,000 bopd, supported by new wells, high uptime, and improved infrastructure, with 964,593 barrels lifted and sold for USD 112 million post-tax cash.

• Net profit for Q2 2026 surged to USD 46.3 million, reflecting strong oil sales and higher realised prices.

• Returned USD 50 million to shareholders in June 2026, reflecting robust cash generation and balance sheet strength.

• Acquisition of Aje Exploration Nigeria Ltd increased OML 113 interest and strengthened the asset base.

• Advisor appointed to explore commercial options for Nigerian asset divestment.

Financial highlights

• H1 2026 revenue reached USD 163 million, up from USD 27.6 million in H1 2025, with EBITDA at USD 88.6 million.

• Gross profit for H1 2026 was USD 83.6 million, and profit after tax attributable to shareholders was USD 36.1 million.

• Cash at bank as of 30 June 2026 was USD 85.2 million, up from USD 58.9 million at year-end 2025.

• Gross assets totaled USD 247.2 million, buoyed by strong cash holdings.

• Realised average oil price was USD 116.1/bbl in H1 2026.

Outlook and guidance

• No further oil sales expected in 2026; focus is on replenishing the overlift position.

• Additional infill drilling planned for 2027, targeting Tchibouela and Tchibouela East fields.

• Year-end exit rate for gross production forecast to exceed 25,500 bopd (net ~4,300 bopd).

• Ongoing discussions for potential divestment or farm-down of OML 113 interest.