PetroNor E&P Limited (PNOR)

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PetroNor E&P ASA: Minutes from the Extraordinary General Meeting on 23 February 2022

Oslo, 23 February 2022: PetroNor E&P ASA (“PetroNor Norway”), a wholly owned subsidiary of PetroNor E&P Limited (“PetroNor Australia”) announces the results of its Extraordinary General Meeting (‘EGM”) held today. All resolutions proposed in the EGM were adopted by the sole shareholder PetroNor Australia.

The EGM resolutions included corporate actions necessary to prepare PetroNor Norway for its proposed listing on the Oslo Stock Exchange and for implementation of the scheme of arrangement with PetroNor Australia on the implementation date, 24 February 2022.
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The minutes of the EGM are attached to this announcement and can be found on the website www.petronorep.com.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

For further information, please contact:
Investor Relations
Email: ir@petronorep.com
www.petronorep.com

Kilde

[TekBot]

PetroNor E&P ASA: Issue of Shares

Oslo, 24 February 2022: Reference is made to previous announcements by PetroNor E&P ASA (the "Company or “PetroNor”) on 23 February 2022.

The Company has issued 1,326,991.006 ordinary shares as part of the implementation of the Scheme of Arrangement and re-domicile from Australia to Norway. PetroNor’s issued capital is 1,326,991.006 shares, each with a nominal value of NOK 0.001.
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A separate announcement will be made when the new shares are registered with the VPS.

Reference is made to the announcement released by the Company regarding the Minutes of the Extraordinary General Meeting (the “Minutes”) held on 23 February 2022. With respect to the reduction of capital, agenda item no. 2 stated that the reduction amount is the paid-in capital in its entirety and NOK 944,771.50 shall be paid to the previous sole shareholder of the Company, which is incorrect. The reduction amount is paid-in capital in its entirety and NOK 1,000,000 shall be paid to the previous sole shareholder of the Company, PetroNor E&P Ltd. Updated Minutes are attached to this announcement and can be found on the Company’s website www.petronorep.com.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

For further information, please contact:
Investor Relations
Email: ir@petronorep.com
www.petronorep.com

Kilde

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PetroNor E&P ASA: Approval of prospectus and listing of shares

Oslo, 25 February 2022: Reference is made to the stock exchange announcements previously published by PetroNor E&P ASA (the “Company” or “PetroNor”) regarding the re-domicile and listing process, the latest published on 24 February 2022.

The Financial Supervisory Authority of Norway (Nw. Finanstilsynet) has today, 25 February 2022, approved a prospectus prepared by the Company for listing of all its outstanding shares on Oslo Børs. The prospectus will be made available on the Company’s website at www.petronorep.com/investors today, 25 February 2022.
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The shares in the Company are expected to be listed on Oslo Børs on or about 28 February 2022.

For further information, please contact:
Investor Relations
Email: ir@petronorep.com
www.petronorep.com

About PetroNor E&P
PetroNor E&P ASA is an Africa-focused independent oil and gas exploration and production company that holds exploration and production assets offshore West Africa, specifically the PNGF Sud licenses in Congo Brazzaville, the A4 license in The Gambia, the Sinapa (Block 2) and Esperança (Blocks 4A and 5A) licenses in Guinea-Bissau, the Rufisque Offshore Profond and Senegal Offshore Sud Profond in Senegal (in arbitration) and OML-113 in Nigeria (subject to completion).

Kilde

[TekBot]

PetroNor E&P ASA: First day of trading on Oslo Børs

Oslo, 28 February 2022: As from today, the shares in PetroNor E&P ASA (“PetroNor”) start trading on Oslo Børs.

“This is truly a big day for PetroNor, and we are immensely proud to be listed on the main list of the Oslo Stock Exchange. Today also marks the completion of the process of re-domiciling PetroNor from Australia to Norway. I am incredibly excited about this new chapter, and I wish all existing and new shareholders a very warm welcome” says CEO Jens Pace.
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PetroNor E&P ASA is an independent, African focused oil and gas exploration and production company based in Norway. The key growth strategy of the Group, in addition to organically developing existing assets, is to pursue acquisition opportunities.

The Group has recently completed the process to re-domicile from Australia to Norway, whereby shares in PetroNor E&P Limited (previously listed on Euronext Expand) were swapped for shares in PetroNor E&P ASA. The shares in PetroNor E&P Limited have been delisted in conjunction with the listing of PetroNor E&P ASA on Oslo Børs. Reference is made to the stock exchange announcements previously published by PetroNor E&P ASA regarding the re-domicile and listing process, the latest published on 25 February 2022.

The listing prospectus is available on: www.petronorep.com/investors/share-scheme

For additional information, please contact:
Investor Relations
Email: ir@petronorep.com
www.petronorep.com

About PetroNor E&P ASA
PetroNor E&P ASA is an Africa-focused independent oil and gas exploration and production company listed on Oslo Børs with the ticker PNOR. PetroNor E&P ASA holds exploration and production assets offshore West Africa, specifically the PNGF Sud licenses in Congo Brazzaville, the A4 license in The Gambia, the Sinapa (Block 2) and Esperança (Blocks 4A and 5A) licenses in Guinea-Bissau, the Rufisque Offshore Profond and Senegal Offshore Sud Profond in Senegal (in arbitration) and OML-113 in Nigeria (subject to completion).

Kilde

[TekBot]

PetroNor E&P ASA: Invitation to Q4 2021 presentation, 2 March 2022

Oslo, 1 March 2022: PetroNor E&P ASA (OSE ticker: “PNOR”) (the “Company”), will report its fourth quarter 2021 results tomorrow, Wednesday, 2 March 2022.

At 08:30 CET on the same day, Chairman Eyas Alhomouz, interim CEO Jens Pace and CTO Claus Frimann-Dahl will present the results in a webcast.
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The presentation and subsequent Q&A session will be held in English and may be viewed live at: https://channel.royalcast.com/landingpage/hegnarmedia/20220302_4/

The financial report and presentation material will be published on www.newsweb.no and on the Company’s web site www.petronorep.com at around 06:30 CET on the same day.

A recording of the event will be made available on the Company’s website after the webcast.

For additional information, please contact:
Investor Relations
Email: ir@petronorep.com
www.petronorep.com

About PetroNor E&P ASA
PetroNor E&P ASA is an Africa-focused independent oil and gas exploration and production company listed on Oslo Børs with the ticker PNOR. PetroNor E&P ASA holds exploration and production assets offshore West Africa, specifically the PNGF Sud licenses in Congo Brazzaville, the A4 license in The Gambia, the Sinapa (Block 2) and Esperança (Blocks 4A and 5A) licenses in Guinea-Bissau, the Rufisque Offshore Profond and Senegal Offshore Sud Profond in Senegal (in arbitration) and OML-113 in Nigeria (subject to completion).

Kilde

[TekBot]

PetroNor E&P ASA reports best quarterly performance in company history

Oslo, 2 March 2022: PetroNor E&P ASA (OSE ticker: “PNOR”) reports a 10 per cent increase in production for the fourth quarter compared with the previous quarter. Increased sales volume and higher oil price led to all-time high revenues and profitability in the quarter.

Oil and gas revenue (net of royalties and taxes) amounted to USD 24.2 million arising from sale of 0.32 million barrels of crude oil at an average price of USD 76.29 per barrel. In the prior year, 0.20 million barrels of crude oil was sold during the same period at an average price of USD 44.75, resulting in a revenue of USD 9.2 million.
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Two liftings were completed during the fourth quarter, which resulted in total lifting volumes of 317 kbbl, up from 94 kbbl in the previous quarter, when underlift led to inventory build-up.

The Group reported an EBITDA of USD 24.4 million for the quarter, compared with USD 11.5 million in the same period in 2020. This resulted in an EBITDA margin of 61 per cent, up from 54 per cent in Q4 2020 due to better market conditions combined with a continued focus on cost management.

“We are pleased to report strong progress in the fourth quarter with an all-time high financial performance driven by higher sales volumes and rising price realisation throughout the year. This progress was underpinned by a 10 per cent production increase and provides us with a strong entry rate into 2022” says interim CEO Jens Pace.

PetroNor E&P holds an indirect ownership interest of 16.83 per cent in PNGF Sud in Congo, which is the Company’s core production licence. Total field production from this asset amounted to 22,016 bopd in Q4 2021, corresponding to a net production to PetroNor E&P of ~3,705 bpod.

During the quarter, the 17 well drilling campaign in Congo was commenced, and production benefits are expected to gradually materialise as from Q1 2022. Currently, four top-hole sections have been completed and one well successfully drilled through the reservoir on Litanzi.

Following quarter-end, government consent was granted for the Aje transactions. PetroNor E&P will proceed with final steps to complete the transactions which is expected to take place by the end of Q2 2022.

“Today also marks the first reporting as a Norwegian company listed on the main market of the Oslo Stock Exchange. We are delighted that we have now completed the process of uplisting and re-domiciling PetroNor E&P from Australia to Norway” add Jens Pace.

Please find enclosed the financial report and presentation material for the fourth quarter of 2021.

Chairman Eyas Alhomouz, interim CEO Jens Pace and CTO Claus Frimann-Dahl will present the results in a webcast Wednesday 2 March at 08:30 CET.

The presentation and subsequent Q&A session will be held in English and may be viewed live at: https://channel.royalcast.com/landingpage/hegnarmedia/20220302_4/.

A recording of the event will be made available on the Company’s website after the webcast.

For additional information, please contact:
Investor Relations
Email: ir@petronorep.com
www.petronorep.com

About PetroNor E&P ASA
PetroNor E&P ASA is an Africa-focused independent oil and gas exploration and production company listed on Oslo Børs with the ticker PNOR. PetroNor E&P ASA holds exploration and production assets offshore West Africa, specifically the PNGF Sud licenses in Congo Brazzaville, the A4 license in The Gambia, the Sinapa (Block 2) and Esperança (Blocks 4A and 5A) licenses in Guinea-Bissau, the Rufisque Offshore Profond and Senegal Offshore Sud Profond in Senegal (in arbitration) and OML-113 in Nigeria (subject to completion).

Kilde

[Hoven]

Pas: PetroNor E&P - Strongest quarter yet & 29% reserves growth
Newsflash
PNOR reports 10% q/q production growth to ~3,700 boe/day in Q4, driven by improved well performance in PNGF Sud, putting average 2021 production at ~3,470 boe/day. EBITDA came in a at USD 24m for the quarter, up ~2.1x y/y driven by higher commodity prices and lower unit cost. The partners in Congo commenced an extensive drilling campaign back in November, which is expected to lift production further from Q1’22 onwards with PNOR guiding 4,500 boe/day net production in 2022 (opex USD ~11/boe). PNOR’s 2P reserves saw yet another upwards revision in 2021 and stood at 20.8 mmboe by year-end, up ~4.7 mmboe since YE’20 (adjusted for 2021 production). Meanwhile, the Aje transaction with Panoro is in its final stages of completion following the recent govt. consent, with the transaction now expected to be completed by late Q2’22. TP/rec. under review.

PAS har pr i dag TP på 1,8kr pr aksje. Blir nok forhøyet etter dagens rapport.

[TekBot]

PetroNor E&P ASA: Update Sinapa and Esperança Licence Group

Oslo, 15 March 2022: PetroNor E&P ASA (“the Company”) is continuing with farm-down efforts in order to secure a new partner for the Sinapa (Block 2) and Esperança (Blocks 4A and 5A) licence group in Guinea-Bissau. Having acquired a 78.57 per cent operating interest in these licences through the acquisition of SPE Guinea Bissau AB last year, the Company remains very positive about maturing and drilling the high impact Cretaceous shelf margin Atum prospect within the Sinapa Licence. This is directly analogous to the Woodside operated Sangomar development in Senegal.

PetroNor E&P takes note of FAR Limited’s ASX announcement dated 15th March 2022 advising of FAR Limited’s intention to withdraw from its interests in the PetroNor E&P operated Sinapa and Esperança exploration licences. In its capacity as operator of the Sinapa and Esperança licences PetroNor E&P is awaiting formal correspondence regarding the intended withdrawal.
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For additional information, please contact:
Investor Relations
Email: ir@petronorep.com
www.petronorep.com

About PetroNor E&P ASA
PetroNor E&P ASA is an Africa-focused independent oil and gas exploration and production company listed on Oslo Børs with the ticker PNOR. PetroNor E&P ASA holds exploration and production assets offshore West Africa, specifically the PNGF Sud licenses in Congo Brazzaville, the A4 license in The Gambia, the Sinapa (Block 2) and Esperança (Blocks 4A and 5A) licenses in Guinea-Bissau, the Rufisque Offshore Profond and Senegal Offshore Sud Profond in Senegal (in arbitration) and OML-113 in Nigeria (subject to completion).

Kilde

[Andyboi]

Fader så juling denne får. Det er synd den har den korrupsjons-saken hengende over seg, det fundamentale er jo råsterkt

Ser i hvert fall ut som ENG Group, Nor Energy og Energie har stoppet nedsalget .

[alekss]

hvor ser du dette?

[Andyboi]

Tekinvestors aksjonærlister, må være insider for å få tilgang til disse

[Andyboi]

Har sett litt på tall for PNOR, blant annet gjennomsnittlig brent-priser for jan-mars 2022, antatt produksjon og salg i 2022 og gjort et omtrentlig anslag over hva jeg mener er realistiske resultat-tall for Q1-2022 og 2022 som helhet. Jeg har da bare tatt utgangspunkt i dagens produksjon (PNGF Sud). Kom gjerne med innspill og kommentarer om jeg er helt på bærtur

Det er to poster jeg er mest usikker på, variable driftskostnader og andre driftskostnader.
Jeg satte variable driftskostnader til 28% av omsetningen, men denne posten varierer veldig ift. driverne omsetningen og produksjon - for hele 2020 og 1. halvår 2021 så lå disse utgiftene på 27-28% av netto omsetning. Men for Q4-2020 og Q4-2021, så lå disse på henholdsvis 10% og 4 % av netto omsetning. Noen som vet hvorfor disse varierer sånn?

Andre driftskostnader satte jeg til 15000 TUSD for hele 2022, altså 3750 hvert kvartal. Disse var henholdsvis rundt 12300 TUSD i 2020 og 14500 i 2021. Rundet oppover pga inflasjon og slikt

Disse tallene gir en P/E på rundt 1,8.
Konklusjon: Aksjen er fundamentalt jækla billig, men så er det den korrupsjonsgreia da …

Er det frykten for evt. at korrupsjonssaken skal gå utover Kongo-assets som trykker denne ned , bortsett fra de nylige innsidesalgene?

[Rodjer]

Vanskelig å si, men sannheten er vel hvertfall uten tvil at de tjener penger som gress for tiden

[Rodjer]

Kjøpte Pnor på 0,89, kan ikke tenke annet enn at oppsiden her er massiv

[Rodjer]

[Andyboi]

Noen ganger greit å være i en oljeaksje som ikke korrelerer med oljeprisen

Leste at SB1 nedjusterte kursmålet til 1,5 kr. Noen som har tilgang til denne analysen, evt, hovedbegrunnelsen for dette konservative kursmålet ?

[Dopey]

Oppgraderte fra 1,5 til 1,6 men nøytral anbefaling på grunn av uavklarte forhold ved selskapet.

[TekBot]

PetroNor E&P ASA: Completion of Sale Agent process

Oslo, 7 April 2022: PetroNor E&P ASA advises that Arctic Securities have completed their engagement as the Sale Agent for the Scheme of Arrangement that took place in February 2022 and sold the shares for investors not registered on the VPS back into the market.

During March 2022, the Sale Agent sold 1,366,564 shares with an average sale price of NOK 0.900506 per share, this is approximately 0.1% of the total shares in issue. The sale proceeds have now been transferred to Computershare in Australia for distribution to the former investors of PetroNor E&P Ltd that did not have a VPS account in Norway.
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Computershare has set 13 April 2022 as the payment date for the final distribution of these proceeds, that will be sent electronically or via cheque depending on the payment preferences registered with Computershare for each investor.

After the conversion to AUD and deduction of Sale Agent fees, this small group of investors can expect proceeds of AUD 0.135078 per share.

For additional information, please contact:

Investor Relations
Email: ir@petronorep.com
www.petronorep.com

About PetroNor E&P ASA
PetroNor E&P ASA is an Africa-focused independent oil and gas exploration and production company listed on Oslo Børs with the ticker PNOR. PetroNor E&P ASA holds exploration and production assets offshore West Africa, specifically the PNGF Sud licenses in Congo Brazzaville, the A4 license in The Gambia, the Sinapa (Block 2) and Esperança (Blocks 4A and 5A) licenses in Guinea-Bissau, the Rufisque Offshore Profond and Senegal Offshore Sud Profond in Senegal (in arbitration) and OML-113 in Nigeria (subject to completion).

Kilde

[TekBot]

PetroNor E&P ASA: Mandatory Notification of Trade

Oslo, 9 April 2022: PetroNor E&P ASA (“PetroNor”) has received the attached notification of trade from Jens Pace, a primary insider due to his role as interim CEO.

Approximately 2% of the shares held by Jens Pace in PetroNor were automatically sold by the Sale Agent during the implementation of the Scheme of Arrangement as disclosed 7 April 2022.
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33,334 shares were sold with a price of NOK 0.900506 per share, generating proceeds of AUD 4,526.76 after the conversion to AUD and deduction of Sale Agent fees.

Shareholding balance following the transaction:

Interim CEO Jens Pace controls 1,465,524 shares (0.11%) in PetroNor.

This information is subject to disclosure requirements set out in EU Market Abuse Regulation and section 5-12 of the Norwegian Securities Trading Act.

For additional information, please contact:
Investor Relations
Email: ir@petronorep.com
www.petronorep.com

About PetroNor E&P ASA
PetroNor E&P ASA is an Africa-focused independent oil and gas exploration and production company listed on Oslo Børs with the ticker PNOR. PetroNor E&P ASA holds exploration and production assets offshore West Africa, specifically the PNGF Sud licenses in Congo Brazzaville, the A4 license in The Gambia, the Sinapa (Block 2) and Esperança (Blocks 4A and 5A) licenses in Guinea-Bissau, the Rufisque Offshore Profond and Senegal Offshore Sud Profond in Senegal (in arbitration) and OML-113 in Nigeria (subject to completion).

Kilde

[TekBot]

PetroNor E&P ASA: Status update on investigations instigated against individuals related to the Company

Oslo, 11 April 2022: PetroNor E&P ASA (“PetroNor” or the “Company”) has previously announced that the National Authority for Investigation and Prosecution of Economic and Environmental Crime in Norway (Økokrim) in December 2021 opened investigations into criminal charges and allegations of corruption brought against individuals related to the Company, namely its previous CEO and his business companion who together hold shares in the Company through their holding companies. There are no further updates in relation to the investigations against these individuals.

The Company has, however, received a notification from Økokrim that the Company’s Chairman of the Board, Mr. Eyas Alhomouz (US citizen), has been made subject to the ongoing investigations carried out by Økokrim and has been given the status as suspect, and that the U.S. Department of Justice has opened a separate investigation into these allegations, based on information from Økokrim.
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As previously announced, no charges have been brought against PetroNor nor any of its Group companies.

The Company takes anti-corruption and the matter at hand very seriously. The Company has adopted the following remediation steps:

• Removing the individuals charged by Økokrim in December from business operations
• Engaging independent legal counsel to support the board’s governance and compliance steps
• Initiating an independent fact-finding process to identify any misconduct and to analyse the causes of underlying conduct
• Setting up a separate board sub-committee to support the board on the matter at hand
• Assuring the further implementation of an effective anti-corruption and compliance program, founded on its existing code of conduct, governing documents and related policies
• Instigating other remedial actions as deemed relevant to the situation

The measures taken by the Company are led by the board sub-committee which does not comprise any person subject to the charges or any investigation.

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

This stock exchange announcement was published by Chris Butler, Group Financial Controller of PetroNor E&P ASA on 11 April 2022 at 06:30 CEST.

For additional information, please contact:
Investor Relations
Email: ir@petronorep.com
www.petronorep.com

Kilde