PetroNor E&P Limited (PNOR)

tverilytt · juli 6, 2023, 9:06am

PetroNor E&P ASA: Congo USD 19.5 million oil sale completed

TekBot · juli 10, 2023, 4:31am

PetroNor E&P ASA: Half year production growth of 16% and infill drilling ahead of schedule

Oslo, 10 July 2023: PetroNor E&P ASA (“PetroNor” or the “Company”) is pleased to provide the following update on the Congo operations related to the PNGF Sud field complex.

For the first half of 2023 average gross production of 30,330 bopd has been achieved (subject to final allocation adjustments). This is equivalent to 5,105 bopd net to PetroNor on a working interest basis and represents an increase of 16 % over the previous half year in 2022. Field performance is supported by strong contributions from the six infill wells on Litanzi and Tchibeli NE drilled in 2022.
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As reported on 12 June, infill drilling restarted in late May 2023 with an initial focus on the Tchibeli field. The programme is progressing ahead of schedule with the first two wells now drilled to planned total depth and currently being completed for production. First oil from these wells is expected during August. An additional two infill wells on Tchibeli are planned to follow this year.

As reported on 6 July, PetroNor lifted and sold 270,000 bbls (net entitlement production) on 26 June 2023, bringing total sales for the year to 833,266 bbls. The realised sales price was 72.1 USD/bbl. The Company will release its 1H interim financial statements on 30 August 2023.

For further 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.

Under the terms of the PNGF Sud licences, a proportion of oil produced is used to pay royalties and tax to the Government. The remaining oil produced is considered “entitlement oil” that can be lifted by the Company and sold in the market.

Kilde

tverilytt · juli 20, 2023, 10:40am

During AEW 2023, Alhomouz will participate in several panel discussions and presentations centered on African exploration and production; integrating sustainable oilfield practices in future developments; and the role independent oil and gas companies play in Africa’s energy future. His engagement through various networking forums and investors summits is aimed at driving new deals across Africa, with a series of updates regarding PetroNor E&P’s long-term agenda will be provided.

TekBot · august 24, 2023, 1:01pm

PetroNor E&P ASA: Invitation to presentation of the first half-year results 2023, Wednesday 30 August 2023

Oslo, 24 August 2023: PetroNor E&P ASA (the “Company”) (OSE ticker: “PNOR”) will announce its results for the first half-year of 2023 on Wednesday 30 August 2023.

The interim report and the presentation material will be published on www.newsweb.no and on the Company’s web site www.petronorep.com at around 06:30 CEST.
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At 09:00 CEST on the same day, interim CEO Jens Pace will present the results in a webcast.

The presentation and subsequent Q&A session will be held in English and may be viewed live at: https://channel.royalcast.com/landingpage/hegnarmedia/20230830_5/

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.

Kilde

TekBot · august 30, 2023, 4:31am

PetroNor E&P ASA: Interim financial report for the half-year ended 30 June 2023

Oslo, 30 August 2023: For PetroNor E&P ASA, the first half of 2023 was characterised by all-time high production levels and solid oil sales resulting in a healthy cash flow for the period. In June, a 100 per cent farm-out of the Guinea Bissau acreage was agreed, in a deal worth up to USD 85 million.

To date, the company has completed three oil liftings and a fourth lifting is scheduled during October. A total of 833,266 bbls of entitlement oil has been sold at an average price of 76.3 USD/bbl, equivalent to USD 63.6 million. This volume exceeds the total entitlement oil of 800,177 bbls sold in the whole of 2022 at an average price of 91.0 USD/bbl.
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For the first six months of 2023, the company generated revenue of USD 93.9 million, compared to USD 36.8 million in the same period of 2022, when no liftings were made. This gave an EBITDA result of USD 57.8 million for the half-year period, compared to USD 20.4 million in the same period in 2022.

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. From this asset, net working interest production allocated to PetroNor E&P was 5,119 bopd in the first half of 2023, compared with 4,400 bopd for 2H 2022 and 3,634 bopd for 1H 2022.

“PNGF production is exceeding levels last seen a decade ago due to the investments made in the infill drilling program during 2021 and 2022 which has already added six new wells to production. During 2023, another four new infill wells have been drilled, which will be brought on production starting next month together with a fifth well currently being drilled,” says interim CEO Jens Pace.

The Guinea-Bissau transaction announced in June demonstrates the value of PetroNor’s Atlantic margin exploration position. The 100 per cent farm-out agreement secures USD 25 million cash on completion and another two conditional payments of up to USD 30 million each.

“A strengthened balance sheet and positive operational outlook provides the company with the financial capacity to execute on its organic growth strategy and enables accretive business development as well as other options for shareholder value,” Pace concludes.

Please find enclosed the interim financial report and presentation material for the half-year ended 30 June 2023.
Interim CEO Jens Pace will present the results in a webcast today at 09:00 CEST.

The presentation and subsequent Q&A session will be held in English and may be viewed live at: https://channel.royalcast.com/landingpage/hegnarmedia/20230830_5/

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

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

Kilde

tverilytt · september 18, 2023, 11:01am

Oljeprisen På Årets Topp: Hvilke Oljeaksjer Bør Du Overvåke?

Basert på denne strategien har vi identifisert følgende topp 13 oljeselskaper:

1. PETRONOR E&P

- Magic Formula Rangering (MF): 100

- Avkastning på Kapital (ROC): 109.7%

- Inntjening Avkastning (EY): 132.3%

TekBot · september 19, 2023, 1:36pm

Financial calendar

tverilytt · september 19, 2023, 2:06pm

TekBot · september 20, 2023, 5:01am

PetroNor E&P ASA: Presenting at Pareto Securities’ 30th annual Energy Conference

Oslo, 20 September 2023: PetroNor E&P ASA’s interim CEO, Mr. Jens Pace, is presenting today at Pareto Securities’ 30th annual Energy Conference.

A copy of the presentation is enclosed and also available on our website at www.petronorep.com.
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Vis børsmeldingen

For further 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.

Kilde

Fartin · september 22, 2023, 2:22pm

Selskapet sitter kloss på selskapets mcap i cash i slutten av året om jeg ser riktig.

Triggere fremover.

Salg av lisens kommer det 250 millioner nå i oktober.

Infill brønner on stream any day. Økt produksjon.
Hvor mye?

Lifting sent I juni ikke tatt med 300 millioner kr.

Cash on bank 250 millioner.

Lifting desember 300 mill.

Dette er bare ca tall.

Men cash= mcap om noen måneder.

Da sier selskapet at de skal enten kjøpe tilbake aksjer eller betale utbytte.

Aksjen har tynges av at en stor eier selger ut i markedet litt og litt. Og det er lite omsetning i aksjen.

Ellers er risiko Afrika som ellers. .
Men det kan virke som ting er mer stabilt enn noensinne og vi har 3 fine triggere i oktober.

Betaling av 25 mill dollar.
Økning av infill brønnene.
Beslutning i en sak angående en lisens i Senegal. Dette er dog både oppside og nedside knyttet til denne avgjørelsen men markedet bør ha priser inn at denne lisensen er tapt.

Ikke er det noen andre som har tanker om selskape?

TekBot · oktober 2, 2023, 4:00am

PetroNor E&P ASA: PetroNor expands strategic options by increasing interest in the Aje gas development

Oslo, 2 October 2023: PetroNor E&P ASA (“PetroNor”) is pleased to announce that it has entered into a binding agreement with New Age (African Global Energy) Limited (“New Age”) to acquire New Age’s interests in OML 113 in Nigeria which contains the Aje Field. This acquisition not only strengthens the company’s position in OML 113 but also opens up exciting possibilities for future growth in the energy transition and strategic flexibility.

According to the agreement, PetroNor will pay New Age USD 6 million cash plus a deferred future gas production payment up to a maximum of USD 20 million to acquire New Age’s entities holding a project economic and voting interest in the OML 113 Joint Operation Agreement (“JOA”) of 32%. Subject to completion, the agreement will not only increase PetroNor’s economic stake but also reinforce the company’s active involvement and influence in the licence partnership to plan for the re-development of the Aje field.
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PetroNor’s existing position in OML 113 was achieved through the acquisition of Panoro Energy ASA’s Nigeria interests in a transaction which completed in 2022. PetroNor is working with the OML 113 operator, Yinka Folawiyo Petroleum (“YFP”), to create a jointly owned company, Aje Production AS, which will hold a project economic and JOA voting interest of 39%.

Following completion of these transactions, PetroNor and YFP related entities will have a project economic and JOA voting interest of 71%.

The Aje field is estimated to contain recoverable resources of 480 BCF of gas, 54 mmbbls oil, condensate and LPG. The acquisition of New Age’s Aje interests will increase PetroNor’s net 2C contingent resources in Aje from 27.1 mmboe to 70.1 mmboe*,**.

Jens Pace, Interim CEO of PetroNor said: “This acquisition is consistent with PetroNor’s commitment to expanding its portfolio while demonstrating shareholder value. Acquiring New Age’s interests represents a big step in achieving the partner alignment necessary to move forward with plans for the re-development of the Aje field. We are excited about the potential value of this gas resource which is located close to major population centres and offers a cleaner source of energy for power generation and industrial use compared to current alternatives.”

Completion of the transaction is subject to customary conditions, including regulatory approvals in Nigeria.

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

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 at PetroNor E&P ASA on 2 October 2023 at 06:00 CEST on behalf of the Company.

AGR/Tracs CPR dated 20.3.19 estimated as per 1.1.19 minus subsequent production.
** Following completion of the Aje Production AS JV

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.

Kilde

tverilytt · oktober 2, 2023, 5:48pm

tverilytt · oktober 3, 2023, 2:27pm

Markedet tar det hele med et skuldertrekk. Greit da å høre at lisenspartner ADM Energy setter pris på det:

Stefan Olivier, CEO of ADM Energy, said:Â "We welcome PetroNor’s acquisition of New Age’s interest in OML 113 which, in our view, Aje is a highly attractive, geologically de-risked asset which has produced more than 5 million barrels of oil.Â

“With the acquisition by PetroNor of Panoro’s interest in 2022, PetroNor’s partnership with YFP Deepwater and now consolidation of the New Age interest - PetroNor is now in position to provide the strong and capable leadership that Aje requires. We look forward to working with PetroNor toward re-initiation of development activity and realising the intrinsic value of ADM’s holding in OML 113.”

https://irpages2.equitystory.com/websites/rns_news/English/1100/news-tool---rns---eqs-group.html?article=33809334&company=admenergy

TekBot · oktober 10, 2023, 6:01am

PetroNor E&P ASA: New annual volume record for sale of PetroNor oil entitlement

Oslo, 10 October 2023: PetroNor E&P ASA (“PetroNor” or the “Company”) is pleased to confirm that 337,221 bbls of oil were lifted and sold from the Djeno Terminal on 4 October 2023. This brings the total 2023 net entitlement volumes lifted to 1,170,487 bbls and sets a new record for the annual volume for PetroNor.

The Company will update the market once the realised selling price is confirmed.
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PetroNor still is holding 120,000 bbls of net entitlenment oil in current inventory which was not lifted due to operational constraints. The company is working with the Djeno terminal operators to establish if an additioinal lifting is possible close to year end 2023 when inventory is forecast to be over 450,000 bbls.

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

Under the terms of the PNGF Sud licences, a proportion of oil produced is used to pay royalties and tax to the Government. The remaining oil produced is considered “entitlement oil” that can be lifted by the Company and sold in the market.

Kilde

TekBot · oktober 10, 2023, 6:05am

PetroNor E&P ASA: Production increase in Q3 2023 and further potential from five new wells

Oslo, 10 October 2023: PetroNor E&P ASA (“PetroNor” or the “Company”) is pleased to provide the following update on the Congo operations related to the PNGF Sud field complex.

Third quarter net to PetroNor production was 5,118 bopd, compared with 4,130 bopd in the same period in 2022, yielding an average YTD production of 5,119 bopd (subject to final allocation adjustments). These numbers include 10 days of additional production from the Tchibeli infill drilling programme.
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All five Tchibeli infill wells have now been drilled, completed and stimulated, two have been put on production with initial rates at or above expectation and one on water injection. The two last wells will be put on production within the next few days. Fourth quarter production is therefore forecasted to see an additional increase in production.

For further information, please contact:

Investor Relations
Email: ir@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.

Under the terms of the PNGF Sud licences, a proportion of oil produced is used to pay royalties and tax to the Government. The remaining oil produced is considered “entitlement oil” that can be lifted by the company and sold in the markets.

Kilde

tverilytt · oktober 10, 2023, 9:56pm

Gode nyheter mottas med et sedvanlig gjesp. Hvor lenge kan det fortsette?

Aaleby · oktober 10, 2023, 10:18pm

Var samme ståa for 2 år siden. Valgte meg Petronor som et bet på at oljeprisen ville gå kraftig opp, men nytteløst når kursen henger evig igjen. Tålmodigheten sa stopp etter en del måneder og lite har forandret seg.

Celestar · oktober 11, 2023, 5:02am

Får håpe det kommer melding om tilbakekjøpet av aksjer eller utbytte. Har vel vært hintet til det tidligere.

rayman · oktober 12, 2023, 10:24am

Økokrim sak mot ledere i selskapet og usikkerhet rundt dette ligger nok som en klam hånd over kursen.

Eier her selv.

Aaleby · oktober 12, 2023, 11:33am

Sant nok, men den var seig lenge før økokrim kom inn som den ultimate partykilleren. Noe av det handler selvsagt om at selskapet er en oljemygg som opererer i jallaland.