PetroNor E&P Limited (PNOR)

TekBot · oktober 16, 2023, 5:00am

PetroNor E&P ASA: USD 30 million cash sale of PNGF Sud oil

Oslo, 16 October 2023: PetroNor E&P ASA (“PetroNor”) confirms that the 337,221 bbls of oil that were lifted and sold from the Djeno Terminal as announced on 10 October 2023, generated a cash inflow of USD 30 million at a realised price of USD 88.95 per barrel.

During 2023 to date, PetroNor has sold a record high volume of 1,170,487 bbls of net entitlement oil for USD 94 million in cash, equivalent to an average price of 79.95 USD per barrel.
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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.

As per the financial calendar, the interim financial statements for the quarter ended 30 September 2023 will be published on 28 November 2023.

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 · oktober 26, 2023, 8:36am

Jeg synes ganske mye har forandret seg ifht 2 år siden. Særlig i løpet av det siste året, med kjøp av Aje-andel(er), salg av lisenser, økt produksjon og rekordhøye inntekter.

Men klart, lider nok av grumsete historikk tilbake fra APCL-tiden, Økokrim og tvistesak.

Uansett synes jeg rabatten er interessant på dette nivået mtp. utsiktene fremover. Selskapet kan vel være en oppkjøpskandidat også, når diverse saker blir avklart.

longsuffer · november 9, 2023, 6:39pm

Jeg tror Petronor kommer til å skyte fart utover nyåret.

Får vi en avklaring på Økokrim-saken, så er det positivt.

Så mye penger som selskapet drar inn nå, så er det rart at aksjekursen ligger der den ligger.

Har mye tålmodighet med denne aksjen, men håper jeg får rett i at aksjekursen skyter fart på nyåret.

tverilytt · november 14, 2023, 7:38am

Bra signal dette.

Apus Energy, a subsidiary of Petromal, bought two licences off Guinea Bissau under a deal in June with PetroNor E&P.

The two licences, Sinapa and Esperança, cover 4,963 square km. PetroNor had estimated the two main prospects, Atum and Anchova, may hold 467 million barrels of mean unrisked prospective resources.

PetroNor, announcing the deal, said it expected closing in the second half of 2023.

tverilytt · november 13, 2023, 10:55pm

Noen på XI følger med på denne saken, går det omsider mot en avgjørelse?

Status of Proceeding: Pending
Latest Development: November 10, 2023 - The Tribunal declares the proceeding closed in accordance with ICSID Arbitration Rule 38(1).

https://icsid.worldbank.org/cases/case-database/case-detail?CaseNo=ARB/18/24

TekBot · november 17, 2023, 11:31am

PetroNor E&P ASA: Update on Senegal arbitration

Oslo, 17 November 2023: PetroNor E&P ASA (the “Company”) has received the final ruling from the ICSID arbitration tribunal in a proceeding between the Company’s subsidiary African Petroleum Senegal Limited (“APSL”) and the Republic of Senegal.

The ruling rejects claims by APSL and counter claims by the Republic of Senegal. APSL has been ordered to pay approximately USD 3 million in respect of 90% of the ICSID costs and the Republic of Senegal’s legal expenses.
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APSL is considering all options available in relation to this disappointing ruling including filing an application for annulment as provided for in the ICSID Convention. Further information will be provided to the market as and when any decisions in this regard have been made.

The Senegal Offshore Sud Profond and Rufisque Offshore Profond licences were awarded to APSL in 2011. In July 2018, APSL registered arbitration proceedings with the International Centre for Settlement of Investment Disputes (ICSID) (case ARB/18/24) to protect its interests in the licences. The combined licences cover an area of 15,796 km2 and since the start of the arbitration process they have had nil carrying value in financial statements of the Company due to the previous uncertainty of the final ruling.

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 and OML-113 in Nigeria.

Kilde

Brennemo99 · november 17, 2023, 1:11pm

Hva betyr dette?

Hoven · november 17, 2023, 1:33pm

Betyr vel at APSL/PNOR tapte saken, og må betale 3musd i saksomkostninger.

Hoven · november 17, 2023, 2:31pm

PetroNor-datter må betale 33 millioner kroner | Finansavisen

TekBot · november 21, 2023, 4:45pm

PetroNor E&P ASA: Webinar for Q3 2023 results, Tuesday, 28 November 2023

Oslo, 21 November 2023: PetroNor E&P ASA (OSE ticker: “PNOR”) will announce its results for the third quarter of 2023 on Tuesday, 28 November 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 CET.
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At 09:00 CET 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/20231128_1/

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 and OML-113 in Nigeria.

Kilde

TekBot · november 28, 2023, 5:30am

PetroNor E&P ASA: Interim financial report for the third quarter 2023

Oslo, 28 November 2023: In the third quarter, PetroNor E&P ASA continued to have strong operational performance from its Congo assets with production of 5,113 bopd, maintained at levels consistent with the average for the first half of the year. In October, new infill wells drilled during 2023 were brought online, raising current net production to ~6,000 bopd.

The 17-well drilling campaign in the PNGF Sud complex commenced in 2021 and delivered six new wells in the Litanzi and Tchebelli NE fields during 2022. The infill drilling programme resumed in May 2023 to add five new wells in the Tchibeli field.
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“Five new Tchibeli wells have now been completed, safely and below budget and are contributing to a current gross production of 35,000 bopd. This production level has not been achieved for over ten years and demonstrates the development potential of this mature asset. The drilling program will continue in 2024 with a follow-on production well to the 2022 exploration discovery in the Vandji Formation and an infill campaign of six wells in the Tchendo field,” says interim CEO Jens Pace.

Year to date, the company has lifted and sold 1.2 million bbls of oil at an average realised sales price of 79.95 USD/bbl, realising USD 94 million. By comparison, this volume already exceeds the 2022 oil sales of 800,177 bbls. An additional lifting of 360k bbls scheduled early December will lift the 2023 sales to over 1.5 million bbls.

For the first nine months of 2023, the company generated revenue of USD 112.6 million, compared to USD 52.2 million in the same period of 2022. This gave an EBITDA result of USD 71.1 million for year-to-date period, compared to USD 36.1 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 5,113 bopd in the third quarter and 5,117 bopd in the first nine months of 2023.

In October, the company entered into an agreement with New Age (African Global Energy) Limited to acquire New Age’s interests in OML 113 in Nigeria which contains the Aje field.

“This acquisition not only strengthens PetroNor E&P’s position in OML 113 but also opens up exciting possibilities for future growth in regional energy transition and provides strategic flexibility. The Aje re-development planning is advancing with partners, the supply chain, and potential purchasers of gas,” Pace concludes.

The operatorship of Guinea-Bissau licences was assigned to Apus Energia Guiné Bissau SA in October as part of the farm down of participating interests, and payment of approximately USD 25 million cash towards past costs is expected soon. The company is entitled to another two contingent earnout payments of USD 30 million each, subject to government approval of a field development plan and achievement of continuous production respectively.

In November, PetroNor E&P received the final ruling from the ICSID arbitration tribunal in a proceeding between the company’s subsidiary African Petroleum Senegal Limited and the Republic of Senegal. The tribunal rejected claims by the company to rights over legacy Senegal exploration licences, and also rejected counter-claims against the company made by the Republic of Senegal. The company has been ordered to pay approximately USD 3 million in respect of 90% of the ICSID costs and the Republic of Senegal’s legal expenses.

Please find enclosed the interim financial report and presentation material for the quarter and nine months ended 30 September 2023.

Interim CEO Jens Pace will present the results in a webcast today at 09:00 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/20231128_1/

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 and OML 113 in Nigeria.

Kilde

tverilytt · desember 5, 2023, 3:56pm

‘With recent interest by the German government in working with Nigeria to realise the potential of its massive natural gas reserves, Aje represents a de-risked asset that we believe will be attractive to a variety of strategic and financial investors. Along with the entire Board of ADM, I am committed to realising the potential of the Aje Field and the entire license area for ADM and its shareholders while re-deploying capital into the attractive energy technology opportunities available to the Company.’

https://www.energy-pedia.com/news/nigeria/adm-energy-completes-internal-review-of-aje-field-interest-193453

tverilytt · desember 5, 2023, 3:55pm

del av betaling for salget i Guinea Bissau avhenger av resultatet av boring, beregnet til kommende sommer:

https://www.energy-pedia.com/news/guinea-bissau/agr-wins-well-management-contract-offshore-guinea-bissau-193490

TekBot · desember 18, 2023, 5:31am

PetroNor E&P ASA: Record oil sales in 2023 confirmed

Oslo, 15 December 2023: PetroNor E&P ASA (“PetroNor” or the “Company”) confirms that 373,423 bbls of oil were lifted and sold from the Djeno Terminal in the first week of December 2023, generating a cash inflow of USD 27.3 million at a realised price of USD 73.15 per barrel.

This brings the total 2023 net entitlement volumes sold to 1,543,910 bbls for USD 121 million in cash, equivalent to an average price of USD 78.30 per barrel.
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This represents a historically high volume and revenue for PetroNor, almost double the quantity lifted and sold in 2022 by comparison, 800,177 bbls. The Company is now benefitting from the significant capital investment in the infill drilling campaign over the past two years.

The Tchendo 2 platform has now arrived in Congo from yard upgrades in the Netherlands and will be commissioned in the field in the coming months.

The platform includes a total of 14 new wells slots which will enable further development of the Tchendo field with six new wells planned in H2 2024. The infill drilling programme includes 18 wells of which 11 has been drilled to date and has lifted the daily production capacity in PNGF Sud from c. 20,000 bopd to current rates of c. 35,000 bopd.

The Tchendo 2 platform further includes three gas turbines with an installed capacity of 27MW that will allow energy independence and reduce gas emissions for the PNGF Sud license with additional capacity for power export and excess gas utilization for surrounding licenses.

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 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

Celestar · desember 18, 2023, 6:59am

Snart på tide at disse pengene og overskuddene går i aksjonærenes favør? Håper det kommer signaler om enten utbytte eller tilbakekjøp av aksjer snart.

TekBot · desember 19, 2023, 3:48pm

Financial calendar

TekBot · desember 22, 2023, 2:30pm

Flaggemelding

TekBot · desember 29, 2023, 7:00am

PetroNor E&P ASA: Guinea Bissau Transaction Payment Initiated and PNGF Bis Licence approved in Congo

Oslo, 29 December 2023: PetroNor E&P ASA (“PetroNor”) is pleased to confirm the completion of the Guinea Bissau farm-down transaction which was announced on 27th June 2023. Over the Christmas holiday period, Apus Energy DMCC (APUS) initiated the payment of $23 million towards past licence costs and long lead items purchased for drilling 1

The Government of Guinea Bissau approved the transfer of the the Sinapa (Block 2) and Esperança (Blocks 4A and 5A) licence interests to Apus during October 2023. It is anticipated that an exploration well to test the Atum-1 prospect will be drilled during the second quarter of 2024. In case of a successful well, PetroNor stands to receive two contingent earn-out payments of USD 30 million each, contingent upon government approval of a field development plan and sustained production.
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Congo PNGF Bis update:

On December 27th, the Council of Ministers in the Republic of Congo met and approved a number of energy projects. This included the award of the PNGF Bis licence to a contractor group led by Perenco as an operator and with PetroNor, represented through its Congolese subsidiary, Hemla E&P Congo, as a partner with a net interest of 22.7% 2. This approval will clear the path for signing of a production sharing agreement in early 2024.

“We are pleased that the farm-out of the Guinea Bissau licences will lead to the drilling of an important exploration well for Guinea Bissau and the region. The completion of this transaction, coupled with the approval from the Congolese Council of Ministers on PNGF Bis, is a welcome way to close what has been a very successful year for PetroNor. The Guinea Bissau payment is a significant contribution to the company’s year-end balance sheet that is already strengthened by record production and oil sales. In addition, we look forward to progressing the development of the new licence in the Congo during 2024 with our partners.” says interim CEO Jens Pace.

For further information, please contact:

Investor Relations
Email: ir@petronorep.com

1 $25 million consideration adjusted for working capital changes since transaction signature.
2 PNGF Bis contains Net 2C resources of 6.6 mmbo in PetroNor’s 2023 Competent Person’s Report.

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 and OML-113 in Nigeria.

Kilde

tverilytt · januar 9, 2024, 1:12pm

Kalleklovn · januar 9, 2024, 1:36pm

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