Oslo, 15 May 2024: PetroNor E&P entered 2024 with a strong balance sheet and
continued to strengthen the cash position with a January lifting and sale of
330,572 bbls of entitlement oil generating cash inflow of USD 27.4 million.

Revenues for the quarter totalled USD 44.3 million, compared with USD 39.8
million in the prior-year period, and PetroNor realised a profit of USD 14.1
million, representing an increase from USD 11.0 million in the first quarter of
2023.

PetroNor 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 was 5,025 bopd in the first
quarter, compared with 5,295 bopd in the previous quarter and 5,237 bopd in the
same period in 2023.

"Production efficiency during the quarter was impacted by 3rd-party power import
interruptions and planned shut-downs associated with the laying of a gas line to
a new platform. It is expected that uptime and efficiency will improve once
these infrastructure enhancements are completed in the coming weeks" says
Interim CEO Jens Pace.

After quarter-end, another 583,695 bbls of oil were lifted and sold from the
Djeno Terminal to ADNOC, the National Oil Company of Abu Dhabi in May 2024,
generating a cash inflow of USD 48.28 million at a realised price of USD 82.71
per barrel.

Following this lifting, the company has lifted and sold its entire inventory of
entitlement oil under the Djeno Terminal operating procedures. It is therefore
expected that the next lifting will not be scheduled until Q4 following a
replenishment of the inventory through continued production.

Please find enclosed the interim financial report for the quarter ended 31 March
2024.

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 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.