Oslo, 21 February 2024: With all-time high production and oil sales, 2023 was a
record year for PetroNor E&P, and the fourth quarter was no exception. Solid
operational performance, in combination with the gain from the Guinea-Bissau
farm-out, led to more than a doubling of the net profit for the year.

In 2023, the company has lifted and sold 1.5 million bbls of oil at an average
realised sales price of 78.35 USD/bbl. This generated gross revenue of USD 187.3
million for the full-year period, compared with USD 146.0 million in 2022. This
gave an EBITDA result of USD 141.3 million, up from USD 96.4 million in 2022.  

In addition, the Guinea-Bissau farm-down transaction which was announced on 27
June 2023 completed during the fourth quarter of 2023. The transaction resulted
in a cash contribution to past costs of USD 22.9 million, yielding a net profit
contribution from discontinued operations of USD 15.4 million. Total combined
net profit for the company in 2023 came in at USD 78.1 million, up from USD 34.4
million in the prior year.  

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 5,319 bopd in the fourth
quarter, supported by production from five new infill wells drilled in Tchibeli
which started in September 2023. Average net working interest production for the
full year was 5,168 bopd, up from 4,017 bopd in the prior year. 

On 27 December 2023, the Council of Ministers in the Republic of Congo awarded
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 per cent. This approval will clear the
path for signing a new production sharing agreement in early 2024. 

"The continued strong operational performance of our Congo producing assets
underpinned a great fourth quarter. In addition, the approval from the Congolese
Council of Ministers on PNGF Bis and the completion of the Guinea-Bissau
transaction was a welcome way to close what has been a very successful year for
PetroNor. The company's year-end balance sheet has benefited from record
production and oil sales during the year as well as the contribution from the
Guinea-Bissau transaction," says interim CEO Jens Pace.   

Please find enclosed the interim financial report and presentation material for
the quarter and the full-year period ended 31 December 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/20240221_6/

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. 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.