Half Year 2026 Petronor E&P ASA Earnings Call Transcript

Aug 28, 2026 / 08:00 AM GMT

Release Date Price: $1.05

Transcript

Key Points

Positve

Production averaged over 5,000 barrels of oil per day in Q2, driven by successful infill drilling and improved infrastructure uptime.
A fortuitous lifting of nearly 1 million barrels in April generated a $112 million post-tax cash injection, boosting the balance sheet.
The company returned $50 million to shareholders in June, demonstrating a commitment to capital distribution.
Cash balance increased to $85.2 million by end of Q2, with no debt, reflecting a strong financial position.
The PNGF Sud asset has a long production life (9 years from reserves, extendable to 14-15 years with 2C resources) and low operating costs ($12/barrel).

Negative

Q3 production is expected to be softer due to a falloff in production efficiency and several key wells requiring workovers.
The company is currently in an overlift position, needing to pay back about 100,000 barrels per month, which will delay the next lifting until around May 2027.
The ERCCRM indictment of a subsidiary for historic corruption allegations remains a legal overhang, with a trial starting in November and potential appeals extending to Q4 2028.
The Aje redevelopment project in Nigeria is facing challenges, leading to a farm-down or divestment process due to legal issues in Norway that hinder project financing.
CapEx is expected to increase to around $20 million in 2027 for infill drilling, which will require careful cash management.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

PNOR.OL - Petronor E&P ASA
Half Year 2026 Petronor E&P ASA Earnings Call
Aug 28, 2026 / 08:00AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning.

Thank you for joining us today.

Before we begin, I'd like to acknowledge the very sad news that we've heard about the passing of His Majesty King Harald.

I know on behalf of all in Petronor that I wish sincere condolences to the Royal Family and the people of Norway. From the conversations I've had in Oslo this week, I know that his loss will be keenly felt across the country.

With that, I think we will begin our presentation about the second quarter results for Petronor.

We sent out a report earlier this morning and I'm here to summarize some of the high points of that and mainly to answer your questions. So please send those in and we'll respond to them after a

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