Interim report
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Condensed interim financial statement – Q2 2026 1 FINANCIAL REPORT FOR THE SECOND QUARTER OF 2026
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2 HIGHLIGHTS FOR Q2 2026 • EBITDA of NOK 100.2 million and net profit of NOK 8.5 million • Net production of 1,881 boe/day, reflecting a five-week planned maintenance shutdown at Brage • Cash increased to NOK 145.1 million, while interest-bearing debt declined to NOK 187.5 million Key figures (NOK million) Q2 2026 Q1 2026 Q2 2025 YTD 2026 2025 Revenues 218.0 244.3 136.2 462.3 634.9 EBITDA 100.2 167.2 31.1 267.3 306.0 Operating profit/(loss) 66.1 108.1 (27.6) 174.3 99.8 Net profit/(loss) 8.5 13.8 (20.8) 22.3 (11.3) Equity 23.4 14.9 (7.2) 23.4 1.1 Total assets 1,120 1,089 1,022 1,120 990 Cash flow from operations 114.3 38.2 69.7 152.5 283.3 Cash flow from investing (15.9) (13.6) (58.4) (29.5) (233.8) Cash flow from financing (51.3) (0.1) (0.3) (51.4) (1.1) Net production (boe/day) 1,881 3,337 1,951 2,605 2,277 Average oil price (USD/bbl) 105.8 84.9 70.4 92.4 71.3
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3 ABOUT PETROLIA NOCO AS Petrolia NOCO AS is an independent exploration and production company leveraging new technologies and innovative collaboration models to discover and develop oil and gas resources on the Norwegian continental shelf. The Company´s goal is profitable growth and value creation for shareholders, employees and society through smart reinvestment of cash flow from producing fields into new licences through exploration, field development and acquisitions. Our strategic focus is exploring areas near existing infrastructure for swift tie- backs while challenging traditional perspectives to revitalise legacy assets or discover new plays. Petrolia NOCO has 632 shareholders as of 30.06.2026. Its shares are registered in the Norwegian Central Securities Depository (Verdipapirsentralen, VPS) with ISIN: NO0010844301. The shares are registered with the ticker PNO on the NOTC (www.notc.no), a marketplace for unlisted shares. The LEI code is 549300OTY8HENWE3AL33. FINANCIAL HIGHLIGHTS – Q2 2026 Revenue, production and realised prices Revenue for Q2 2026 amounted to NOK 218.0 million, compared with NOK 244.3 million in Q1 2026. The decrease primarily reflected a five-week planned maintenance shutdown at Brage, which reduced net production from 3,337 boe per day in Q1 to 1,881 boe per day in Q2. Realised commodity prices increased during the quarter amid disruption to oil production and transportation in the Middle East. The average realised oil price was USD 105.8 per barrel, up from USD 84.9 in Q1. Gas prices averaged USD 88.9 per boe (Q1: USD 82.9), while NGL prices averaged USD 57.6 per boe (Q1: USD 50.5). Operating costs Production costs were NOK 84.7 million, compared with NOK 50.1 million in Q1. Changes in over-/underlift had a negative impact of NOK 21.9 million, compared with a negative impact of NOK 1.3 million in Q1. • Exploration expenses: NOK 25.7 million (Q1: NOK 12.7 million). • General and administrative expenses: NOK 7.4 million (Q1: NOK 14.4 million). • Depreciation: NOK 34.0 million (Q1: NOK 59.0 million), reflecting lower production during the quarter. Financial results and tax Net financial items were negative NOK 12.3 million, including NOK 6.7 million of interest expense, compared with negative NOK 17.4 million in Q1. Tax expense amounted to NOK 45.3 million, compared with NOK 77.0 million in Q1. Profitability Operating profit was NOK 66.1 million, compared with NOK 108.1 million in Q1. Net profit for the quarter was NOK 8.5 million, compared with NOK 13.8 million in Q1.
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4 BALANCE SHEET HIGHLIGHTS At 30 June 2026, the balance sheet reflected stronger liquidity, lower interest-bearing debt and a higher equity balance compared with 31 March 2026. • Assets: Total assets increased to NOK 1,119.9 million from NOK 1,088.8 million at 31 March 2026. • Goodwill: Goodwill was unchanged at NOK 146.2 million. It comprised technical goodwill and ordinary goodwill related to the Brage acquisition, and no impairment was recognised during the quarter. • Oil and gas properties: The carrying amount decreased to NOK 123.1 million from NOK 141.4 million, primarily reflecting depreciation during the quarter. • Exploration and evaluation assets: The carrying amount remained broadly unchanged at NOK 211.2 million, compared with NOK 211.5 million at 31 March 2026. • Liquidity: Cash and cash equivalents increased to NOK 145.1 million from NOK 98.1 million. • Equity: Book equity increased to NOK 23.4 million from NOK 14.9 million, reflecting the profit for the quarter. • Interest-bearing debt: Borrowings decreased to NOK 187.5 million from NOK 235.8 million following repayments during the quarter. • Decommissioning provisions: Provisions increased to NOK 614.5 million from NOK 608.2 million at 31 March 2026. LICENCE PORTFOLIO Petrolia NOCO holds interest in 10 licences in the North Sea, including three operatorships. North Sea Licences • PL 048 D (21.8%) • Flyndre (0.825%) • PL 055 Brage Unit (12.26%) • PL 882 (20%) • PL 1210 (30%) • PL 1252 (30.9%) • PL 1256 (60%) – Operator • PL 1258 (60%) – Operator • PL 1259 (30%) • PL 1294 S (70%) - Operator
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5 OPERATIONAL DEVELOPMENTS Brage (12.26%) The acquisition of a 12.26% interest in Brage was completed on 29 December 2023. Net production attributable to Petrolia NOCO averaged 1,850 boe per day in Q2 2026, compared with 3,305 boe per day in Q1. Production was affected by a five-week planned maintenance shutdown, and operator OKEA reported production efficiency of 56%, down from 98% in Q1. No Brage wells are planned for 2026 due to the Bestla tie-in programme. The Talisker West production well is scheduled for drilling in 2027, with start-up targeted for the second half of the year. PL 882 (20%) – Dugong PL 882 was awarded in the APA 2016 round. The partnership identified underexplored potential west of the Snorre field and used new broadband seismic data to improve subsurface imaging and de-risk the Dugong prospect. Dugong was spudded near the end of Q2 2020 and subsequently announced as a commercial discovery. Recoverable resources are estimated at approximately 46 million boe. The PL 882 partnership is assessing a potential co-development with the Beta licence, based on a tie-back to the Snorre facilities. Production start is targeted for Q4 2029. Enoch (4.36%) Enoch is an oil and gas field in the central North Sea, located approximately 10 km north- west of the Gina Krog field on the border between the Norwegian and UK sectors. The UK portion is operated by Bridge Petroleum, while Equinor remains operator of the 20% Norwegian share. Production ceased permanently on 1 August 2026. Net production attributable to Petrolia NOCO averaged 32 boe per day in Q2 2026. Flyndre (0.825%) Flyndre is located on the border between the Norwegian and UK sectors of the North Sea. Production ceased permanently in July 2023, and the field is being prepared for decommissioning. PL 1210 (30%) The North Sea licence was awarded in the APA 2023 round. The partnership is maturing prospectivity across several geological levels ahead of a drill-or-drop decision in Q1 2027. PL 1252 (30.9%) The North Sea licence was awarded in the APA 2024 round. The operator is maturing the licence ahead of a drill-or-drop decision in March 2027. PL 1256 (60%, operator) The North Sea licence was awarded in the APA 2024 round and is located close to existing infrastructure. Petrolia NOCO is maturing the prospectivity ahead of a drill-or-drop decision in March 2027.
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6 PL 1258 (60%, operator) The North Sea licence was awarded in the APA 2024 round and is located close to existing infrastructure. Petrolia NOCO is maturing the prospectivity ahead of a drill-or-drop decision in December 2026. PL 1259 (30%) The North Sea licence was awarded in the APA 2024 round. Petrolia NOCO has applied to assume operatorship with a 100% working interest and to extend the drill-or-drop deadline by one year. PL 1294 S (70%, operator) The North Sea licence was awarded in the APA 2025 round. Petrolia NOCO is operator with a 70% working interest. Bergen, 24 August 2026
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7 INCOME STATEMENT Amounts in NOK thousand Income statement Q2 2026 Q1 2026 Q2 2025 YTD 2026 2025 audited Operating income 217,985 244,348 136,170 462,334 634,865 Production cost (84,695) (50,148) (45,788) (134,843) (207,325) Exploration expenses (25,680) (12,650) (41,518) (38,330) (79,023) Payroll and related cost (8,435) (9,657) (5,656) (18,092) (21,619) Depreciation and amortisation (34,048) (59,017) (58,701) (93,065) (206,174) Other operating expenses 1,010 (4,741) (12,145) (3,730) (20,880) Operating profit 66,137 108,136 (27,637) 174,274 99,842 Finance income 12,249 4,490 3,388 16,739 6,353 Finance cost (24,581) (21,856) (19,989) (46,437) (64,572) Net financial items (12,332) (17,366) (16,601) (29,697) (58,219) Profit before taxes 53,806 90,770 (44,238) 144,576 41,623 Taxes (45,260) (77,010) 23,454 (122,270) (52,880) Net profit/(loss) 8,546 13,761 (20,784) 22,307 (11,257)
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8 STATEMENT OF FINANCIAL POSITION Amounts in NOK thousand Assets 30 Jun 2026 31 Mar 2026 31 Dec 2025 30 Jun 2025 Non-current assets Goodwill 146,227 146,227 146,227 146,227 Deferred tax asset 225,727 201,994 161,131 179,703 Oil and gas properties 123,128 141,379 206,450 240,518 Exploration and evaluation assets 211,227 211,467 194,580 190,034 Right of use assets 7,544 - 228 684 Property, plant and equipment 4,105 3,120 - 1,242 Non-current receivables 88,773 87,480 86,187 83,953 Total non-current assets 806,732 791,668 794,803 842,362 Current assets Inventory 30,504 53,477 52,894 55,058 Prepayments and other receivables 137,535 145,597 69,218 70,846 Tax receivable refund - - - 28,354 Cash and cash equivalents 145,103 98,060 73,521 25,867 Total current assets 313,141 297,134 195,633 180,126 Total assets 1,119,873 1,088,802 990,436 1,022,488 Equity and liabilities 30 Jun 2026 31 Mar 2026 31 Dec 2025 30 Jun 2025 Equity Share capital 19,000 19,000 19,000 19,000 Other equity 4,422 (4,123) (17,884) (26,192) Total equity 23,422 14,877 1,116 (7,192) Non-current liabilities Deferred taxes - - - - Decommissioning provisions 614,493 608,247 602,066 644,078 Lease liability 5,639 - - - Borrowings - - - - Total non-current liabilities 620,131 608,247 602,066 644,078 Current liabilities Trade creditors 18,169 14,632 84,744 47,771 Payable taxes 221,186 171,494 66,490 41,322 Lease liability - current 2,082 62 271 794 Other current liabilities 47,413 43,739 - 59,965 Borrowings 187,470 235,750 235,750 235,750 Total current liabilities 476,319 465,678 387,255 385,602 Total equity and liabilities 1,119,873 1,088,802 990,436 1,022,488
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9 CASH FLOW STATEMENT Amounts in NOK thousand Cash flow statement Q2 2026 Q1 2026 Q2 2025 YTD 2026 2025 audited Profit/Loss before income tax 53,806 90,770 (44,238) 144,576 41,623 Tax refund exploration cost (32,170) - - (32,170) 28,354 Depreciation and amortisation 34,048 59,017 58,701 93,065 206,174 Gain/loss on sale of asset - - - - - Changes in accounts receivables - - (25,221) - - Changes in accounts payables 3,537 3,035 42,750 6,572 (66,259) Changes in other current assets 55,042 (114,634) 37,715 (59,592) 73,455 Net cash flow from operating activities 114,263 38,188 69,707 152,451 283,348 Proceeds from sale of assets - - - - - Investment in oil and gas properties (14,756) (10,377) (31,471) (25,133) (192,963) Purchase of intangible assets - - - - - Investment in exploration 240 (584) (16,191) (343) (32,607) Payment for removal and decommissioning (14) (79) (10,737) (93) (8,264) Purchase of property, plant and equipment (1,384) (2,520) - (3,904) - Net cash flow from investing activities (15,914) (13,559) (58,400) (29,473) (233,834) Net capital increase - - - - 20,000 Repayment of lease liabilities (3,026) (90) (278) (3,116) (1,110) Proceeds from issuance of long term debt - - - - - Proceeds from issuance of short term debt - - 4,100 - - Repayment of long term debt - - - - - Repayment of short term debt (48,280) - (4,100) (48,280) (20,000) Net cash flow from financing activities (51,306) (90) (278) (51,396) (1,110) Net change in cash and cash equivalents 47,042 24,539 11,030 71,581 48,404 Cash and cash equivalents at start of period 98,060 73,521 14,838 73,521 25,117 Cash and cash equivalents at end of period 145,103 98,060 25,867 145,103 73,521
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10 V I S I T I N G A D D R E S S Laguneveien 1 N-5239 Rådal Norway P O S T A L A D D R E S S Laguneveien 1 N-5239 Rådal Norway