Good day everyone, welcome to this Q2 Results Presentation with PetroNor E&P. My name is Daniel Stenslet Jensen, equity analyst at Arctic Securities, and I will moderate the session. Today's presenters are CEO Knut Søvold, Chairman Eyas Alhomouz, Chris Butler, CFO, Claus Frimann-Dahl, CTO, Michael Barrett, head of exploration. We will wrap up the session today with a Q&A session. As such, I urge everyone listening in to send me questions, so I can bring those forward to the management. With that, I'll leave the word to you, Knut Søvold. Thank you, Daniel. Thank you for hosting this webinar, and thanks to Xtra Investor. It's a pleasure for us to present our Q2 results here today. During the first half, the company completed a capital raise of 340 million NOK. Half of the proceeds went towards acquiring an increased stake in the PNGF Sud asset, which totaling today 16.83%, giving us around 3,500 barrels of oil per day. Sorry, you should change to next slide, please. Our continued growth should come from the infield drilling program at PNGF Sud. Pre-production will commence next year, and we expect to grow our production over the coming two years from this asset up to around 6,000 barrels of oil per day, net to PetroNor. Through the growth in PNGF Sud, we also have the upcoming Aje field development, a redevelopment program, which is assumed to add, in addition, excess of 5,000 barrels of oil equivalent to our production base. Totally, we expect from the organic growth to be able to maybe much more increase 10,000 barrels per day. In addition to our organic growth, we have a targeted M&A strategy towards our 30,000 barrels of oil equivalents target. On the financial side, first half-year gave us solid EBITDA of $28 million. Equally important to date to the oil industry is the ESG focus we see in the industry. ESG comprise our core values of ethical behavior in the extraction industry. It's a key element where we can contribute to supply gas and LPG to our host countries in Africa. Gas is becoming a more important transition fuel for Africa as a continent need affordable energy to develop its human capital and their fight against poverty and deforestation. Next slide, please. To our M&A strategy, which has some questions already arrived to this session. We have a target to reach 30,000 barrels of oil equivalent. This target is founded on a robust capital structure. We have our listing in Oslo, combined with our supportive shareholders from Abu Dhabi. We have proven a successful raise of capital this year of NOK 340 million, and we have a cash-generating asset in Congo, providing a strong cash flow over the next few years. We have a healthy balance sheet and a limited leverage. Further to that, we also work very closely with tier 1 international traders, which back the company in our large M&A activities. Based on these pillars, we are well-positioned to execute on our organic growth strategy, and we are well-positioned to complete transformational and accretive M&A deals. All this, of course, while maintaining a conservative risk profile and focusing on delivering long-term value to the shareholders. We put up the map of Africa here for a reason that our focus is Africa. We have a very special focus on Sub-Saharan Africa, where we have production today. We have our exploration licenses, which we'll come back to later in this session. We see a lot of opportunities coming to the market these days from the IOCs, refocus and reshaping their strategies, giving opportunities for companies like PetroNor to fill a vacuum or a space, where assets in the range from a few thousand barrels up to just 10,000 barrels is available in the market. By this introduction, I leave the word to Chris to go through the first half year results. Next slide, please. Oh, sorry. One more on the portfolio. Claus will go through the production on Congo, Brazzaville, where we have a sustained production or redevelopment in Nigeria, and Michael will then hold us through in the exploration portfolio. The word to you, Chris. Next slide. Next slide, please. Thanks, Knut. Good morning, everyone. Firstly, just to caveat that these figures in this corporate presentation are unaudited, unless they represent the comparative numbers from 2020, which have been audited by our auditors, BDO. To start with, the group had four liftings in the first half of the year, lifting 420,360 barrels, and we achieved a weighted average selling price of $63 per barrel. In effect, a 6% increase on the price during the same period in 2020, that of course, was during the market collapse last year. The pricing with our off-taker is actually based on the average oil price during the entire month that the lifting occurred, which partly mitigates pricing risk. With respect to our operations in Congo, under the terms of the production sharing contract, the profit oil tax and royalties payments are settled in kind. Consequently, the revenue is grossed up for the crude lifted and entitled to the local government. For the first six months of the year, approximately $7 million of royalties were included in cost of sales, and $14.6 million of profit oil tax is shown as a tax expense on our income statement. My colleague, Claus, will talk about the production levels actually in Congo in a second, but due to the obviously increase in oil revenue, the oil prices, our revenue slightly disguises the production was lower than originally planned and expected in our budgets. With the delay in the infill drilling program, as at the half year, only $1.1 million had actually been spent on the CapEx program, with the remaining planned investment now just skewed towards the fourth quarter and actually the start of 2022. At the start of the year, a historic $3.6 million outstanding receivable from one of our minority shareholders in a subsidiary was settled in exchange for an additional 10% of Hemla E&P Congo. That actually reduces the non-controlling interest of that subsidiary to 15.85%. It had been one of the aims of the group to actually try and streamline the administration of the entire group over the period. With that in mind, the Symero transaction that was included as part of the private placement in March has meant that the 27.273% non-controlling interest of Hemla Africa Holding subsidiary was purchased by PetroNor for $18 million in shares. As the shares were not actually issued until July and then listed in August, the half-year interim report does not reflect this equity transaction yet. Please expect in the next quarter's report for the share capital to increase by about $18 million, the non-controlling interest of this subsidiary will be eliminated, and the balance will actually be offset against the retained earnings of the company. Going forward, the ratio of the split profit attributable to our shareholders will actually increase. The Congo operations will only be diluted by the remaining 15.85% of the non-controlling interest in HEPCO, Hemla E&P Congo. The reason why PetroNor has actually benefited from the higher equity interest in PNGF Sud operations from the start of the year is because the subsidiary, Hemla Africa Holding, has not actually paid any dividends or distributed any capital back to those non-controlling shareholders since the SPA was agreed in February. Regarding our exploration licenses, in April, unfortunately, PetroNor announced that after the several meetings, of numerous meetings we'd had during the halt in proceedings for the Senegalese licenses, the formal arbitration had to resume. As the formal process is ongoing, the company is limited in what can be stated publicly on the matter. In May, the group completed the purchase of SP Guinea Bissau from Svenska Petroleum, thereby enhancing our already quite extensive exploration portfolio with the addition of the Esperança and Sinapa licenses in Guinea Bissau. It has meant that as at the half year, we have got $1.7 million of long-lead items for the drilling campaign that had originally been planned by Svenska, and we have actually incurred $1.3 million towards 3D seismic data from TGS over that Guinea Bissau license area. Just a comment on our debt. In June, that was actually the final month of our 12-month grace period for the $15 million debt facility that we had with Rasmala. We have now started paying the monthly principal amounts back. The interest-bearing debt of the group was $18.1 million, slightly down on the 2020 year-end number. Next slide, please. One of the key events clearly of the first half of the year was the private placement, where we raised NOK 340 million, approximately $40 million. The primary purpose of the equity raise was to finance the planned infill well program in Congo, increase the oil recovery rate on the PNGF Sud licenses, and provide working capital for general corporate purposes. The private placement was supported strongly by our two largest shareholders, Petromal and NOR Energy. Due to the related party transaction of the Symero transaction that was included as part of the private placement, it meant that we had to split the private placement into several stages so we could obtain shareholder approval at a general meeting. As part of that governance, we had to prepare an independent expert's report to ensure that the related party transaction was fair and reasonable, and that was circulated at the notice of meeting back in April. Again, eliminating these non-controlling interests, we've streamlined the business and reduced the admin burden that we have. By increasing our interest in this asset, which is already well known to the business with its low cost and high production. Regarding the actual status of the private placement, it took obviously a little longer than planned to complete, but as at the half year, only the first tranche of the 84 million shares have been issued, thereby increasing the share capital by $10 million since the year-end. Shortly post-period tranche two of the private placement consisting 224 million shares were issued in July, subsequently listed on the Euronext in August after the listing prospectus was approved by the Financial Supervisory Authority of Norway. Clearly, the company had always intended for our existing shareholders, not just our majority shareholders, to be able to take part, and that is why a repair offering for up to 60 million shares was launched last week. The subscription period actually started a week ago on the 24th of August. The eligible shareholders have been allocated 0.23770 untradeable rights for each share that they held back in March. The offer price will be the same as at the private placement, so NOK 1.1 per share. Over-subscription is going to be permitted, we can't assure that any shares will be available for over-subscription, and in addition, subscription without rights will be permitted. Again, these will only be allocated if there's still some available after allocation to eligible shareholders that have already oversubscribed. The joint managers for the private placement, so Arctic, Pareto, and SpareBank, will have the prospectus available for view on their websites and can advise how to subscribe for shares. I will now pass on to Claus for the technical review. Thank you, Chris, and good morning, everyone. Next slide, please. PNGF is, as you know, our main production asset in Congo Brazzaville. Focusing on the right, you see the production profile from our recent Competent Persons Report conducted by AGR, where a significant increase in the 2P reserves was established by March. Our numbers, we have produced 464 million barrels on total PNGF out of a total stock of or in-place oil volume of more than 2 billion barrels. In 2021 first half of the year, we produced an average of 20.3 thousand barrels on gross terms. A little less than our expectation due primarily to two reasons. One is we have had some, in Congo, logistical issues on getting needed maintenance equipment for the production and for well workovers. That situation has now been resolved, and we are back on track and tackling the backlog in well workovers. We're almost back up to expected production. Next slide, please. This is, of course, a good story on PNGF. We started out in 2017 with about 6.5 million barrels net in 2P reserves. We've grown year-on-year. You see the production in dark blue and additions to 2P reserves in light blue. Our year-on-year reserves replacement ratio has been approximately 300% every year. In addition to that, of course, with the completion of the MGI Ruling and the Symero transaction, we've gone from a net 10.5% interest in PNGF to currently 16.8%. We've more than tripled our reserves since then, that's a good story. In addition to that, our OpEx from the former operator of the PNGFCG, which had an OpEx of about $25 per producing barrel, we are now in 2020 been down to $10.4 per barrel in OpEx. PNGF is continuing to give us good results. Next slide, please. This gives a little bit more flavor on the infill drilling program, which we are about to embark on. As Chris touched upon, we are a little bit delayed. We were anticipating to start the infill drilling program mid this year, but now it looks like we're going to start approximately in December. Starting with the first field, the Litanzi field up to the left, where we are going for drilling four additional wells, two producers and two injectors. In 2022 by Tchendo, where we have installed a 14-slot platform, starting out by drilling seven producers in phase I on that program, followed by the Tchibeli which has a four, just like Litanzi, a four well infill program, two producers and two injectors. Also tentatively followed by the Tchibeli North East, which is not yet in our firm 2P program, but it's part of our 2C resources for the field. I've enclosed also a production profile showing the wrap-up in the production profile as we add consecutively the production for each of these infill opportunities. These incrementals are shown on top of the base production that we have, showing also to the left the actual production to date, inclusive of August. Next slide, please. Aje. We also produce from Aje, but less than on PNGF. This is our main development asset where we want to tackle the significant gas discovery on the Aje license. On the transaction itself, we are still pending the approval of the Nigerian authorities. We had a meeting with them in June, from which we received positive feedback on the transaction and, albeit delayed, we are hoping that soon we will receive the ministerial approval of that transaction. In the meantime, we've been doing a lot of work. The technical work is not lagging on the field. We've been both working on the G&G, the modeling, the well planning, the FPSO replacement, which we have announced, but also commercial aspects in offtake for gas, condensates, LPG, et cetera, which we plan to recover from the field. That concludes what I wanted to say on the technical. I now leave it to Michael Barrett, who will take us on to our exploration portfolio. Michael, you're muted. Sorry. Thank you, Claus. Next slide, please. I'm going to talk you through the exploration portfolio that PetroNor hold in the MSGBC, described here as a West African exploration hotspot. It's of such note because of the huge discoveries in the last five years, starting in the north. You can see on the map on the right, colored in red, the major BP Kosmos discoveries, Mauritania and northern Senegal. Then in green, what's labeled as the SNE field, now called the Sangomar field, operated by Woodside. It's about a 500 million barrel recoverable, a long trend discovery with the acreage position held by PetroNor. Colored in yellow, you can see the A4 block with 90% equity operated by PetroNor. Then to the south in yellow again, the two licenses in Guinea Bissau held at 78.6% equity position, the Sinapa and the Esperança 4A/5A licenses. As I said, the exciting success in the Sangomar field, which has 2023 first oil expected at 100,000 barrels a day. We fully expect the play trend to extend south into the A4 license and also into the Sinapa Esperança licenses. Below the map, you can see the seismic line east-west through the Atum/Anchova prospect. This is very similar, in fact, to the proven success at the Sangomar field. Identical track configuration and target reservoir intervals there. Colored in green, blue, pink, and orange, the dots on the map signify important upcoming wells. The A2 well in the north, the green dot in Gambia, will be drilled in Q4 of this year by FAR and Petronas, and that's targeting a Bambo prospect and a potential southern extension of the Sangomar field. Really a well to watch. The A4 well will follow in the next couple of years in PetroNor's license. Further to the south there, you can see the pink dot is in the AGC, and this is an Impact CNOOC well that's anticipated in the next year or so. Finally, to the south, the Sinapa Esperança well that we're still hoping to drill in 2022. The orange outlines on the map, this represents the current arbitration in Senegal, and the hearing is scheduled in March of next year. Next slide. Okay, hand over. Thank you, Michael, and thanks Daniel for arranging this. This is Eyas Alhomouz, by the way, the Chairman for PetroNor. Good results. We're happy to have a robust capital structure for us at the end of Q2 with the successful equity raise that we have had. I know the team mentioned that the support of the two largest shareholders were there, but I would like also to highlight that we've attracted new shareholders and new investors into PetroNor as a result of that equity raise, that we hope will be as supportive as the existing shareholders that we have had. Cash flow. Oil prices today are nowhere where they were last year, so we're happy with the cash flow that we're having from the producing field we have in Congo. We're looking forward to using this cash flow to reinject back and recycle it into our existing operations for organic growth and further M&A. I know this is on the back of most of our shareholders, where are we going? Knut highlight it again, our target that we have set to the market two years ago of reaching 30,000 barrels. We are well into that, frankly speaking. The market in Africa today has tremendous opportunities in West and North Africa that the team has been reviewing and working on, and we're still working and hoping to deliver something to our shareholders before the end of the year. We're four months away from the end of the year, but the team is working day and night to deliver that. Financing and other investments. We're working with many tier 1 RBL banks. We're working with tier 1 traders who are supportive of PetroNor and our West Africa expansion, and we're hoping that this combination would indeed deliver the value that the management team has been working on for our shareholders. Happy to take any questions now from our audience, or Daniel, if you have received any questions beforehand, please shoot. Thank you, Eyas. Yes, we received quite a lot of questions now ahead of the presentation. I suggest we just jump straight to them. The first one is related to the listing process of you transferring to the main lists. It's taken longer than originally anticipated. What have been the obstacles and what do you see as the way forward now? It's in process. Unfortunately, yes, it dragged longer than we had anticipated. There is the delay of the equity raise that we have had, and then the release of the prospectus for the subsequent offering. Rest assured, this is still the plan. We are working on re-domiciling the company from Australia to Oslo, and as a subsequent to that event, we hope to be listed on the main exchange in Oslo. The plans have not changed. They are still there. Unfortunately, a few things were out of control that delayed it, but we are heading there. That is reassuring. A question on the exploration assets, and in this case, Senegal. Now you're not necessarily in the same active talks, and a court ruling may seem as the most likely outcome now. Do you have any talks besides the legal proceedings or is court ruling now the only outcome in your opinion? We're definitely pursuing the legal route today because we could not reach an amicable solution with the government. However, dialogue is still there. It's not as active as it used to be when we were engaged in the discussion. Nonetheless, we value our partners in Petrosen and the ministry in Senegal, maintaining dialogue all the time. Should there be an opening or a window to pursue an amicable solution outside of court, definitely we will pursue. For the time being, we feel very strongly our case, and 2022 is around the corner. Very good. If we then move to the Guinea Bissau assets. Is there a specific timeline now for the activities to come? Are there certain obligations that you have to meet going forward, or are you free to decide your own activity level on that asset going forward? It's never that we decide our own activity level. We work in partners with our hosting governments in there. We are actively engaged with the government of The Gambia. We're actively engaged with GNPC and the team to explore the options that we have on the table today. We're getting a lot of support from the local government. They see a value in PetroNor. PetroNor so far has met all the commitments that we have had to the government of The Gambia once they re-instated the license. From a timeline perspective, it's something we continuously monitor. We engage with our partners, I don't see any issue in the foreseeable future. Thank you. Similarly, with the Gambian exploration assets, what sort of obligations do you have and what is the pathway forward with that asset? I'm not sure if whoever asked the question is familiar with the reinstatement and settlement agreement that we have signed, but there were specific commitments and timelines to the process, which we have met up to date. We have a looming deadline that's coming up soon, and we're working with the government on meeting that commitment towards the government. I understand. Is it correct that BP has withdrawn from the adjacent A-1 license in Gambia? If so, will it have any effect on your plans at A-4? I think it's public knowledge. Indeed, it was reported in the news. BP has been in discussion with the government of The Gambia about withdrawal from there. I'm not sure what the outcome is today. We're not part of that license. Nonetheless, actually, we see this as an opportunity that opens another concession for grab up in Gambia should indeed BP leave The Gambia. Very well. A new question on also the business development side with regards to these exploration assets. How is the market in terms of reaching out to potential partners or the dialogue with the potential partners with regards to a farm down, which would probably be the most likely way to proceed before or ahead of drilling in this case? If you had asked me this question Q4 last year or Q1, I think I would have had a more pessimistic answer to you than today. Today, we see an opening in the market. Probably the supermajors are out, but small to medium-size companies like PetroNor or a little bit larger than PetroNor do have a keen interest today. We are actively engaged in discussions with several potential farmees. That would cover both The Gambia and Guinea Bissau. Should there be an award in Senegal, hopefully that would be part of the discussion that we're holding with our prospective partners. It is back active, to be honest. I see. When it comes to the Aje transaction, are you considering to pay for that transaction with cash given where the share is trading or is still a share issue more likely? The option is with PetroNor and how we conclude that transaction. We definitely would like to have the shareholders of Panoro on the roster of PetroNor that will indeed create value. Nonetheless, this is something that we will closely assess and see how to execute when the time comes. It could be an all cash, an all share, or a combination of both cash and shares. Thank you. Perhaps a question for Chris. The cash flow in the first half of the year has been impacted by quite significant build-up in net working capital. How do you expect the working capital items to develop from here? Will they unwind or not? Well, to be honest, I think we'll be fairly cash neutral for the rest of the year. Clearly, we have the significant investment program that had been planned down in Congo, and that's been skewed towards the back end of the year. Overall, I think we will be cash neutral. Thank you. A question on Congo. What's the latest status for the negotiations and plans for developing or reaching out and receiving approval for eventually developing PNGF Bis? Unfortunately, people again have been following the news in Congo. They've recently had a change in government there, so there's a new oil minister, and in return, there's a new director of hydrocarbon in there. July, when the budget was finalized and executed with the old DGH director, it did not include this as part of the process. However, now with the new team in Congo, we hope to reactivate that discussion, and we'll update the market accordingly. Thank you. Back to Aje. How fast will the next phase of the field be able to reach FID once or if you get government approval? Are you basically set to go, or what needs to come in place before you can move into FID and start on the construction phase of that field or that phase? Our aim is we haven't been on the lazy side during our wait for the approval. We're looking forward, as I said in the last quarterly presentation, to engage both with the partners and get a proper development budget for Aje. Meaning that the latest figures we have been working on, we have assumed an optimistic FID of year-end this year. Given the delay, we may take that deadline into 1st quarter next year. That's when we're hoping then to deliver an FID. Thank you. A question on lifting frequency. Investor is asking about the frequency, wondering if we should expect more frequent liftings in the second half of the year compared to the first half. This is Knut here. The liftings will be more or less as in the first half year as we expected. Since the oil price has increased and we pay our taxes in kind. With increased oil price, we're lifting slightly smaller volume because of the larger value, and we're lifting in parcels around 100,000 barrels in each lifting. That means that we have more or less the same liftings the second half as in the first half. Of course, on a quarterly basis, you may see fluctuations depending on when the lifting takes place. I see. Very good. Thank you. Final question on my list is related to your M&A path. I guess it is not something that you can be very specific on, but one investor is referring to the previous call where you alluded to perhaps being able to close one deal by the end of 2021. Is that still a possibility? Could we see a deal being closed in the second half of the year? We are working in Africa, so things drags out sometimes, but we are working hard to fulfill our growth ambitions. We hope over the next months that we're able to revert back with positive news to the market. We're getting there. I see. All right. That's very good. We've covered all the questions on my list. I think it's just time to say thank you to Team PetroNor for a good presentation. Very insightful info. To everybody listening in, thank you for your attention. Wish you all a good day. Thank you.