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Q2 2026 Results Presentation 28 August 2026, Jens Pace (CEO) Djeno oil terminal
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This Presentation has been prepared by PetroNor E&P ASA (Company). Summary information This Presentation contains summary information about the Company and its subsidiaries (Company Group) and their activities. The information in this Presentation does not purport to be complete or comprehensive, and does not purport to summarise all information that an investor should consider when making an investment decision. It should be read in conjunction with the Company’s other periodic and continuous disclosure announcements lodged with Oslo Børs, which are available at www.newsweb.oslobors.no. Not financial product advice This Presentation is for information purposes only and is not a prospectus, product disclosure statement or other offer document under Norwegian law or the law of any other jurisdiction. This Presentation is not financial advice, a recommendation to acquire Company shares or accounting, legal or tax advice. It has been prepared without taking into account the objectives, financial or tax situation or needs of individuals. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial and tax situation and needs and seek such legal, financial and/or taxation advice as they deem necessary or appropriate to their jurisdiction. The Company is not licensed to provide financial product advice in respect of Company shares. Future performance This Presentation contains certain forward looking statements. The words anticipated, expected, projections, forecast, estimates, could, may, target, consider and will and other similar expressions are intended to identify forward looking statements. Forward looking statements, opinions and estimates provided in this Presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forward looking statements including projections, indications or guidance on future earnings or financial position and estimates are provided as a general guide only and should not be relied on as an indication or guarantee of future performance. There can be no assurance that actual outcomes will not differ materially from these statements. This difference may be due to various factors, including, among others: general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; actual results of reclamation activities; the outcome of negotiations, conclusions of economic evaluations and studies; changes in project parameters and returns as plans continue to be refined; future price of oil and gas; drilling risks; political instability; insurrection or war; arbitrary changes in law; delays in obtaining governmental approvals or financing or in the completion of development activities. The forward looking statements in this Presentation speak only as of the date of this Presentation. To the full extent permitted by law, the Company and its directors, officers, employees, advisers, agents and intermediaries disclaim any obligation or undertaking to release any updates or revisions to the information to reflect any change in expectations or assumptions. Nothing in this Presentation will under any circumstances create an implication that there has been no change in the affairs of Company Group since the date of this Presentation. Investment risk An investment in the Company shares is subject to investment and other known and unknown risks, some of which are beyond the control of the Company Group. The Company does not guarantee the performance of the Company or any particular rate of return on the performance on the Company Group, nor does it guarantee the repayment of capital from the Company or any particular tax treatment. Not an offer This Presentation is not and should not be considered an offer or an invitation to acquire Company shares or any other financial products and does not and will not form any part of any contract for the acquisition of the Company shares. This Presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States. Company shares have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in a transaction exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws. Competent person statements The information in this Presentation relating to hydrocarbon reserve and resource estimates for Congo-Brazzaville estimated internally and audited by Three60 Energy Norway AS. OML113 Nigeria (Aje) includes information on contingent hydrocarbon resources compiled by AGR Tracs (“AGR”). AGR has consented to the inclusion in this Presentation of the matters based on the information in the form and context in which it appears. Disclaimer The Company's advisers have not authorised, permitted or caused the issue, lodgement, submission, despatch or provision of this Presentation and do not make or purport to make any statement in this Presentation and there is no statement in this Presentation which is based on any statement by the advisers. To the maximum extent permitted by law, the Company, its representatives, advisers and their respective officers, directors, employees, agents or controlling persons (collectively, the Representatives) expressly disclaim all liabilities in respect of, and make no representation or warranty, express or implied, as to the accuracy or completeness of the information contained in this Presentation or in any other documents furnished by the foregoing persons. Statements made in this Presentation are made only at the date of this Presentation. The information in this Presentation remains subject to change without notice. 2 Disclaimer
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Q2 2026: Increased production and oil sales support return of capital 3 ➢ Q2 improved production capacity from new wells and reduced work- over queue. ➢ Stable infrastructure uptime delivered 93% production efficiency. ➢ Lifted and sold 965,000 barrels of net entitlement oil. ➢ Sales of USD 112 million post tax realised. ➢ Repayment of capital to shareholders of USD 50 million. Average Net Working Interest Production1) 1) Finally allocated data 4.3 4.3 4.1 4.6 4.7 5.0 Q12025 Q2 Q3 Q4 Q12026 Q2 000 bopd
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BALANCE SHEET Cash at bank at 30 June USD 85.2 million 31 December 2025: USD 58.9 million Gross assets at 30 June USD 247.2 million 31 December 2025: USD 211.5 million HIGHLIGHTS Revenue for half year ended 30 June USD 162.9 million H1 2025: USD 27.6 million EBITDA for half year ended 30 June USD 88.6 million H1 2025: USD 34.6 million 2026 Financial Delivery: 4 Realised average price USD /bbl 116.1 61.3 77.9 78.3 Q1 Q1 Q2 Q2 Q2 Q4 Q4 Q4 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2026 2025 2024 2023 Thousands Oil sales from barrels lifted Net Entitlement Oil kbbls
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H1 2026 – Source and Use of cash Amounts in USD million 5 -4.1 ADMIN -13.8 Working capital adjustment -50.0 Cash at 1 January 2026 -10.3 Dividend to NCI Cash at 30 June 2026 111.9 Oil sales 51.0 Tax oil and royalties -41.5 Overlift adjustment -11.3 OPEX -5.5 CAPEX 58.9 85.3 Return of capital to shareholders
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➢ Perenco operated field complex ➢ 2.3 bnbbls STOOIP with about 500 mmbbls recovered ➢ Long lived production with rate responding to investment in new wells ➢ Net 2P Reserves 15.6 mmboe ➢ Net 2C Resources 9.6 mmboe ➢ Infill drilling CAPEX delivers $11/bbl reserves added (2C to 2P) ➢ OPEX costs of $12/bbl ➢ Planning return to infill drilling in 2027 focused on Tchibouela and Tchibouela East Fields. 1 Operational update PNGF Sud PNGF Sud PNGF Bis 2026 production Production base – Congo-Brazzaville – PNGF Sud/Bis Congo reinvestment in new opportunities 6 Q2
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✓ Aligned partnership and consolidated position* ✓ Defined project with attractive economics ✓ Improved subsurface description • Static modelling and dynamic reservoir modeling completed • Updated models improve economics ➢ Advisor appointed to identify commercial options ➢ Potential acquirers viewing data under non- disclosure agreements Re-development – Nigeria – Aje Field (OML 113) Aje re-development as a gas field **Effectively 52.2% working interest in OML 113 for the main part of the project. * Working interest will increase to 59.6% due to partner default pending regulatory approval 2 Aje re-development project focus 7 ➢ Gross project appraised resource estimates: • 500 BCF Gas • ~20 mmbbls Condensate • ~20 mmbbls of LPG and Propane • ~20 mmbls Oil ➢ PetroNor net 2C Resources 70.1 mmboe**
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Økokrim indictment of Hemla Africa Holding AS ➢ Hemla Africa Holding AS ("Hemla") is indicted in relation to suspected corruption. ➢ Hemla is a 100% indirect subsidiary of PetroNor, and the majority shareholder of Hemla E&P Congo, which is the holder of a 20 per cent interest in the PNGF Sud licenses in Congo Brazzaville. ➢ The company categorically contests the indictment and welcomes the opportunity to have the case thoroughly examined in court which will commence 23rd November 2026. ➢ Initial outcome is expected Q1 2027, although with appeals the conclusion could be as late as Q4 2028. 8
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Shareholder value ➢ Operational delivery and focused strategy has generated cash to support shareholder distributions ➢ 4.2 NOK per share repayment of capital during 2025 ➢ 3.25 NOK per share repayment of capital in June 2026 ➢ Total shareholder return over past 2 years of approximately 100%. ➢ Market capitalisation of NOK 1.6 billion of which 50 % is represented by cash Focus on near term shareholder return: Share Price: 9 Yahoo Finance data
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Summary ➢ Production capacity increased by new wells to over 5,000 bopd net for Q2 ➢ Preparing for additional infill drilling investments in 2027 ➢ Realized lifting of 965,000 bbls generating USD 112 million ➢ Rebuilding inventory of entitlement oil at ca 100,000 bbls per month ➢ Advisor appointed for farm down / divestment of Nigerian interests 10