Interim report
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3 Interim Financial Report For the quarter ended and six months ended 30 June 2026
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2 Highlights PETRONOR E&P ASA INTERIM FINANCIAL REPORT 30 JUNE 2026 HIGHLIGHTS At 30 June 2026 Q2 2026 Net cash (USD million) Market capitalisation (USD million) Net profit (USD million) 85.2 151.2 46.3 31 December 2025: 58.9 31 December 2025: 150.1 Q2 2025: 7.1 • 965 kbbls of oil lifted and sold for USD 112 million in cash • USD 50 million repayment of capital to shareholders • Q2 net production rate increased to 5,045 bopd • OML 113 working interest will increase pending NUPRC approval due to partner default OPERATIONS Production Republic of Congo – PNGF Sud PetroNor E&P ASA (“PetroNor” or the “Company”) has three production licence agreements (Tchibouela II, Tchendo II, and Tchibeli-Litanzi II), which cover six oil fields located in 80-100 meter water depths approximately 25 km off the coast of Pointe-Noire. The oil field complex was discovered in 1979, commenced production in 1987, and is called PNGF Sud. The PNGF Sud fields are developed with eleven wellhead platforms and currently produce from 80 active production wells, with oil exported via the onshore Djeno terminal. An infill drilling programme targeting Tchibouela East was completed early December with the drilling rig, Axima. Production results have been encouraging and may pave the way for additional infill drilling in this field. Additional infill opportunities are expected to be proposed in the budgets for 2027 and 2028. Overall gross production for Q2 2026 was 2.7 MMbbls (Q2 2025: 2.3 MMbbls), corresponding to 0.46 MMbbls (Q2 2025: 0.39 MMbbls) net to the Company. Production efficiency, a measure of actual production relative to assessed productive capacity, increased to 93 per cent during the second quarter, up from 86 per cent the previous quarter and higher than the second quarter of 2025 average of 90 per cent. This improvement results from a lower number of wells awaiting workovers and more stable facilities uptime. Revised audited reserve and resource estimates as at 31 December 2025 are published in our annual report. Development Nigeria – OML 113 / The Aje field In February 2026, PetroNor progressed the Company’s plans for consolidation of the OML 113 licence partnership interests via completion of the corporate acquisition of Aje Exploration Nigeria Ltd. In addition, during June 2026, PR Oil & Gas Nigeria Ltd, an OML 113 partner and subsidiary of ADM Energy plc , was notified that due to repeated non-payment of licence cash calls the compan y’s license interest has been divided proportionally among the remaining partners effective from the notice date. Following these steps PetroNor has a project economic and JOA voting interest of 59.6 per cent (during the main production period) in OML 113. In the context of legal uncertainty limiting access to capital, PetroNor has appointed the advisory firm Talanger Capital to identify commercial options for potential divestment or farm-down of its interest in OML 113. Discussions are ongoing with a number of potential acquirers under non - disclosure agreements. Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 PNGF Sud net production (bopd)
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3 Operational update PETRONOR E&P ASA INTERIM FINANCIAL REPORT 30 JUNE 2026 Health, safety and environment (HSE) Health, safety and environmental performance remain core priorities for PetroNor and its operating partners. The Company maintains a clear HSEQ objective of zero accidents and incidents across all activities. Operations are carried out by the relevant operators on behalf of the licence partners, with regular reporting against key HSE indicators. During the second quarter, the operator of PNGF Sud reported no lost time incidents. No significant known breaches of exploration licence conditions or applicable environmental regulations were reported during the quarter. PetroNor also recorded no accidents, injuries, incidents or environmental claims in the period. Financial performance and activities PetroNor delivered a strong financial performance in the first half of 2026, supported by its first lifting of the year in April. The Company sold 964,593 barrels of crude oil at a realised price of USD 116.05 per barrel, generating cash proceeds of USD 111.9 mill ion. Total revenue for the six months ended 30 June 2026 increased to USD 162.9 million, compared with USD 27.6 million in H1 2025. Revenue comprised crude oil sales and the gross -up of royalty and tax oil recognised under the Group’s accounting policy. The April lifting resulted in an initial overlift position of approximately 520 thousand barrels. Continued production during the second quarter reduced this balance to approximately 355 thousand barrels by 30 June 2026, resulting in the recognition of an overlift liability of USD 41.5 million at the reporting date. Although this accounting treatment increases cost of sales in the current period, the position is expected to unwind through future production. Cost of sales increased to USD 79.4 million, compared with a credit of USD 3.5 million in H1 2025, primarily reflecting the recognition of the overlift liability and higher royalty and tax oil charges following the strong oil prices during the period. Royalty expense increased to USD 15.0 million, while tax oil expense increased to USD 36.0 million. Administrative expenses were reduced to USD 4.1 million, compared with USD 5.4 million in H1 2025, reflecting the benefits of prior organisational restructuring and lower legal and professional fees. Profit after tax attributable to shareholders increased to USD 36.1 million, compared with USD 6.1 million in H1 2025, driven by the strong realised oil price and the April lifting. The Group’s cash position strengthened to USD 85.2 million at 30 June 2026, compared with USD 58.9 million at 31 December 2025, supported by operating cash flows of USD 91.8 million. This increase was achieved after returning USD 50.0 million of capital to shareholders in June 2026 and distributing USD 10.3 million in dividends to non-controlling interests. During the first quarter, PetroNor completed the acquisition of Aje Exploration Nigeria Ltd, increasing the carrying value of intangible assets through recognition of the acquired licence interest and related assets and liabilities. The transaction strengt hens PetroNor’s overall position in OML 113. The board of directors has reviewed the Group’s liquidity position, expected operating cash flows and planned capital commitments, and remains satisfied that the Group has adequate financial resources to continue as a going concern. CORPORATE Principal risks The Group participates in oil and gas projects in countries in West Africa with emerging economies, such as Congo Brazzaville and Nigeria. Oil and gas exploration, development and production activities in such emerging markets are subject to a number of significant political and economic uncertainties as further detailed in the annual report. These may include, but are not limited to, the risk of war, terrorism, expropriation, nationalisation, renegotiation or nullification of existing or future licences and contracts, changes in crude oil or natural gas pricing policies, changes in taxation and fiscal policies, imposition of currency controls and imposition of international sanctions. Board matters At the AGM held on 28 May 2026, board member, Joseph Iskander, was re-elected as chair of the board. Shareholder repayment of capital The Company performed a repayment of capital equivalent of NOK 3.25 per share to the shareholders of the Company as of 29 May 2026, equivalent to USD 50.0 million.
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4 Operational update PETRONOR E&P ASA INTERIM FINANCIAL REPORT 30 JUNE 2026 Indictment of Hemla Africa Holding AS (“Hemla”) In January 2026, Økokrim decided to indict subsidiary company Hemla in relation to suspected corruption committed on behalf of Hemla in 2017. The Company categorically contests the indictment and awaits the opportunity to have the case thoroughly examined in court in late 2026. The trial is expected to last 10 weeks with a ruling announcement in 2027. Any result will most probably then be subject to appeal by either side; therefore, the final decision outcome will take some time. The indictment creates a legal obligation to incur defence costs and exposes Hemla to the risk of potential fines and penalties depending on the final outcome of the court process. Significant events after reporting date There are no significant events after the reporting date. Outlook During H2 202 6, production will continue to replenish the over overlift position. No further oil sales are expected in 2026. Operator forecasts indicate that the year-end exit rate for gross production will exceed 25,500 bopd (net to PetroNor ~4,300 bopd). Top 20 Shareholders As of 7 August 2026: # Shareholder Number of shares Per cent 1 Petromal LLC1 48,148,167 33.82% 2 Symero Limited2 14,226,364 9.99% 3 Ambolt Invest AS3 8,758,329 6.15% 4 Sjøvollen AS 5,979,072 4.20% 5 Gulshagen III AS4 4,500,000 3.16% 6 Nordnet Bank AB 4,493,225 3.16% 7 Nordnet Livsforsikring AS 3,716,405 2.61% 8 Clearstream Banking SA 2,661,765 1.87% 9 Gulshagen IV AS 2,637,081 1.85% 10 Interactive Brokers LLC 1,704,953 1.20% 11 The Bank of New York Mellon SA/NV (DNK) 1,446,421 1.02% 12 Saxo Bank A/S 1,248,596 0.88% 13 Avanza Bank AB, Meglerkonto 1,058,976 0.74% 14 The Bank of New York Mellon SA/NV (GBR) 871,572 0.61% 15 Nordea Bank Abp 801,433 0.56% 16 Omar Al-Qattan 764,546 0.54% 17 Leena Al-Qattan 764,546 0.54% 18 Danske Bank A/S 696,088 0.49% 19 Morgan Stanley & Co. Int. Plc. 693,786 0.49% 20 Nordnet Livsforsikring AS Suomen 568,330 0.40% Subtotal 105,739,655 74.28% Others 36,617,200 25.72% Total 142,356,855 100.00% 1 Non-Executive Chairman, Mr. Joseph Iskander is the Chief Executive Officer of Emirates International Investment Company, sister company to Petromal LLC. All of the shares held by Petromal LLC are recorded in the name of nominee company, Clearstream Banking S.A. on behalf of Petromal LLC. 2 Symero Limited is a company controlled by NOR Energy AS. 3 Ambolt Invest AS is a company controlled by board member Mr. Norman-Hansen. 4 Gulshagen III AS is a company controlled by Sjøvollen AS.
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Consolidated statement of comprehensive income For the quarter ended and six months ended 30 June 2026 5 Financial statements PETRONOR E&P ASA INTERIM FINANCIAL REPORT 30 JUNE 2026 Quarter ended Six months ended Amounts in USD thousand (Unaudited) Note 30 June 2026 30 June 2025 30 June 2026 30 June 2025 Revenue 3 151,405 13,617 162,930 27,552 Cost of sales 4 (73,954) 3,956 (79,351) 3,534 Gross profit 77,451 17,573 83,579 31,086 Other operating income 3 8 3 16 Exploration and development expenses (517) (30) (584) (30) Administrative expenses 5 (2,165) (2,764) (4,081) (5,391) Profit from operations 74,772 14,787 78,917 25,681 Finance expense (474) (413) (937) (1,004) Finance income 206 845 431 1,222 Foreign exchange gain / (loss) 1,167 288 1,179 (48) Profit before tax 75,671 15,507 79,590 25,851 Tax Expense 6 (29,355) (8,853) (36,367) (17,869) Profit for the period 46,316 6,654 43,223 7,982 Other Comprehensive income: Exchange (losses) / gains arising on translation of foreign operations - - - - Total comprehensive income 46,316 6,654 43,223 7,982 Profit for the period attributable to: Owners of the parent 38,825 5,337 36,050 6,148 Non-controlling interest 7,491 1,317 7,173 1,834 Total 46,316 6,654 43,223 7,982 Total comprehensive income attributable to: Owners of the parent 38,825 5,337 36,050 6,148 Non-controlling interest 7,491 1,317 7,173 1,834 Total 46,316 6,654 43,223 7,982 Earnings per share attributable to members: USD cents USD cents USD cents USD cents Basic and Diluted profit per share 7 27,27 3.75 25.32 4.32
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Consolidated statement of financial position 6 Financial statements PETRONOR E&P ASA INTERIM FINANCIAL REPORT 30 JUNE 2026 As at As at 30 June 2026 31 December 2025 Amounts in USD thousand Note (Unaudited) (Audited) ASSETS Current assets Cash and cash equivalents 85,232 58,898 Inventories 8 14,232 15,094 Trade receivables 9 65 - Other receivables 9 576 7,905 Total current assets 100,105 81,897 Non-current assets Property, plant and equipment 11 83,111 81,122 Other receivables 9 48,775 47,123 Intangible assets 12 15,240 1,352 Total non-current assets 147,126 129,597 Total assets 247,231 211,494 LIABILITIES Current liabilities Overlift payable 14 41,497 - Trade payables 15 3,208 6,879 Other payables 15 11,558 3,776 Total current liabilities 56,263 10,655 Non-current liabilities Provisions 17 39,497 32,568 Other payables 15 372 55 Total non-current liabilities 39,869 32,623 Total liabilities 96,132 43,278 Net assets 151,099 168,215 EQUITY Issued capital and reserves attributable to owners of the parent Share capital 20 (33,730) 16,306 Reserves 709 709 Retained earnings 166,724 130,674 Total 133,703 147,689 Non-controlling interests 19 17,396 20,526 Total equity 151,099 168,215
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Consolidated statement of changes in equity For the six months ended 30 June 2026 7 Financial statements PETRONOR E&P ASA INTERIM FINANCIAL REPORT 30 JUNE 2026 Amounts in USD thousand (Unaudited) Share capital Share premium Foreign currency translation reserve Retained earnings Non- controlling interest (NCI) Total For the six months ended 30 June 2026 Balance at 1 January 2026 159 16,147 709 130,674 20,526 168,215 Profit for the period - - - 36,050 7,173 43,223 Other comprehensive income - - - - - - Total comprehensive income for the period - - - 36,050 7,173 43,223 Dividend distributed to non-controlling interest - - - - (10,303) (10,303) Repayment of capital to shareholders - (50,036) - - - (50,036) Balance at 30 June 2026 159 (33,889) 709 166,724 17,396 151,099 For the six months ended 30 June 2025 Balance at 1 January 2025 159 71,956 694 123,381 24,693 220,883 Profit for the period - - - 6,148 1,834 7,982 Other comprehensive income - - - - - - Total comprehensive income for the period - - - 6,148 1,834 7,982 Dividend distributed to non-controlling interest - - - - (7,925) (7,925) Repayment of capital to shareholders - (55,809) - - - (55,809) Balance at 30 June 2025 159 16,147 694 129,529 18,602 165,131
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Consolidated statement of cash flows For the quarter ended and six months ended 30 June 2026 8 Financial statements PETRONOR E&P ASA INTERIM FINANCIAL REPORT 30 JUNE 2026 Quarter ended Six months ended Amounts in USD thousand (Unaudited) 30 June 2026 30 June 2025 30 June 2026 30 June 2025 Cash flows from operating activities Profit for the period 75,671 15,507 75,590 25,851 Adjustments for: Depreciation and amortisation 5,109 4,560 9,713 8,911 Unwinding of discount on decommissioning liability 462 498 925 996 Finance expense 12 (85) 12 8 Finance income (206) (845) (431) (1,222) Total 81,048 19,635 89,809 34,544 (Increase)/decrease in trade and other receivables (654) (935) (3,152) 62,551 (Increase) in advance against decommissioning cost - (107) (297) (178) Increase in abandonment provision - (89) - (89) (Increase)/decrease in inventories 10,889 (733) 862 (1,591) Increase/(decrease) in trade and other payables 1,116 4,123 (554) 4,985 Decrease/(increase) in overlift payable 41,497 (19,619) 41,497 (33,495) Cash generated from operations 133,896 2,275 128,164 66,727 Income taxes paid (29,355) (8,853) (36,367) (17,869) Net cash flows from operating activities 104,541 (6,578) 91,797 48,858 Investing activities Purchases of property, plant and equipment (3,218) (2,339) (5,544) (5,091) Purchase/disposal of intangible assets 34 (290) - (317) Net cash flows from investing activities (3,184) (2,629) (5,544) (5,408) Financing activities Interest on loans and borrowings (12) 85 (12) (8) Interest income 206 845 431 1,222 Repayment of capital (50,036) (30,659) (50,036) (55,809) Dividends paid to non-controlling interest (10,303) (7,925) (10,303) (7,925) Net cash flows from financing activities (60,145) (37,654) (59,920) (62,520) Net increase/(decrease) in cash and cash equivalents 41,212 (46,861) 26,334 (19,070) Cash and cash equivalents at beginning of period 44,020 107,486 58,898 79,692 Cash and cash equivalents at end of period 85,232 60,623 85,232 60,623
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Notes to the interim financial statements 9 Financial statements PETRONOR E&P ASA INTERIM FINANCIAL REPORT 30 JUNE 2026 Note 01 Corporate information The consolidated interim financial statements of the Company and its subsidiaries (together “the Group”) for the period ended 30 June 2026 was authorised for issue in accordance with a resolution of the directors on 27 August 2026. PetroNor E&P ASA is a ‘for profit entity’ and is a company limited by shares incorporated in Norway. Its shares are publicly traded on the Oslo Børs ( ticker: PNOR), the main regulated marketplace of the Oslo Stock Exchange, Norway. The principal activities of the Group are the exploration and production of crude oil. Note 02 Basis of preparation The general purpose interim financial statements for the quarter and six months ended 30 June 202 6 have been prepared in accordance with IAS 34 Interim Financial Reporting and the supplement requirements of the Norwegian Securities Trading Act (Verdipapirhandelloven). The interim financial statements do not include all notes of the type normally included within the annual financial report and therefore cannot be expected to provide as full an understanding of the financial performance, financial position and financing a nd investing activities of the Company as the full financial report. It is recommended that the interim financial statements be read in conjunction with the Annual Report for 202 5 and considered together with any public announcements made by the Company during the period Q2 2026 in accordance with the continuous disclosure obligations of the Oslo Børs. A copy of the annual report is available on the Company’s website www.petronorep.com. The interim financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) which have been adopted by the EU. The interim financial statements have been prepared on a historical cost basis, and on the basis of uniform accounting principles for similar transactions and events under otherwise similar circumstances. The interim financial statements are presented in United States Dollars. The accounting policies adopted are consistent with those disclosed in the annual report for the year ended 31 December 2025. The preparation of the interim financial statements entails the use of judgements, estimates and assumptions that affect the application of accounting policies and the amounts recognised as assets and liabilities, income, and expenses. The estimates and associated assumptions are based on historical experi ence and other factors that are considered to be reasonable under the circumstances. The actual results may deviate from these estimates. The material assessments underlying the application of the Company’s accounting policies and the main sources of uncertainty are the same for the interim financial statements as for the annual report for 2025.
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Notes to the interim financial statements 10 Financial statements PETRONOR E&P ASA INTERIM FINANCIAL REPORT 30 JUNE 2026 Note 03 Revenue Amounts in USD thousand (Unaudited) Quarter ended Six months ended 30 June 2026 30 June 2025 30 June 2026 30 June 2025 Revenue from contracts from customers Revenue from sales of petroleum products 111,939 - 111,939 - Other revenue Assignment of tax oil 28,973 8,853 35,984 17,869 Assignment of royalties 10,490 4,764 15,004 9,683 Marketing fees 3 - 3 - Total 151,405 13,617 162,930 27,552 Number of liftings 1 - 1 - Quantity of oil lifted (barrels) 964,593 - 964,593 - Average selling price (USD per barrel) 116.05 - 116.05 - Quantity of net oil produced after royalty, cost oil and tax oil (barrels) 275,539 269,442 579,336 521,227 All revenue from the sales of petroleum products in 2026 is generated, recognised and transferred at a point in time. Invoices are due for settlement thirty days from the bill of lading, the point at which crude oil had been loaded onto vessel for shipment. All Group revenue is derived from production in the Republic of Congo from the PNGF Sud offshore asset , part of PetroNor’s entitlement oil is taken as tax oil and royalty by the Congolese government as thus the volumes foregone to the government form part of PetroNor’s revenue . The Group presents profit oil tax and royalties on a grossed -up basis as an income tax expense with corresponding increase in oil and gas revenues and any associated royalties are included in cost of sales. Tax oil and Royalty oil assigned to the Congolese government is valued at a market based rate determined in country on a periodic basis. Note 04 Cost of sales Amounts in USD thousand (Unaudited) Quarter ended Six months ended 30 June 2026 30 June 2025 30 June 2026 30 June 2025 Operating expenses 5,326 5,956 11,281 10,458 Royalty 10,490 4,764 15,004 9,683 Depreciation and amortisation of oil and gas properties 5,050 4,624 9,908 9,173 Provision for Diversified Investment 699 318 1,000 646 Subtotal 21,565 15,662 37,193 29,960 Movement in oil overlift position 41,181 (19,619) 41,181 (33,495) Movement in oil inventory 11,208 1 977 1 Total 73,954 (3,956) 79,351 (3,534) The Congolese government levies a proportional 15 per cent mining royalty on gross production before any cost recovery for the PNGF Sud licences, plus a further 1 per cent for Provision for Diversified Investment . High oil prices drive year on year variances. The movement in oil inventory reflects the reduction of the stock of oil to nil following the sales lifting, this is reflected in an offsetting reduction in the inventory asset in the statement of financial position. The “overlift oil” i.e. the lifting permitted that exceeds PetroNor’s entitlement oil is valued at the sales price of the oil lifted. This is offset by the ” Overlift liability”. Please see note 14 for further details.
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Notes to the interim financial statements 11 Financial statements PETRONOR E&P ASA INTERIM FINANCIAL REPORT 30 JUNE 2026 Note 05 Administrative expenses Amounts in USD thousand (Unaudited) Quarter ended Six months ended 30 June 2026 30 June 2025 30 June 2026 30 June 2025 Employee expenses 1,121 1,327 2,344 2,489 Travelling expenses 118 133 214 234 Legal and professional expenses 611 867 963 1,888 Other expenses 315 437 560 780 Total 2,165 2,764 4,081 5,391 Note 06 Tax expense Amounts in USD thousand (Unaudited) Quarter ended Six months ended 30 June 2026 30 June 2025 30 June 2026 30 June 2025 Current income tax charge (29,355) (8,853) (36,367) (17,869) Total (29,355) (8,853) (36,367) (17,869) The petroleum tax charge relates to the Congolese subsidiary and reflects the State’s entitlement to a portion of oil production under the applicable fiscal regime. Instead of paying taxes based on taxable income in cash, the government receives its share directly in physical oil. This includes a mining royalty representing a fixed percentage (15%) of gross production, as well a s a share of profit oil (and super profit oil when oil prices exceed certain thresholds). Profit oil is allocated between the Sta te and the joint venture partners in accordance with the production sharing contracts. As a result, corporate income tax is effectively settled through the State’s share of profit oil, and no separate cash tax payment is made. Revenues from sales of petroleum products are therefore recognised net of the State’s production entitlements (please see note 3). Note 07 Earnings per share Amounts in USD thousand Quarter ended Six months ended (Unaudited) 30 June 2026 30 June 2025 30 June 2026 30 June 2025 Profit attributable to ordinary shareholders from continuing operations: Profit attributable to the ordinary equity holders used in calculating basic / diluted profit per share 38,825 5,337 36,050 6,148 Quarter ended Six months ended (Unaudited) 30 June 2026 30 June 2025 30 June 2026 30 June 2025 Weighted average number of ordinary shares outstanding during the period used in the calculation of earnings per share 142,356,855 142,356,855 142,356,855 142,356,855 Amounts in USD Cents Quarter ended Six months ended (Unaudited) 30 June 2026 30 June 2025 30 June 2026 30 June 2025 Earnings per share Basic and Diluted profit per share 27.27 3.75 25.32 4.32
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Notes to the interim financial statements 12 Financial statements PETRONOR E&P ASA INTERIM FINANCIAL REPORT 30 JUNE 2026 Options on issue are considered to be potential ordinary shares and have been included in the determination of diluted loss per share only to the extent to which they are dilutive. There are nil options as at 30 June 2026 (2025: nil). Note 08 Inventories Amounts in USD thousand Notes As at 30 June 2026 (Unaudited) As at 31 December 2025 (Audited) Crude oil inventory - 661 Materials and supplies 14,232 14,433 Total 14,232 15,094 The crude oil inventory and the material and supplies inventory are valued at the lower of cost and net realisable value. Net realisable value is the estimated selling price, less applicable selling expenses. The cost of inventory includes all costs r elated to bringing the inventory to its current condition, including processing costs, labour costs, supplies, direct and allocated indirect operating overhead and depreciation expense, where applicable, including allocation of fixed and variable costs to inventory. Note 09 Trade and other receivables Amounts in USD thousand Notes As at 30 June 2026 (Unaudited) As at 31 December 2025 (Audited) Recoverability less than one year Trade receivables 65 - Other receivables1 576 7,905 Total 641 7,905 Recoverability more than one year Advance against decommissioning cost 31,997 31,700 Due from related parties 18 14,898 13,543 Fair value of contingent consideration 1,880 1,880 Total 48,775 47,123 In addition to the booking of decommissioning cost asset and corresponding liability, the contractors group on the PNGF Sud licence have advanced cash funds for the decommissioning cost that is held in an escrow account which is managed by the operator. 1On 18 February 2026, PetroNor completed the corporate acquisition of Aje Exploration Nigeria Ltd. As a result, USD 7.4 million from the 31 December 2025 other receivables balance was recategorized by 31 March 2026. This new Nigerian subsidiary holds a 32 per cent project and economic and voting interest in the OML 113 licence in Nigeria.
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Notes to the interim financial statements 13 Financial statements PETRONOR E&P ASA INTERIM FINANCIAL REPORT 30 JUNE 2026 Note 10 Segment information The Group only has one operating segment, being exploration and production of hydrocarbons. The analysis of the location of non-current assets is as follows: Amounts in USD thousand As at 30 June 2026 (Unaudited) As at 31 December 2025 (Audited) Congo 109,898 114,152 Norway and other countries 15,302 13,570 Nigeria 20,046 - Guinea-Bissau 1,880 1,880 Total 147,126 129,602 As at 30 June 2026, PetroNor’s underlying interests in OML 113 in Nigeria are now held by two separate corporate structures. Directly via subsidiary Aje Exploration Nigeria Ltd, detailed within Nigeria in the table above. Plus, indirectly, via the jo intly controlled holding company Aje Production AS, this portion is classified within the Norwegian assets in the table above. Note 11 Property, plant and equipment Amounts in USD thousand Notes For the six months ended 30 June 2026 (Unaudited) For the year ended 31 December 2025 (Audited) Cost Opening balance 161,909 145,095 Additions 11,544 16,814 Closing balance 173,453 161,909 Accumulated Depreciation Opening balance 80,787 59,205 Charge for the period 9,555 21,582 Closing balance 90,342 80,787 Closing net carrying value 83,111 81,122
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Notes to the interim financial statements 14 Financial statements PETRONOR E&P ASA INTERIM FINANCIAL REPORT 30 JUNE 2026 Note 12 Intangible assets LICENCES AND APPROVALS Amounts in USD thousand For the six months ended 30 June 2026 (Unaudited) For the year ended 31 December 2025 (Audited) Cost Opening balance 7,389 13,803 Additions 14,047 261 Disposals - - Impairment loss - (6,675) Closing balance 21,436 7,389 Accumulated amortisation and impairment Opening balance 6,037 5,625 Amortisation 159 412 Closing balance 6,196 6,037 Closing net carrying value 15,240 1,352 During the first half of 2026 PetroNor acquired 32 percent voting interest in the OML 113 licence, absorbing USD 14.06 million in intangible license value from the corporate acquisition of Aje Exploration Nigeria Ltd. Note 13 Business combinations Acquisition of Aje Exploration Nigeria Ltd On 18 February 2026, the Group acquired 100 per cent of the issued share capital of Aje Exploration Nigeria Ltd. The acquisition has been accounted for as a business combination in accordance with IFRS 3. Total consideration transferred was USD 7.42 million. Interim operator cash call funding of USD 1.64 million incurred between signing and completion was excluded from purchase consideration as it represented settlement of operating obligations of the acquiree. The transaction increased the net 2C contingent resources controlled by PetroNor for OML 113 from 27.08 MMboe to 70.12 MMboe. The preliminary fair values of identifiable assets acquired, and liabilities assumed at the acquisition date were as follows: The purchase price allocation remains provisional at the reporting date and may be revised during the IFRS 3 measurement period. Amounts in USD thousand USD License asset 7,162 Decommissioning cost asset 6,000 Cash and cash equivalents 2 JV payables (4,986) Asset retirement obligation (6,005) Other net liabilities (1,698) Net identifiable assets acquired 475 License value arising on acquisition 6,945
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Notes to the interim financial statements 15 Financial statements PETRONOR E&P ASA INTERIM FINANCIAL REPORT 30 JUNE 2026 Note 14 Overlift payable Amounts in USD thousand Notes As at 30 June 2026 (Unaudited) As at 31 December 2025 (Audited) Amounts due less than one year Overlift payables 41,479 - Total 41,479 - A trading agreement allows PetroNor to lift and sell more oil than the entitlement interest it has in stock at the Djeno terminal. The Company lifted and sold 964,593 barrels of entitlement oil on 6 -8 April 2026 which represented a significant overlift of more than 500,000 barrels. This was replenished in the period between April and June being reduced to an overlift of 354,865 barrels by 30 June 2026. Overlift is valued at the realised selling price of the oil. Note 15 Trade and other payables Amounts in USD thousand Notes As at 30 June 2026 (Unaudited) As at 31 December 2025 (Audited) Amounts due less than one year Trade payables 3,208 6,879 Other payables and accrued liabilities1 11,115 3,289 Taxes and state payables 443 487 Total 14,766 10,655 Amounts due more than one year Other payables 372 55 Total 372 55 1The acquisition of Aje Exploration Nigeria Ltd has implied PetroNor E&P ASA absorbing USD 5.0 million in joint -venture payables to the OML 113 operator in Nigeria. Note 16 Related party transactions Amounts in USD thousand Notes As at 30 June 2026 (Unaudited) As at 31 December 2025 (Audited) Receivable from Aje Production AS and its subsidiaries 14,891 13,543 Total 14,891 13,543 The Company has joint control of Aje Production AS that indirectly holds interests in the offshore mining licence in Nigeria OML 113. Amounts due from Aje Production AS are interest free and have no fixed repayment terms.
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16 Financial statements PETRONOR E&P ASA INTERIM FINANCIAL REPORT 30 JUNE 2026 Note 17 Provisions Amounts in USD thousand Notes For the six months ended 30 June 2026 (Unaudited) For the year ended 31 December 2025 (Audited) Decommissioning Provision Opening balance 29,586 31,859 Additions 6,004 - Arising during the period - - Adjustment to estimated retirement obligation - (2,625) Unwinding of discount on decommissioning 925 352 Closing balance 36,515 29,586 Other provisions 2,982 2,982 Total 39,497 32,568 In accordance with agreements and legislation, the wellheads, production assets, pipelines and other installations may have to be dismantled and removed from oil and natural gas fields when the production ceases. The exact timing of the obligation is uncertain and depends on the rate the reserves of the field are depleted. During H1 2026, PetroNor absorbed a decommissioning obligation with the acquisition of Aje Exploration Nigeria Ltd and its 32 percent interest in the OML 113 field. Note 18 Commitments and contingent liabilities COMMITMENTS Production asset commitments As at 30 June 2026, the Group had approved budgets for PNGF Sud operations in 2026 that included USD 7.5 million for its funding commitment for planned capital expenditure. CONTINGENCIES Legal matters In January 2026, Økokrim formally indicted group subsidiary Hemla Africa Holding AS (“Hemla”) in relation to alleged historical corruption in the Republic of Congo. Hemla categorically contests the allegations and intends to defend the matter vigorously through the legal process. As a consequence of the indictment, the Group has incurred and expects to continue to incur legal and other defence costs in connection with the proceedings. In addition, the matter exposes Hemla to a risk of potential fines or penalties depending on the final outcome of the case. As at the reporting date, the Group has concluded that the matter represents a contingent liability under IAS 37. No provision has been recognised in respect of potential fines or penalties, as the Group does not currently consider it probable that an outflow of economic resources will be required, and the potential financial effect cannot presently be estimated with sufficient reliability. The Group will continue to reassess the recognition, measurement and disclosure of this matter as the legal proceedings progress. As at 30 June 2026, Hemla was a defendant in a civil lawsuit in the courts in Norway concerning a claim for compensation. The merits of the matter have not yet been scheduled to be heard in court. No provision has been recognised in relation to this matter which is considered a contingent liability that cannot be reliably measured.
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17 Financial statements PETRONOR E&P ASA INTERIM FINANCIAL REPORT 30 JUNE 2026 OML 113 Conditional Consideration The Company acquired its equity interests in OML 113 in Nigeria via corporate acquisitions. Both transactions included additional consideration with either USD 0.10, or USD 0.25, per 1,000 cubic feet of the Aje Natural Gas Sales Volume to be paid once the conditions of these past share purchase acquisitions are met. The conditional consideration is capped at USD 16.67 million and USD 20.0 million for the two transactions respectively. Note 19 Material Non-Controlling Interests Set out below is summarised financial information for the subsidiary Hemla E&P Congo SA that has non-controlling interests that are material to the Group. The amounts disclosed for the subsidiary are before inter-company eliminations. Summarised statement of financial position Amounts in USD thousand As at 30 June 2026 (Unaudited) As at 31 December 2025 (Audited) Current assets 76,761 50,782 Current liabilities 49,025 8,456 Current net assets 27,736 42,326 Non-current assets 109,898 114,152 Non-current liabilities 33,525 32,623 Non-current net assets 76,373 81,529 Net assets 104,109 123,855 Accumulated non-controlling interest 17,396 20,526 Summarised statement of comprehensive income Amounts in USD thousand (Unaudited) For the quarter ended 30 June 2026 (Unaudited) For the quarter ended 30 June 2025 (Audited) Revenue 151,402 27,552 Profit for the period 47,260 11,572 Other comprehensive income - - Total comprehensive income 47,260 11,572 Profit allocated to non-controlling interest 7,491 1,834 Dividends paid to non-controlling interest 10,303 7,925 Summarised statement of cash flows Amounts in USD thousand (Unaudited) For the quarter ended 30 June 2026 (Unaudited) For the year quarter ended 30 June 2025 (Audited) Cash flows from operating activities 50,769 20,936 Cash flows from investing activities (2,774) (5,300) Cash flows from financing activities (10,303) (7,925) Net increase / (decrease) in cash and cash equivalents 37,693 7,711
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18 Financial statements PETRONOR E&P ASA INTERIM FINANCIAL REPORT 30 JUNE 2026 Note 20 Share Capital and Reserves Reconciliation of movement in shares in issue Notes For the quarter ended 30 June 2026 (Unaudited) For the year ended 31 December 2025 (Audited) Balance at the beginning of the period 142,356,855 142,356,855 Balance at end of the period 142,356,855 142,356,855 The share capital of the Company is NOK 1,423,658,.55 divided into 142,356,855 shares, each with a nominal value of NOK 0.01. Reconciliation of movements in issued capital Amounts in USD thousand Notes For the quarter ended 30 June 2026 (Unaudited) For the year ended 31 December 2025 (Audited) Share Capital 159 159 Share Premium Opening balance 16,147 71,956 Repayment of capital to shareholders (50,036) (55,809) Closing balance1 (33,889) 16,147 1 Please see note 21 below for equity position of parent entity. Note 21 Parent company summary statement of financial position Summarised statement of financial position Amounts in USD thousand As at 30 June 2026 (Unaudited) As at 31 December 2025 (Audited) Current assets 15,259 9,637 Current liabilities (5,255) (7,607) Current net assets 10,004 2,030 Non-current assets 163,901 155,138 Non-current liabilities (89,423) 85,000 Non-current net assets 74,478 70,138 Net assets 84,482 72,168 Share Capital 159 159 Share Premium 45,575 95,612 Reserves (79) (79) Retained earnings 38,827 (23,523) Total equity 84,482 72,168 On 28 May 2026, the Company's shareholders approved a repayment of capital of USD 50.0 million, which was subsequently paid during June 2026. The repayment was made by the parent company from its available paid-in capital in accordance with the Norwegian Public Limited Liability Companies Act and was supported by sufficient distributable paid-in capital in the parent company's separate financial statements at the date of approval. As a consequence of consolidation, including the elimination of the parent company's investment against subsidiary equity on consolidation, the consolidated statement of financial position presents a negative share premium balance of USD 33.9 million at 30 June 2026. This negative balance is solely an accounting consequence of the consolidation process and does not reflect
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19 Financial statements PETRONOR E&P ASA INTERIM FINANCIAL REPORT 30 JUNE 2026 the legal share premium or distributable paid-in capital of the parent company. Accordingly, it has no impact on the validity of the capital repayment approved by shareholders or the Group's compliance with the applicable Norwegian corporate law requirements governing capital distributions. Note 22 Post balance sheet events There are no significant events after the reporting date.
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20 Financial statements PETRONOR E&P ASA INTERIM FINANCIAL REPORT 30 JUNE 2026 Statement of responsibility We confirm that, to the best of our knowledge, the condensed set of unaudited consolidated financial statements as of 30 June 2026 has been prepared in accordance with IAS34 Interim Financial Statements, provides a true and fair view of the Company’s consolidated assets, liabilities, financial position and results of operations, and that the management report includes a fai r review of the information required under the Norwegian Securities Trading Act section 5-6 fourth paragraph. 27 August 2026 Approved by the Board of Directors - PetroNor E&P ASA: Joseph Iskander, Chairman of the Board Jarle Norman-Hansen, Board Member Andri Georghiou, Board Member Jens Pace, Chief Executive Officer
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Corporate directory 21 Corporate directory PETRONOR E&P ASA INTERIM FINANCIAL REPORT 30 JUNE 2025 DIRECTORS Joseph Iskander, Chair Jarle Norman-Hansen Andri Georghiou CEO Jens Pace REGISTERED OFFICE Drammensveien 126A 0277 Oslo Norway WEBSITE www.petronorep.com AUDITORS BDO AS Bygdøy allé 2 0257 Oslo Norway SHARE REGISTRAR DNB Bank ASA Verdipapirservice Dronning Eufemias gate 30 0191 Oslo Norway STOCK EXCHANGE LISTING Oslo Børs Ticker: PNOR ISIN: NO0012942525