Petronor E&P ASA
OSE:PNOR
Petronor E&P ASA
Petronor E&P ASA engages in the exploration and production of oil and gas. The company is headquartered in Oslo, Oslo. The company went IPO on 2022-02-28. The key strategy of the Group is, in addition to developing existing assets and organic growth, to acquire additional oil and gas licences and pursue acquisition opportunities. The firm holds exploration and production assets in Africa through subsidiaries and joint ventures, namely the offshore PNGF Sud production licenses in the Republic of Congo, (through its subsidiary HEPCO), the Sinapa (Block 2) and Esperanca (Blocks 4A and 5A) licenses offshore Guinea-Bissau (through its subsidiary PetroNor E&P AB (previously SPE Guinea Bissau AB16)), the A4 license offshore The Gambia (through its wholly owned subsidiary PetroNor E&P Gambia Ltd).
Petronor E&P ASA engages in the exploration and production of oil and gas. The company is headquartered in Oslo, Oslo. The company went IPO on 2022-02-28. The key strategy of the Group is, in addition to developing existing assets and organic growth, to acquire additional oil and gas licences and pursue acquisition opportunities. The firm holds exploration and production assets in Africa through subsidiaries and joint ventures, namely the offshore PNGF Sud production licenses in the Republic of Congo, (through its subsidiary HEPCO), the Sinapa (Block 2) and Esperanca (Blocks 4A and 5A) licenses offshore Guinea-Bissau (through its subsidiary PetroNor E&P AB (previously SPE Guinea Bissau AB16)), the A4 license offshore The Gambia (through its wholly owned subsidiary PetroNor E&P Gambia Ltd).
Production Growth: The five-well infill drilling program has significantly boosted PetroNor’s production, with current levels approaching 5,000 barrels per day and expectations for further increases.
Strong Balance Sheet: The company maintains a robust cash position with nearly $46 million in the bank at quarter-end and no debt, expecting an additional $33 million from a recent oil lifting.
Shareholder Returns: PetroNor continued its policy of significant capital returns, distributing NOK 2 and NOK 2.2 per share this year, contributing to a 47% total shareholder return over 12 months.
Stable Operations: Q3 production was stable and in line with expectations; administrative costs declined, and high-margin production continued from Congo.
Gambia Write-Off Risk: If the A4 exploration block in Gambia is relinquished, PetroNor may write off $7 million of investment, a decision expected in Q4.
Conservative CapEx Ahead: CapEx is forecast to be under $10 million in 2026 due to the completion of the current drilling program and limited new investments.
Investigation Status: The Norwegian Økokrim investigation is ongoing with no new developments; the company recently closed its US DOJ investigation.
