PetroNor E&P ASA (“PetroNor” or the "Company") is pleased to provide the
following update on the Congo operations related to the PNGF Sud field complex.
First quarter average net working interest production was 5,025* bopd, compared with 5,295 bopd in
the previous quarter and 5,237 bopd in the same period in 2023. Production efficiency during the
quarter averaged 84%, which is lower than normal (92%) due to 3
rd
-party power import interruptions
and planned shut-downs associated with the laying of a new gas line from Tchibeli NE to Tchendo.
Commissioning of the new Tchendo 2 platform is ongoing and estimated to complete approximately
end April. When operational this platform will effectively make PNGF Sud independent of power
import and is expected to improve overall production efficiency.
The Axima rig started drilling the new Tchibeli NE infill well on 8 February 2024. The well was
successfully drilled to a total depth of 4,248 mMD and encountered oil bearing sandstones. The well
has now been completed and put on production 6 April 2024. Reservoir properties from logs were as
expected in the prognosis. The well is currently being production tested.
As communicated before, 330,572 bbls of entitlement oil were lifted and sold from the Djeno Terminal
in February 2024, generating a cash inflow of USD 27.4 million at a realised price of USD 82.87 per
barrel.
An additional lifting is scheduled on 21 April 2024. The volumes sold and the price to be applied will
be the subject of a future announcement.
The full account of production (including final allocation) will be presented in the interim report for
the first quarter of 2024.
*Final production allocation for the months of January and February, preliminary production allocation
for March.