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.
Second quarter average net working interest production was 4,6721 bopd, compared with 5,037 bopd
in the previous quarter and 5,003 bopd in the same period in 2023. Production efficiency during the
quarter averaged 81 per cent, which is lower than the 2023 average of 92 per cent, due to system
instabilities from commissioning activities and third-party power import interruptions. These
instabilities have also contributed to a growing number of workover candidates. In order to address
this backlog an additional workover team has been added to bring the number of teams assigned to
PNGF Sud up to three. The third team is expected to start during July.
Commissioning of the new Tchendo 2 platform was completed in April, and the generators produce
some 10MW power to the wider field. Power generation is currently fuelled with gas from the nearby
Likouala field, operated by Congorep (Perenco has a 35 per cent interest). A new gas line from Tchibeli
NE, Tchibeli and Litanzi to Tchendo 2 will be finished mid-July to allow the PNGF Sud to be self-sufficient
for its power needs.
With stable power supply and three operational workover crews, production rates and production
efficiencies are forecasted to increase in the second half of the year. With normalised production
efficiencies, the production capacity of the field and wells would be 5,300 bopd on a net basis.
As communicated previously, the Company has lifted and sold 914,268 bbls of oil for an average
realised price of USD 82.70 per barrel year-to-date. The next lifting is scheduled for the fourth quarter.
The full account of production (including final allocation) will be presented in the interim report for
the second quarter of 2024.
