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.
On 29 December 2024, the company completed the lifting and sale of an additional 881,192 bbls of
oil at a realised price of USD 72.817 per barrel. Approximately USD 64 million will be paid to the
company shortly after the end of January. This is the largest single lifting in company history and
results in an overlifting position of approximately 450 thousand bbls which will be replenished by
continued production through the first half of this year. The aggregated 2024 lifted and sold volumes
are 1,795,460 bbls at an average realised price of USD 77.85 per barrel.
Fourth quarter average net working interest production was 4,770 bopd*, compared with 4,778
bopd in the third quarter and 5,295 bopd in the same period in 2023. Normal reservoir decline was
offset by improving production efficiency achieved during the fourth quarter, which rose to 92 per
cent due to reduced infrastructure-related interruptions and a successful well workover campaign.
For the full-year period of 2024, average net production was 4,817* bopd at a production efficiency
of 86 per cent.
With the generating capacity and gas infrastructure brought online during 2024, the PNGF Sud
complex now enjoys an autonomous power and gas supply independent of third parties. The list of
wells requiring workovers is declining, and additional infill drilling activities to add production are
planned in 2025.
The full account of production (including final allocation) will be presented in the interim report for
the fourth quarter of 2024.
* Effective 16.83% net to PetroNor working interest production with preliminary production
allocations for November and December.
