PetroNor E&P Provides Aje Transactions Completion Update

Reference is made to previous stock exchange releases by PetroNor E&P ASA (“PetroNor") regarding the acquisition of Panoro Energy ASA’s (“Panoro”) interest in Offshore Mining Lease no. 113 (“OML 113”) offshore Nigeria, containing the Aje oil and gas field, and the transfer of OML 113 to Aje Production AS.

PetroNor and Panoro have been working diligently to complete the transaction and have made good progress. Most CP's have been satisfied or waived and the companies are initiating the final steps towards completion.

PetroNor expects conclusion of the outstanding matters and the subsequent closing with Panoro to commence within 14 days. As a consequence, Panoro and PetroNor have agreed to extend the long stop date under the SPA from 30 June 2022 to 15 July 2022.

This announcement is subject to disclosure pursuant to section 5-12 of the Norwegian Securities Trading Act.