Q1 2025 Results Presentation 20th May 2025, Jens Pace (CEO) Tchendo well-head platform ready for deployment Q4 23
Q1 Presentation Outline 1. Operational update 2. Financial performance and shareholder value 3. Portfolio overview 4. Investigation update 5. Summary of highlights 6. Q&A 3
Q1 2025: Natural reservoir decline to be addressed by new wells Performance update: Average Net Working Interest Production 1) Q1 net working interest production was 4,321 bopd vs previous quarter of 4,759 000 bopd bopd 5.2 5.3…
Financial metrics and oil sales Cash at bank at 31 March Revenue for quarter ended 31 March USD 107.5 million USD 13.9 million 31 December 2024: USD 79.7 million 2024: USD 44.3 million Gross assets at 31 March Cash flows from…
2025 Source and Use of cash -2.8 -25.2 54.4 13.9 -9.9 -2.6 -3.2 107.5 79.7 Cash at 1 Assignment Opex costs Admin costs Working Capex Repayment Cash at 31 January 2025 of tax oil and capital investments of capital…
Shareholder Value Focus on near term shareholder return: Share Price: Continued operational delivery and focused strategy has generated cash to support shareholder distributions. 2.0 NOK per share repayment of capital in January…
Portfolio Overview 1 Production Congo-Brazzaville PNGF Sud/Bis Gross field production of 26,000 bopd Operated by Perenco , PetroNor WI 16.83% High margin production 2 Re-development Nigeria Aje Field (OML 113) Consolidating licence…
Production base Congo-Brazzaville PNGF Sud/Bis 1 Congo Production Operational update PNGF Sud PNGF Bis Field complex with 2.3 Bnbbls STOOIP with about 500 mmbbls recovered Audited 2P Reserves with 93% reserve replacement PNGF…
Re-development Nigeria Aje Field (OML 113) 2 Aje re-development as a gas field Aje re-development planning is advancing Gross project appraised resource estimates: 500 BCF Gas 17 mmbbls Condensate 33 mmbbls of LPG and Propane 10…
Exploration The Gambia A4 licence 3 West African high impact exploration Attractive exploration opportunity The Gambia Target reservoirs analogous to Sangomar Field in Senegal Technical work program shows potential seismic…
Investigation update The Department of Justice in the United States have closed their investigation The investigation by kokrim in Norway initiated in 2021 remains ongoing The company is co-operating fully with this process The…
Summary: Stable production from Congo assets with infill drilling program to resume 2H 2025 Oil inventory build in 2H to support a potential 4Q lifting Company strategy is focused on maximising value of existing portfolio and…
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