Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

PetroNor Announce Interim Financial Report Q4 2020

PetroNor E&P Limited today releases its unaudited Interim Financial Report for the fourth quarter ended 31 December 2020.

Period and Post-Period Operational and Financial Highlights


Contemplated capital raise of USD 50 – 60 million including a transaction that will further increase indirect interest in PNGF Sud by a further 4.9%. The current largest shareholders are subscribing for up to USD ~40 million in a combination of cash and in-kind contribution.



PNGF Sud performed well with a 4% growth in the oil production compared to 2019 producing an average of 2,329 bopd net to PetroNor.
EBITDA of USD 11.5m for fourth quarter ended 31 December 2020.



Re-established a highly attractive exploration portfolio in the West African margin through the acquisition of the Esperança and Sinapa licenses in Guinea Bissau at highly attractive terms from Svenska Petroleum Exploration, the transaction is subject to Government approval.


Further 2-month suspension of arbitration with Senegal announced 2 February 2021 in order to seek mutually beneficial settlement.


In January 2021, at a cost of USD 4 million the Company increased its net indirect interest in its core asset PNGF Sud by 1.4%, through the award of 9,900 additional shares in Hemla E&P Congo S.A. by the court in Congo.


Extension of the long stop date for the Aje transaction from 31 December 2020 to 30 June 2021, allowing extra time for completion of the regulatory approval process in Nigeria which is well underway, but delayed by the pandemic.


Commenting on the results, CEO Knut Søvold said:

“We are pleased that our cornerstone asset in Congo, representing the growth platform for the company, delivered another solid performance in Q4, generating reliable and economically robust cash flow. For this reason, post period the Company seized the opportunity to increase our interest in PNGF Sud, a deal that will deliver a step-change in production, reserves and cash flow once completed. Plus, despite the challenging year for the sector and the world as a whole, we are encouraged to still report EBITDA of USD 34.4 million for the year.”


Information Source: Read Full Release ..–>


Press release by:

#FOLLOW US ON INSTAGRAM