PetroNor E&P Reports USD 27.5m EBITDA for Six months ended 30 June

PetroNor E&P Limited released its unaudited Interim Financial Report for the half year and quarter ended 30 June 2021.

Period and Post-Period Operational and Financial Highlights:

  • Following the Private Placement of NOK 340 million in March 2021, Tranche 2a and 2b Offer shares were issued and added USD 11 million to the Group cash position after the end of the period and increased the indirect ownership in PNGF Sud up to 16.83%.
  • Subsequent Offering commenced 24 August 2021, targeting shareholders that were unable to take part in the Private Placement.
  • Completion of SPE Guinea Bissau AB acquisition from Svenska Petroleum Exploration AB, further enhances a highly attractive exploration portfolio through the entry into the Esperança and Sinapa licenses in Guinea-Bissau.
  • Arbitration proceedings for Senegalese licences resumed in April 2021.

Key figures:

 Six months ended 30 June
Consolidated EBITDAUSD 27.5 millionUSD 13.6 million
Consolidated profitUSD 8.9 millionUSD 2.9 million
Quantity of oil lifted420,360 barrels467,003 barrels
Average selling priceUSD 62.95 per barrelUSD 37.35 per barrel

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