New Risk • May 29
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 29% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (29% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Profit margins are more than 30% lower than last year (4.1% net profit margin). Valuation Update With 7 Day Price Move • May 29
Investor sentiment deteriorates as stock falls 32% After last week's 32% share price decline to kr12.34, the stock trades at a trailing P/E ratio of 23.7x. Average trailing P/E is 18x in the Oil and Gas industry in Norway. Total returns to shareholders of 178% over the past three years. Declared Dividend • May 08
Dividend of kr3.25 announced Shareholders will receive a dividend of kr3.25. Ex-date: 29th May 2026 Payment date: 24th June 2026 Dividend yield will be 19%, which is higher than the industry average of 13%. Sustainability & Growth The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to kr14.94, the stock trades at a trailing P/E ratio of 31.3x. Average trailing P/E is 17x in the Oil and Gas industry in Norway. Total returns to shareholders of 179% over the past three years. Reported Earnings • Feb 22
Full year 2025 earnings released: EPS: US$0.051 (vs US$0.25 in FY 2024) Full year 2025 results: EPS: US$0.051 (down from US$0.25 in FY 2024). Revenue: US$83.1m (down 59% from FY 2024). Net income: US$7.31m (down 79% from FY 2024). Profit margin: 8.8% (down from 17% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to kr10.14, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 11x in the Oil and Gas industry in Norway. Total returns to shareholders of 81% over the past three years. Announcement • Jan 12
PetroNor E&P ASA provides update on the Congo operations related to the PNGF Sud field complex PetroNor E&P ASA is providing the following update on the Congo operations related to the PNGF Sud field complex. Fourth quarter average net working interest production was 4,608 bopd, compared with 4,116 bopd in the previous quarter and 4,759 bopd in the fourth quarter of 2024. Production efficiency was at 91%, the same as in the third quarter. As of early December, jack-up rig Axima has completed the five infill wells in Tchibouela East, and all have been put on production. The wells exhibit excellent reservoir properties and collectively have contributed a gross December production incremental of above 6,500 bopd resulting in a gross 2025 exit production rate for the PNGF Sud complex exceeding 32,000 bopd (net 5,400 bopd). As announced, the Company lifted and sold 540,000 barrels of entitlement oil in November and is building inventory available for sale at a rate of 100,000 per month. An additional lifting is expected during first quarter of 2026. Announcement • Dec 24
PetroNor E&P ASA, Annual General Meeting, May 28, 2026 PetroNor E&P ASA, Annual General Meeting, May 28, 2026. Reported Earnings • Nov 21
Third quarter 2025 earnings released: US$0.016 loss per share (vs US$0 in 3Q 2024) Third quarter 2025 results: US$0.016 loss per share (further deteriorated from US$0 in 3Q 2024). Revenue: US$11.1m (down 28% from 3Q 2024). Net loss: US$2.27m (down US$2.32m from profit in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Reported Earnings • Aug 21
Second quarter 2025 earnings released: EPS: US$0.038 (vs US$0.094 in 2Q 2024) Second quarter 2025 results: EPS: US$0.038 (down from US$0.094 in 2Q 2024). Revenue: US$13.6m (down 79% from 2Q 2024). Net income: US$5.34m (down 60% from 2Q 2024). Profit margin: 39% (up from 20% in 2Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 27
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to kr9.91, the stock trades at a trailing P/E ratio of 5.6x. Average trailing P/E is 6x in the Oil and Gas industry in Norway. Total returns to shareholders of 36% over the past three years. Upcoming Dividend • May 16
Upcoming dividend of kr2.20 per share Eligible shareholders must have bought the stock before 23 May 2025. Payment date: 30 May 2025. Trailing yield: 15%. Within top quartile of Norwegian dividend payers (9.1%). Higher than average of industry peers (8.7%). Reported Earnings • May 05
Full year 2024 earnings released: EPS: US$0.25 (vs US$0.35 in FY 2023) Full year 2024 results: EPS: US$0.25 (down from US$0.35 in FY 2023). Revenue: US$204.5m (up 9.2% from FY 2023). Net income: US$35.2m (down 30% from FY 2023). Profit margin: 17% (down from 27% in FY 2023). The decrease in margin was driven by higher expenses. Oil reserves Proven reserves: 11.31 MMbbls Gas reserves Proven reserves: 3.88 Bcf Combined production Oil equivalent production: 1.202 MMboe (1.396 MMboe in FY 2023) Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to kr12.54, the stock trades at a trailing P/E ratio of 4.7x. Average trailing P/E is 4x in the Oil and Gas industry in Norway. Total returns to shareholders of 83% over the past three years. Board Change • Mar 21
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Director Jarle Norman-Hansen was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Mar 20
PetroNor E&P ASA Announces Board and Committee Changes PetroNor E&P ASA announced at the EGM held on March 20, 2025, approved Andri Georghiou is elected as a new member of the Board to replace Azza Samir Fawzi. Ingvil Smines Tybring-Gjedde resigns from the Nomination Committee. Jarle Norman-Hansen is elected as new Nomination Committee member to replace the resigning member. Reported Earnings • Feb 20
Full year 2024 earnings released: EPS: US$0.26 (vs US$0.35 in FY 2023) Full year 2024 results: EPS: US$0.26 (down from US$0.35 in FY 2023). Revenue: US$204.5m (up 9.2% from FY 2023). Net income: US$36.7m (down 26% from FY 2023). Profit margin: 18% (down from 27% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to kr11.40, the stock trades at a trailing P/E ratio of 2.7x. Average trailing P/E is 6x in the Oil and Gas industry in Norway. Total returns to shareholders of 42% over the past three years. Announcement • Dec 26
PetroNor E&P ASA Proposes Distribution, Payable on or About 31 January 2025 PetroNor E&P ASA announced the board of directors' proposal for a distribution in the amount of NOK 2 per share to shareholders in the company as of 24 January 2025 (as registered in Euronext Securities Oslo (VPS) on 28 January 2025). Ex-date is 27 January 2025. Record date is 28 January 2025. Payment date is on or about 31 January 2025. Date of approval is 23 January 2025. Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to kr12.18, the stock trades at a trailing P/E ratio of 2.9x. Average trailing P/E is 4x in the Oil and Gas industry in Norway. Total returns to shareholders of 51% over the past three years. Reported Earnings • Nov 21
Third quarter 2024 earnings released: EPS: US$0 (vs US$0.015 loss in 3Q 2023) Third quarter 2024 results: EPS: US$0 (improved from US$0.015 loss in 3Q 2023). Revenue: US$15.4m (down 17% from 3Q 2023). Net income: US$46.0k (up US$2.20m from 3Q 2023). Profit margin: 0.3% (up from net loss in 3Q 2023). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Nov 01
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to kr10.10, the stock trades at a trailing P/E ratio of 2.6x. Average trailing P/E is 4x in the Oil and Gas industry in Norway. Total loss to shareholders of 12% over the past three years. Announcement • Oct 16
PetroNor E&P ASA Announces Resignation of Board Members Effective from 1 November 2024 PetroNor E&P ASA has received notice from board members Ingvil Smines Tybring-Gjedde and Gro Kielland that they will resign as board members of the Company effective from 1 November 2024. The board would like to thank Tybring-Gjedde and Kielland for their considerable contribution to the Company during their directorship. Following the resignations, the board of directors will consist of chair Joseph Kamal Iskander Mina, and board members Jarle Norman-Hansen and Azza Samir Fawzi. The Company has commenced a search for new directors and will provide further details as and when this process is completed. Reported Earnings • Sep 01
Second quarter 2024 earnings released: EPS: US$0.094 (vs US$0.11 in 2Q 2023) Second quarter 2024 results: EPS: US$0.094 (down from US$0.11 in 2Q 2023). Revenue: US$66.1m (up 22% from 2Q 2023). Net income: US$13.4m (down 15% from 2Q 2023). Profit margin: 20% (down from 29% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Jun 21
PetroNor E&P ASA to Report Fiscal Year 2024 Results on Apr 29, 2025 PetroNor E&P ASA announced that they will report fiscal year 2024 results on Apr 29, 2025 Announcement • May 11
Petronor E&P ASA Announces Board Changes PetroNor E&P ASA announced that Eyas A Alhomouz, will not take re-election to the Board. The Nomination Committee has proposed that the current Board of the Company is reduced from six to four members and that current board member Joseph Kamal Iskander Mina replaces Mr. Alhomouz as Chair of the Board, and further that Ingvil Smines Tybring-Gjedde, Jarle Norman-Hansen and Azza Samir Fawzi are re-elected as board members. Valuation Update With 7 Day Price Move • May 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to kr10.78, the stock trades at a trailing P/E ratio of 2.8x. Average trailing P/E is 8x in the Oil and Gas industry in Norway. Total loss to shareholders of 20% over the past three years. Reported Earnings • Apr 30
Full year 2023 earnings released: EPS: US$0.35 (vs US$0.18 in FY 2022) Full year 2023 results: EPS: US$0.35 (up from US$0.18 in FY 2022). Revenue: US$187.3m (up 28% from FY 2022). Net income: US$49.9m (up 102% from FY 2022). Profit margin: 27% (up from 17% in FY 2022). The increase in margin was driven by higher revenue. Oil reserves Proven reserves: 11.4 MMbbls Gas reserves Proven reserves: 4 Bcf Combined production Oil equivalent production: 1.396 MMboe (0.9 MMboe in FY 2022) Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 22
Full year 2023 earnings released: EPS: US$0.46 (vs US$0.20 in FY 2022) Full year 2023 results: EPS: US$0.46 (up from US$0.20 in FY 2022). Revenue: US$187.3m (up 28% from FY 2022). Net income: US$51.0m (up 90% from FY 2022). Profit margin: 27% (up from 18% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Announcement • Oct 10
PetroNor E&P ASA Provides Update on Congo Operations Related to PNGF Sud Field Complex PetroNor E&P ASA provided the following update on the Congo operations related to the PNGF Sud field complex. All five Tchibeli infill wells have now been drilled, completed and stimulated, two have been put on production with initial rates at or above expectation and one on water injection. The two last wells will be put on production within the next few days. Fourth quarter production is therefore forecasted to see an additional increase in production. Announcement • Sep 20
PetroNor E&P ASA to Report Q3, 2023 Results on Nov 28, 2023 PetroNor E&P ASA announced that they will report Q3, 2023 results on Nov 28, 2023 Announcement • Jun 13
PetroNor E&P ASA Provides Update on the Congo Operations Related to the Ppf Sud Field Complex PetroNor provided the following update on the Congo operations related to the PNGF Sud field complex. The infill drilling programme, which was paused at the end of 2022 as planned following the successful drilling of six wells on the Litanzi and Tchibeli NE fields, has restarted on the Tchibeli field. The first infill well on Tchibeli spudded on 21 May 2023 with the drilling rig Axima. As of 9 June 2023, the well has been drilled, logged and cased at the targeted total depth of 2,694 mMD/2,172 mTVDSS and is about to undergo completion. Base case plans are to drill four wells in the field with first oil estimated in August from the initial two wells. The drilling programme is planned to extend through October. Looking at the year-to-date period, preliminary allocations indicate that production on PNGF Sud has remained as forecast consistently above 30,000 bopd gross and 5,000 bopd net. Production is supported by the previously mentioned strong contribution from the six infill wells on Litanzi and TchIBeli NE. This includes steady production from the Vandji exploration discovery in Tchibeli NE whose production performance is important input to the consideration for further pre-salt exploration and appraisal targets in the license area. The next sale of PetroNor's entitlemen t oil is scheduled in late June with an estimated lifting of 270,000 bbls bringing total sales for the year to 833,000 bbls. The previous sales realised an average price of $78.3/bbl. An announcement will be made following the lifting in June. Announcement • Jan 27
PetroNor E&P ASA Elects Jarle Norman-Hansen and Azza Fawzi as Board Members PetroNor E&P ASA at the Extraordinary General Meeting held on 26 January 2023, approved election of Jarle Norman-Hansen and Azza Fawzi as board member. Announcement • Sep 09
PetroNor E&P Limited has completed a Follow-on Equity Offering in the amount of NOK 66 million. PetroNor E&P Limited has completed a Follow-on Equity Offering in the amount of NOK 66 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 60,000,000
Price\Range: NOK 1.1
Transaction Features: Regulation S; Rule 144A; Subsequent Direct Listing Reported Earnings • Sep 01
Second quarter 2021 earnings released: EPS US$0.001 (vs US$0.001 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$25.2m (up 139% from 2Q 2020). Net income: US$1.40m (up US$1.99m from 2Q 2020). Profit margin: 5.5% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Valuation Update With 7 Day Price Move • May 04
Investor sentiment improved over the past week After last week's 22% share price gain to US$1.58, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 11x in the Oil and Gas industry in Norway. Total returns to shareholders of 157% over the past year. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improved over the past week After last week's 21% share price gain to US$1.45, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 16x in the Oil and Gas industry in Norway. Total returns to shareholders of 140% over the past year. Is New 90 Day High Low • Mar 12
New 90-day low: kr1.15 The company is down 13% from its price of kr1.32 on 11 December 2020. The Norwegian market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is up 17% over the same period. Analyst Estimate Surprise Post Earnings • Feb 28
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 142%. Earnings per share (EPS) also surpassed analyst estimates. Over the next year, revenue is expected to shrink by 35% compared to a 28% growth forecast for the Oil and Gas industry in Norway. Reported Earnings • Feb 27
Full year 2020 earnings released: EPS US$0.002 (vs US$0.012 loss in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: US$67.5m (down 34% from FY 2019). Net income: US$2.31m (up US$15.7m from FY 2019). Profit margin: 3.4% (up from net loss in FY 2019). The move to profitability was driven by lower expenses. Is New 90 Day High Low • Feb 09
New 90-day low: kr1.16 The company is down 15% from its price of kr1.37 on 11 November 2020. The Norwegian market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is up 19% over the same period. Announcement • Feb 02
PetroNor E&P Limited Announces Board Changes PetroNor E&P Limited announced the appointment of Mrs. Gro Kielland as an independent director to replace Mr. Gerhard Ludvigsen. Mrs. Kielland currently holds a number of non-executive roles, including a role on the Board of AkerBP. Mr. Ludvigsen will relinquish his position on the executive team, however, he will remain with the company in an advisory role with specific focus on the company’s effective ESG strategy. Is New 90 Day High Low • Dec 20
New 90-day low: kr1.25 The company is down 18% from its price of kr1.52 on 21 September 2020. The Norwegian market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is up 10.0% over the same period. Announcement • Nov 21
PetroNor E&P Limited (OB:PNOR) agreed to acquire 78.57% stake in Sinapa (Block 2) and Esperanca (Blocks 4A and 5A) licences in Guinea Bissau from Svenska Petroleum Exploration AB. PetroNor E&P Limited (OB:PNOR) agreed to acquire 78.57% stake in Sinapa (Block 2) and Esperanca (Blocks 4A and 5A) licences in Guinea Bissau from Svenska Petroleum Exploration AB on November 20, 2020. The transaction will be structured as as the purchase of the holder of these licenses, SPE Guinea Bissau AB. Completion of transaction is subject to Government approval. Is New 90 Day High Low • Oct 16
New 90-day high: kr1.57 The company is up 70% from its price of kr0.92 on 17 July 2020. The Norwegian market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is down 8.0% over the same period. Announcement • Sep 23
PetroNor Announces Settlement Agreement with the Gambia PetroNor announced that the Company has reached a mutual agreement with the Government of The Gambia to settle its Arbitration related to the A1 and A4 licenses. Under the terms of the settlement agreement, PetroNor will regain the A4 license and sign a 30-year lease under new terms. Further, PetroNor will relinquish any claims related to A1 license that has subsequently been awarded to a major oil company. The terms of the new license are based on the newly developed Petroleum, Exploration and Production Licence Agreement PEPLA model. PetroNor will be able to carry the Prior Sunk cost associated with A4 into the new agreement for tax breaks and enhanced commercial model. This settlement results in PetroNor regaining 100% interest in a highly prospective Block in one of the most exciting hydrocarbon basins in the world. The terms of the new license are significantly more attractive and will enhance not only the value of the license but also its attractiveness to potential partners. The re-award of this license instantly enhances the value of business by some margin and provides PetroNor with optionality with regards to value realisation.