Petronor H2: At last the money arrives
PetroNor E&P ASA: Interim financial report for the half-year ended 31 December 2022:
Oslo, 22 February 2023: Half-year revenue of USD 108.5 million, compared to USD 58.3 million in the same period of 2021, was generated as a result of higher oil prices combined with more volumes sold. At the entry of 2023, added production capacity from the ongoing infill drilling programme has resulted in achieving production levels not seen for over a decade.
PetroNor E&P holds an indirect ownership interest of 16.83 per cent in PNGF Sud in Congo, which is the company’s core production licence. Total field gross production from this asset amounted to 26,142 bopd in the second half of 2022, corresponding to a net working interest production to PetroNor E&P of 4,440 bopd, compared with 3,634 bopd for 1H 2022 and 3,553 bopd in 2H 2021.
“During 2022, the ongoing infill drilling programme on PNGF Sud field added capacity and is achieving production levels above expectation. Following the initial success on the Litanzi Field, the addition of the two wells on Tchibeli NE have meant that December 2022 and January 2023 average production net to PetroNor E&P was consistently greater than 5,241 bopd,” says interim CEO Jens Pace.
The well infill drilling program on PNGF Sud has now been paused temporarily and is expected to resume towards the end of Q2 2023.
A total of 800,177 bbls were sold in 2022, at an average realised price of USD 90.99 /bbl. For the full-year period, total revenue of USD 145.3 million (2021: USD 106.5 million) was generated, driven by higher oil prices. This gave EBITDA of USD 95.8 million for the year ended 31 December 2022, compared to USD 61.9 million profit in the same period in 2021.
After year-end, the board was expanded with two new directors through the appointments of Mrs. Azza Fawzi and Mr. Jarle Norman-Hansen.
“We have had a positive start to 2023, with the sale of 317 thousand barrels of oil at the start of February, generating a cash inflow of USD 24.1 million. Another lifting is planned before the end of April 2023. The company continues to work to finalise elements of the Aje transaction with the operator, YFP. Meanwhile work progresses on the Aje field re-development plan as a gas field with partners and potential off-takers,” Pace concludes.
Please find enclosed the interim financial report and presentation material for the half-year ended 31 December 2022.
Interim CEO Jens Pace will present the results in a webcast Wednesday, 22 February at 09:00 CET.
The presentation and subsequent Q&A session will be held in English and may be viewed live at: https://channel.royalcast.com/landingpage/hegnarmedia/20230222_2/
A recording of the event will be made available on the Company’s website after the webcast.
https://petronorep.com/media/fevbs2yr/20230222_22h2_ose-release-combined.pdf
Nøkkeltall (hele året - MUSD):
Total revenue: 145,3
Cost of Sales: -46,2
Gross profit: 99,1
Other expenses: -12,7
Profit from operations: 86,4
Finance expenses: -3,0
Profit before tax: 83,4
Tax expenses: -46,8
Profit after tax: 36,6
Oslo, 22 February 2023: Half-year revenue of USD 108.5 million, compared to USD 58.3 million in the same period of 2021, was generated as a result of higher oil prices combined with more volumes sold. At the entry of 2023, added production capacity from the ongoing infill drilling programme has resulted in achieving production levels not seen for over a decade.
PetroNor E&P holds an indirect ownership interest of 16.83 per cent in PNGF Sud in Congo, which is the company’s core production licence. Total field gross production from this asset amounted to 26,142 bopd in the second half of 2022, corresponding to a net working interest production to PetroNor E&P of 4,440 bopd, compared with 3,634 bopd for 1H 2022 and 3,553 bopd in 2H 2021.
“During 2022, the ongoing infill drilling programme on PNGF Sud field added capacity and is achieving production levels above expectation. Following the initial success on the Litanzi Field, the addition of the two wells on Tchibeli NE have meant that December 2022 and January 2023 average production net to PetroNor E&P was consistently greater than 5,241 bopd,” says interim CEO Jens Pace.
The well infill drilling program on PNGF Sud has now been paused temporarily and is expected to resume towards the end of Q2 2023.
A total of 800,177 bbls were sold in 2022, at an average realised price of USD 90.99 /bbl. For the full-year period, total revenue of USD 145.3 million (2021: USD 106.5 million) was generated, driven by higher oil prices. This gave EBITDA of USD 95.8 million for the year ended 31 December 2022, compared to USD 61.9 million profit in the same period in 2021.
After year-end, the board was expanded with two new directors through the appointments of Mrs. Azza Fawzi and Mr. Jarle Norman-Hansen.
“We have had a positive start to 2023, with the sale of 317 thousand barrels of oil at the start of February, generating a cash inflow of USD 24.1 million. Another lifting is planned before the end of April 2023. The company continues to work to finalise elements of the Aje transaction with the operator, YFP. Meanwhile work progresses on the Aje field re-development plan as a gas field with partners and potential off-takers,” Pace concludes.
Please find enclosed the interim financial report and presentation material for the half-year ended 31 December 2022.
Interim CEO Jens Pace will present the results in a webcast Wednesday, 22 February at 09:00 CET.
The presentation and subsequent Q&A session will be held in English and may be viewed live at: https://channel.royalcast.com/landingpage/hegnarmedia/20230222_2/
A recording of the event will be made available on the Company’s website after the webcast.
https://petronorep.com/media/fevbs2yr/20230222_22h2_ose-release-combined.pdf
Nøkkeltall (hele året - MUSD):
Total revenue: 145,3
Cost of Sales: -46,2
Gross profit: 99,1
Other expenses: -12,7
Profit from operations: 86,4
Finance expenses: -3,0
Profit before tax: 83,4
Tax expenses: -46,8
Profit after tax: 36,6
Trymte
24.03.2023 kl 10:00
4484
Fluefiskeren skrev I Q2 en gang. Tror ikke det er spesifisert nærmere enn det.
April sa Pace på Q4-presentasjonen.
tuja
24.03.2023 kl 10:04
4472
Takker for tilbakemeldinger. Satser på at det blir i løpet av april da.
okai?
24.03.2023 kl 12:05
4340
“We have had a positive start to 2023, with the sale of 317 thousand barrels of
oil at the start of February, generating a cash inflow of USD 24.1 million.
Another lifting is planned before the end of April 2023.
oil at the start of February, generating a cash inflow of USD 24.1 million.
Another lifting is planned before the end of April 2023.
E Desperados
24.03.2023 kl 13:10
4232
Etter løftingen i april så har selskapet ca 35 øre/aksje i net cash, så jeg kan love deg at du aldri får kjøpt denne aksjen til 10-20 øre.
okai?
24.03.2023 kl 13:32
4191
Jeg gjør som Bjørnstjerne Bjørnson og velger meg april......
-Produksjonsoppdatering
-Årsrapport
-Melding om tilbakekjøp.....
-Avgjørelse ICSID
-Oppstart produksjon Dagda
-Aje på plass?
Utenom det er det bare å ta medisinen sin å håpe på det beste
-Produksjonsoppdatering
-Årsrapport
-Melding om tilbakekjøp.....
-Avgjørelse ICSID
-Oppstart produksjon Dagda
-Aje på plass?
Utenom det er det bare å ta medisinen sin å håpe på det beste
tuja
24.03.2023 kl 13:47
4154
He he, ja, man kan undres hva som trigger salg på dagens lave "Apcl" nivå. En bunn må vel snart være inne. April høres bra ut.
markie
24.03.2023 kl 15:03
4032
Krona stuper mot dollaren 20øre ned bare på timer. Blir billig denne for de som ikke handler med Norske kr.
Selskapet har inntekter i $ . Den stadig svakere krona burde vel gjøre opp for fallet i oljeprisen.
Jeg har sittet på wen noen år. Det ble np kjøpt opp av operatøren. Kanskje vi ser noe lignende her? Ikke rare interessen for aksjen til tross for at den prises som det går mot avvikling.
Selskapet har inntekter i $ . Den stadig svakere krona burde vel gjøre opp for fallet i oljeprisen.
Jeg har sittet på wen noen år. Det ble np kjøpt opp av operatøren. Kanskje vi ser noe lignende her? Ikke rare interessen for aksjen til tross for at den prises som det går mot avvikling.
Husker ikke alt du har skrevet men er relativt sikker på at du også var av mange som mente den ALDRI skulle i 66 øre heller😀
E Desperados
24.03.2023 kl 15:06
4019
Ja, det kan jeg sikkert ha skrevet. Prisen nå er jo helt dust. Men at den prises lavere enn net cash i bank det kommer aldri til å skje. Så dumme aksjonærer finnes ikke.
Fluefiskeren
24.03.2023 kl 15:16
3996
Det drøyer og drøyer ang. saken i Senegal. Skal vi ta dette som negativt, nøytralt eller positivt? Noen med noen mening om det?
Aksjonærer? Så lenge det foreligger en MM avtale og markedet drar til helvete har fundamentale verdier intet å si.. Enn MM avtale er kun skapt for å skape omsetning... Å detvtror jeg slår jævlig feil ut på denne nå... Faen meg bedre med 0 omsetning en omsetning for enhver pris. Den avtalen bør termineres umiddelbart..
barts
24.03.2023 kl 15:45
3944
FF - så selvfølgelig gerne snart en god melding her. Men ingen melding så langt på overtid kan jeg have svært ved at tolke negativ. De må snakke om en løsning og mangler lige ‘det sidste’ som nok også er det sværeste at blive enige om. Mon ikke de finder en enighed om noget, efter så lang en case og nu også måneders overtid..? Det tror jeg, i hvertfald er realistisk nu…
Børsbjarne
30.03.2023 kl 15:05
2791
Dette skrev de d 22/2 23
Senegals voldgiftsproces for at løse en tvist om ældre licens er afsluttet og afventer afgørelse fra ICSID-domstolen
Der må snart komme en afklaring på dette.
Jeg kan se at NorskBull også anbefaler køb.
Jeg har købt mig ledt mere op i dag, jeg tror på at vi er over 1,00 nok inden maj .
Senegals voldgiftsproces for at løse en tvist om ældre licens er afsluttet og afventer afgørelse fra ICSID-domstolen
Der må snart komme en afklaring på dette.
Jeg kan se at NorskBull også anbefaler køb.
Jeg har købt mig ledt mere op i dag, jeg tror på at vi er over 1,00 nok inden maj .