Oslo, 11 October 2022: In the third quarter of 2022, the average net production
to PetroNor E&P ASA (OSE ticker: "PNOR") was increased to 4,130 bopd*, resulting
from the benefits of the infill drilling programme on the PNGF Sud license in
Congo which raised daily net production to over 5,000 bopd during September.

PetroNor holds an indirect ownership interest of 16.83 per cent in PNGF Sud in
Congo, which is the Company's core production licence. Total gross field
production from this asset amounted to 24,539 bopd in the third quarter of 2022,
corresponding to an average net production to PetroNor of 4,130 bopd*.

At the end of the third quarter, a high volume of crude oil stock of 712,422
bbls (Q3 2021: 108,917 bbls) has built up due to no liftings thus far this year.
The crude oil inventory of USD 21.9 million is valued at cost of USD 30.68/bbl,
while the market value of the oil inventory at 30 September would be
approximately USD 65.5 million using a brent price/bbl of USD 92.00. PetroNor
has agreed to transfer 334,061 bbl of oil stock entitlement to the PNGF Sud
operator in settlement of outstanding billings and a lifting is scheduled for
late October for the remaining available oil stock.

As no liftings were made in the third quarter, no revenue from sales of
petroleum products has been recognised for this period. 

As communicated in the half-year report, the last two of the four planned
Litanzi wells were brought onstream during August. Litanzi daily production
averaged more than 10,000 bopd during September producing significantly better
than expectations. The rig is currently drilling the two Tchibeli NE development
production wells targeting a Cenomanian discovery. One of these wells contain an
additional exploration target in an identified deeper pre-salt structure with
the potential of adding further reserves if successful. Both wells are scheduled
to come onstream in the fourth quarter.

"We are pleased to report the significant additional Litanzi production in the
third quarter and that drilling is well underway on Tchibeli NE with the
potential of adding further production in the fourth quarter. We are working
with Djeno terminal operators towards the objective that all available
entitlement production for the year is lifted during the fourth quarter," says
interim CEO Jens Pace.

The full account of production (including final allocation) will be presented in
the interim report for the second half of the year.

*Final production allocation for the months of July and August, preliminary
production allocation for September.

For further information, please contact:
Investor Relations 
Email: ir@petronorep.com

About PetroNor E&P ASA
PetroNor E&P ASA is an Africa-focused independent oil and gas exploration and
production company listed on Oslo Børs with the ticker PNOR. PetroNor E&P ASA
holds exploration and production assets offshore West Africa, specifically the
PNGF Sud licenses in Congo Brazzaville, the A4 license in The Gambia, the Sinapa
(Block 2) and Esperança (Blocks 4A and 5A) licenses in Guinea-Bissau, the
Rufisque Offshore Profond and Senegal Offshore Sud Profond in Senegal (in
arbitration) and OML-113 in Nigeria.