Oslo, 2 October 2023: PetroNor E&P ASA ("PetroNor") is pleased to announce that
it has entered into a binding agreement with New Age (African Global Energy)
Limited ("New Age") to acquire New Age's interests in OML 113 in Nigeria which
contains the Aje Field. This acquisition not only strengthens the company's
position in OML 113 but also opens up exciting possibilities for future growth
in the energy transition and strategic flexibility.

According to the agreement, PetroNor will pay New Age USD 6 million cash plus a
deferred future gas production payment up to a maximum of USD 20 million to
acquire New Age's entities holding a project economic and voting interest in the
OML 113 Joint Operation Agreement ("JOA") of 32%. Subject to completion, the
agreement will not only increase PetroNor's economic stake but also reinforce
the company's active involvement and influence in the licence partnership to
plan for the re-development of the Aje field.

PetroNor's existing position in OML 113 was achieved through the acquisition of
Panoro Energy ASA's Nigeria interests in a transaction which completed in 2022.
PetroNor is working with the OML 113 operator, Yinka Folawiyo Petroleum ("YFP"),
to create a jointly owned company, Aje Production AS, which will hold a project
economic and JOA voting interest of 39%. 

Following completion of these transactions, PetroNor and YFP related entities
will have a project economic and JOA voting interest of 71%. 

The Aje field is estimated to contain recoverable resources of 480 BCF of gas,
54 mmbbls oil, condensate and LPG. The acquisition of New Age's Aje interests
will increase PetroNor's net 2C contingent resources in Aje from 27.1 mmboe to
70.1 mmboe*,**.

Jens Pace, Interim CEO of PetroNor said: "This acquisition is consistent with
PetroNor's commitment to expanding its portfolio while demonstrating shareholder
value. Acquiring New Age's interests represents a big step in achieving the
partner alignment necessary to move forward with plans for the re-development of
the Aje field. We are excited about the potential value of this gas resource
which is located close to major population centres and offers a cleaner source
of energy for power generation and industrial use compared to current
alternatives."

Completion of the transaction is subject to customary conditions, including
regulatory approvals in Nigeria.

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

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to section 5-12 the Norwegian Securities Trading Act. This stock exchange
announcement was published by Chris Butler, Group Financial Controller at
PetroNor E&P ASA on 2 October 2023 at 06:00 CEST on behalf of the Company.

________________________________________________
* AGR/Tracs CPR dated 20.3.19 estimated as per 1.1.19 minus subsequent
production.
** Following completion of the Aje Production AS JV



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.