Oslo, 15 December 2023: PetroNor E&P ASA ("PetroNor" or the "Company") confirms
that 373,423 bbls of oil were lifted and sold from the Djeno Terminal in the
first week of December 2023, generating a cash inflow of USD 27.3 million at a
realised price of USD 73.15 per barrel.

This brings the total 2023 net entitlement volumes sold to 1,543,910 bbls for
USD 121 million in cash, equivalent to an average price of USD 78.30 per barrel.

This represents a historically high volume and revenue for PetroNor, almost
double the quantity lifted and sold in 2022 by comparison, 800,177 bbls. The
Company is now benefitting from the significant capital investment in the infill
drilling campaign over the past two years.

The Tchendo 2 platform has now arrived in Congo from yard upgrades in the
Netherlands and will be commissioned in the field in the coming months.

The platform includes a total of 14 new wells slots which will enable further
development of the Tchendo field with six new wells planned in H2 2024. The
infill drilling programme includes 18 wells of which 11 has been drilled to date
and has lifted the daily production capacity in PNGF Sud from c. 20,000 bopd to
current rates of c. 35,000 bopd. 

The Tchendo 2 platform further includes three gas turbines with an installed
capacity of 27MW that will allow energy independence and reduce gas emissions
for the PNGF Sud license with additional capacity for power export and excess
gas utilization for surrounding licenses.  

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 and OML 113
in Nigeria.

Under the terms of the PNGF Sud licences, a proportion of oil produced is used
to pay royalties and tax to the Government. The remaining oil produced is
considered "entitlement oil" that can be lifted by the company and sold in the
markets.