Oslo, 2 March 2022: PetroNor E&P ASA (OSE ticker: "PNOR") reports a 10 per cent
increase in production for the fourth quarter compared with the previous
quarter. Increased sales volume and higher oil price led to all-time high
revenues and profitability in the quarter. 

Oil and gas revenue (net of royalties and taxes) amounted to USD 24.2 million
arising from sale of 0.32 million barrels of crude oil at an average price of
USD 76.29 per barrel. In the prior year, 0.20 million barrels of crude oil was
sold during the same period at an average price of USD 44.75, resulting in a
revenue of USD 9.2 million.

Two liftings were completed during the fourth quarter, which resulted in total
lifting volumes of 317 kbbl, up from 94 kbbl in the previous quarter, when
underlift led to inventory build-up.

The Group reported an EBITDA of USD 24.4 million for the quarter, compared with
USD 11.5 million in the same period in 2020. This resulted in an EBITDA margin
of 61 per cent, up from 54 per cent in Q4 2020 due to better market conditions
combined with a continued focus on cost management.

"We are pleased to report strong progress in the fourth quarter with an all-time
high financial performance driven by higher sales volumes and rising price
realisation throughout the year. This progress was underpinned by a 10 per cent
production increase and provides us with a strong entry rate into 2022" says
interim CEO Jens Pace.  

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 production
from this asset amounted to 22,016 bopd in Q4 2021, corresponding to a net
production to PetroNor E&P of ~3,705 bpod. 

During the quarter, the 17 well drilling campaign in Congo was commenced, and
production benefits are expected to gradually materialise as from Q1 2022.
Currently, four top-hole sections have been completed and one well successfully
drilled through the reservoir on Litanzi.

Following quarter-end, government consent was granted for the Aje transactions.
PetroNor E&P will proceed with final steps to complete the transactions which is
expected to take place by the end of Q2 2022.

"Today also marks the first reporting as a Norwegian company listed on the main
market of the Oslo Stock Exchange. We are delighted that we have now completed
the process of uplisting and re-domiciling PetroNor E&P from Australia to
Norway" add Jens Pace. 

Please find enclosed the financial report and presentation material for the
fourth quarter of 2021. 

Chairman Eyas Alhomouz, interim CEO Jens Pace and CTO Claus Frimann-Dahl will
present the results in a webcast Wednesday 2 March at 08:30 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/20220302_4/. 

A recording of the event will be made available on the Company's website after
the webcast.

For additional information, please contact:
Investor Relations
Email: ir@petronorep.com
www.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 (subject to completion).