PetroNor today announced a net average production of 5,206 bopd(1) in the first quarter of 2023, representing an 11 per cent increase compared with 4,688 bopd in the previous quarter. This improvement is driven by investment in new well capacity and continued good performance from the PNGF Sud field complex in Congo over the past year which has delivered growth of 47 per cent versus the production rate of 3,530 bopd achieved during the corresponding period of 2022.

At the end of March, the Company had a crude oil stock of 285,960 bbls which allowed for the lifting and sale of 260,362 bbl from the Djeno Terminal on 1 April 2023, generating USD 21.2 million of cash with a realised price of USD 81.4 /bbl.

During 2023 to date, PetroNor has lifted and sold 578,266 bbl of oil with an average price of USD 78.3 /bbl. This volume is equivalent to 72 per cent of the total oil lifted in 2022 and 70 per cent of the oil lifted in 2021.

(1) Preliminary production allocations (PetroNor holds an indirect ownership interest of 16.83 per cent).