PetroNor E&P (PNOR) Q4 2025 earnings summary

Executive summary

• Q4 2025 saw strong operational performance, with new infill wells in PNGF Sud and Tchibouela East reversing prior declines and boosting net production capacity above 5,000 bopd.

• EBITDA for 2025 was $63.2M, down from $102.4M in 2024; net profit dropped to $11.0M, impacted by lower oil prices and a $6.9M impairment on the Gambia A4 license.

• Legal uncertainty persists due to Økokrim's indictment of Hemla Africa Holding AS for alleged corruption, with hearings set for November 2026 and possible resolution extending to 2028–2029.

• The company maintains a strong balance sheet with no debt and is preparing for legal defense while progressing key projects.

Financial highlights

• Revenue for 2025 was $83.1M, down from $204.5M in 2024, mainly due to timing of oil liftings and lower average oil price ($61.32/bbl vs $77.94/bbl).

• EBITDA for 2025 was $63.2M; operating cash flow was $61.5M.

• Cash at year-end was $58.9M, with no debt.

• $56M returned to shareholders in 2025, including $7.9M in dividends to minority holders.

• Only one oil lifting in 2025 due to prior year overlift; oil inventory rebuilding at 100,000 bbl/month.

Outlook and guidance

• Next oil lifting and sale planned for Q2 2026; entering 2026 with a strong balance sheet.

• Dividend policy remains, but future distributions depend on board review at AGM in May.

• Drilling at PNGF Sud to restart in 2027; further infill investments planned for 2027 and 2028.

• Aje Field (Nigeria) redevelopment plan targets 25,000 boepd (70% gas); Field Development Plan progressing with 3D models expected Q2 2026.