Average working interest production for PetroNor E&P increased to 4,700 bopd1 in the fourth quarter of 2022, compared with 4,100 bopd in the previous quarter and 3,700 bopd in the corresponding period of 2021. PetroNor’s December production was 5,100(1) bopd. The improvement is driven by added capacity from the ongoing infill drilling programme on the PNGF Sud field complex which is achieving production levels not seen for over a decade.

Following initial success on the Litanzi Field, particular emphasis in the last quarter was on Tchibeli NE, where production was added from two wells in both the main Cenomanian reservoir and the newly discovered pre-salt Vanji reservoirlate November, yielding production contribution to the quarter.

Looking forward, the infill drilling program will be paused to allow the jack-up rig, Petrofor Dagda, to be converted to a permanent production platform. Infill drilling will resume on the Tchibeli field using the jack-up rig Axima, scheduled to start in April 2023.

PetroNor holds an indirect ownership interest of 16.83 per cent in PNGF Sud in Congo, which is the Company’s core production licence. Total gross field production from this asset amounted to 23,9301 bopd in 2022, corresponding to an average working interest production to PetroNor of 4,030 bopd(1)

At year-end, the Company had a crude oil stock of more than 240,000 bbls (Q4 2021: 24,235 bbls).

As previously communicated, a total of 800,177 bbls were lifted during the fourth quarter, of which 466,116 bbls were lifted in October at a realised price of USD 92.41/bbl and 334,061 bbls during November at a realised price of USD 89/bbl. The latter was completed by the PNGF Sud operator on 12 November in settlement of outstanding billings.

The next lifting has been agreed with the Djeno Terminal operator and is currently being scheduled at the end of January 2023 for approximately 317,000 bbls. The final lifting volume and realised selling price will be notified to the market immediately after it has been communicated to the Company, normally a few days after lifting has been completed.

“We are pleased to finish 2022 with a strong operational performance and an exit production rate which bodes well for the start of 2023. The infill drilling programme continuesto progress above expectations, including the recent addition of Tchibeli NE and its pre-salt discovery,” says interim CEO Jens Pace.

(1) Final production allocation for the months of October and November, preliminary production allocation for December.