PetroNor E&P ASA (鈥淧etroNor or the Company鈥�) is pleased to provide the following update regarding its A4 licence in The Gambia.

On 18 November 2022, PetroNor and its partner, The Gambia National Petroleum Corporation (鈥淕NPC鈥�), exercised rights to continue with the Petroleum, Exploration, Development and Production Licence Agreement (鈥淧EPLA鈥�) for the A4 licence in The Gambia. The terms of the PEPLA comprised two phases of 18 months period in the Initial Exploration Period.

PetroNor is pleased to announce that it has agreed with the Government of The Gambia to extend the first phase of the Initial Exploration Period from 18 months to 36 months. A reduced cost for rental, training and minimum work program has been agreed for the extended period.

At the end of the extended period by 13 November 2025, the Company will have the option to continue into the second phase of the Initial Exploration Period with a commitment to drill an exploration well or exit the agreement.

It remains the Company and GNPC鈥檚 strategy to form a strong partnership with others to drill the identified prospects. The results of the nearby exploration program in Guinea-Bissau focused on a similar play concept expected to be drilled during 2024 are awaited with interest.

PetroNor E&P ASA (“PetroNor or the Company”) is pleased to provide the following update regarding its A4 licence in The Gambia.

On 18 November 2022, PetroNor and its partner, The Gambia National Petroleum Corporation (“GNPC”), exercised rights to continue with the Petroleum, Exploration, Development and Production Licence Agreement (“PEPLA”) for the A4 licence in The Gambia. The terms of the PEPLA comprised two phases of 18 months period in the Initial Exploration Period.

PetroNor is pleased to announce that it has agreed with the Government of The Gambia to extend the first phase of the Initial Exploration Period from 18 months to 36 months. A reduced cost for rental, training and minimum work program has been agreed for the extended period.

At the end of the extended period by 13 November 2025, the Company will have the option to continue into the second phase of the Initial Exploration Period with a commitment to drill an exploration well or exit the agreement.

It remains the Company and GNPC’s strategy to form a strong partnership with others to drill the identified prospects. The results of the nearby exploration program in Guinea-Bissau focused on a similar play concept expected to be drilled during 2024 are awaited with interest.