Industry Spotlight – PetroNor

AOWEnergy Applauds PetroNor’s Strategic Progress in Africa’s Upstream Sector

Luanda, Angola – January 2025

AOWEnergy, a leading energy investment platform, celebrates the exceptional achievements of PetroNor E&P (PNOR NO) as the company continues to make significant strides in enhancing production, driving efficiency, and creating value for shareholders. PetroNor’s activities across Congo-Brazzaville and beyond underscore its commitment to unlocking Africa’s hydrocarbon potential and reinforcing investor confidence in the continent’s upstream sector.

Strong Financial and Operational Performance

PetroNor delivered a robust performance in 3Q24, with production rising 2% quarter-on-quarter to 4.8kb/d, generating $15.4 million in revenues and an impressive $44.9 million in operating cash flow. The company ended the quarter with a cash position of $100.8 million and no debt—a testament to its disciplined financial strategy and operational efficiency.

Key highlights include:

Enhanced Production Efficiency: The installation of power generation at the Tchendo field boosted production efficiency above 90% in 4Q24, enabling fully autonomous operations from the PNGF Sud licence.

Infill Drilling Program: Plans are in place to resume the infill well drilling program in Congo-Brazzaville in 2025, targeting the Tchibouela East field. This initiative is expected to add 4.6-11.5 million barrels at a capex of less than $10 per barrel.

Driving Confidence in Africa’s Upstream Sector

PetroNor’s innovative use of associated gas to power production operations at the PNGF Sud asset and its commitment to enhancing facility capacity to 35kb/d through strategic drilling in 2025 exemplify the forward-thinking approach needed to unlock Africa’s energy potential. These efforts not only improve operational performance but also contribute to sustainable energy solutions, reinforcing the role of natural gas in Africa’s energy transition.

Collaborating for Africa’s Energy Future

As an energy platform for Africa, AOWEnergy is dedicated to fostering collaboration among companies and governments to accelerate exploration and production (E&P) activities, drive M&A, and unlock the immense value of Africa’s hydrocarbon resources. AOWEnergy stands ready to support investment flows into African energy to create a thriving and sustainable future for Africa’s upstream sector.