PetroNor E&P Limited releases its unaudited Interim Financial Report for the first quarter ended 31 March 2021(link).
Period and Post-Period Operational and Financial Highlights:
- Capital raise of NOK 340 million in March 2021, Tranche 2a and 2b Offer shares to be issued in June.
- Shareholder approval received to increase indirect ownership in PNGF Sud up to 16.83% through increasing its shareholding in Hemla E&P Congo and Hemla Africa Holding.
- Completion of transaction to acquire SPE Guinea Bissau AB from Svenska Petroleum Exploration AB and further enhance a highly attractive exploration portfolio through the entry into the Esperança and Sinapa licenses in Guinea-Bissau.
- New Competent Persons Report for PNGF Sud released in March 2021. The update represents an increase of approximately 28% and 49% for 2P and 2C respectively on a gross basis.
Commenting on the results, CEO Knut Sovold said:
“This has been another eventful period as we continue to position the Company for long-term growth. The financial and operational performance reflects the strength of our underlying core asset PNGF Sud and its ability to generate strong free-cash flow in this stable commodity price environment. This economically robust cornerstone asset provides PetroNor with optionality to consider other opportunities in line with its stated growth strategy.
Following a transitional period of corporate activity, we look forward to the coming year and the various value catalysts that we see on the near-term horizon. We thank our shareholders for their continued support and patience, and look forward to delivering on our long-term growth objectives for the benefit of all our stakeholders.”