CONGO: PetroNor Reports Production Increase in Q4 2023

PetroNor E&P has provided an update on the Congo operations related to the PNGF Sud field complex. Fourth quarter average net to PetroNor production was 5,3191 bopd, compared with 5,113 bopd in the previous quarter and 4,688 bopd in the same period in 2022, yielding an average full-year production of 5,1681 bopd for 2023.

December production was lower than capacity due to a 3rd party generator shut down yielding less power available for PNGF Sud. Going forward, with the planned commissioning of the Tchendo 2 platform in 2024, PNGF will become independent of external power import.

Forecasted activities in Q1 include a probable lifting and sale of the Company’s inventory of entitlement oil of over 300,000 bbls. In addition, drilling operations for the previously announced Tchibeli NE well to the Vandji Formation are expected to begin.