Petrolia Noco: A steady quarter - ABG

Q1 figures above ABGSCe
Minor underlying changes, applying our latest oil market view
Fair value range of NOK 1.2-3.7 (1.2-3.8)


Q1 figures above ABGSCe

Q1 EBITDAX of NOK 118m was above our estimate of NOK 101m, mainly due to higher realised oil prices of USD 79/bbl (ABGSCe USD 75/bbl). Net production in Q1'25 was 2,150boe/d vs. 2,183boe/d in Q4'24 and our estimate for Q1'25 of 2,146boe/d. The company exited Q1'25 with a cash position of NOK 15m, down from NOK 25m at the end of Q4'24. We note that PNO reported a negative equity of NOK -8m in Q4, mainly due to the reversal of capitalised drilling costs related to the drilling of Løvmeis, and therefore completed a private placement of NOK 20m in Q1'25 (raising the share count from 170m to 190m).

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/petrolia-noco/Equity-research/2025/6/petrolia-noco---a-steady-quarter/