PetroNor E&P ASA ("PetroNor") announced that has entered into a binding agreement with New Age (African Global Energy) Limited ("New Age") to acquire New Age's interests in OML 113 in Nigeria which contains the Aje Field. This acquisition not only strengthens the company's position in OML 113 but also opens up exciting possibilities for future growth in the energy transition and strategic flexibility. According to the agreement, PetroNor will pay New Age USD 6 million cash plus a deferred future gas production payment up to a maximum of USD 20 million to acquire New Age's entities holding a project economic and voting interest in the OML 113 Joint Operation Agreement ("JOA") of 32%.

Subject to completion, the agreement will not only increase PetroNor's economic stake but also reinforce the company's active involvement and influence in the licence partnership to plan for the re-development of the Aje field. PetroNor's existing position in OML 113 was achieved through the acquisition of Panoro Energy ASA'sNigeria interests in a transaction which completed in 2022. PetroNor is working with the OML 113 operator, Yinka Folawiyo Petroleum ("YFP"), to create a jointly owned company, Aje Production AS, which will hold a project economic and JOA voting interest of 39%.