olivLaw · European equity research
PetroNor E&P ASA PNOR.OL
Norway · Euronext Oslo Børs · ISIN NO0012942525 · Vertical: Listed companies from Norway
PetroNor E&P ASA is an oil and gas exploration and production company listed in Oslo that focuses its activity on fields in the Republic of Congo (Brazzaville) and reported a loss of USD 7.2 million for 2025. The company produces exclusively from the PNGF Sud asset, so its performance depends heavily on a few assets and on volatile hydrocarbon prices.
At the close of 06 Nov 2026, PetroNor E&P ASA (PNOR.OL) stock was 11.26 NOK (−2.43% on the day), with beta -0.05, 52-week range 9.80–18.30 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 35.0
- weak (30–45)
- Bollinger (20, 2)
- 11.30 – 13.37
- below the lower band · %B -0.02 · band width 16.7%
- SMA 50 / 200
- 12.22 / 12.05
- mixed trend
- MACD (12, 26, 9)
- -0.06 / 0.10
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −3.9% | −0.6% | −3.3 pp | — |
| 3 months | +8.1% | −4.2% | +12.2 pp | — |
| 6 months | −34.6% | +4.3% | −38.9 pp | — |
| Year to date | +6.2% | +7.5% | −1.3 pp | — |
| 1 year | +9.3% | +9.9% | −0.6 pp | −4.7% |
| 3 years | +46.8% | +49.8% | −3.1 pp | +12.7% |
| 5 years | unavailable | +42.8% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 187.3 m | 204.5 m | 83.1 m |
| Revenue YoY | unavailable | +9.2% | −59.4% |
| Net income | 67.8 m | 33.6 m | 7.3 m |
| Net income YoY | unavailable | −50.4% | −78.3% |
| Diluted EPS | 0.35 | 0.25 | 0.06 |
| Diluted EPS YoY | unavailable | −29.4% | −77.2% |
| net % | 36.2% | 16.4% | 8.8% |
| Free cash flow | 11.2 m | 47.7 m | 41.3 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 58.9 m USD
- Financial debt
- 0 USD
- Net debt
- -58.9 m USD
- Equity
- 168.2 m USD
- Total assets
- 211.5 m USD
- Debt / equity
- 0.00x
- Current ratio
- 7.69x
- ROE
- 3.7%
- ROA
- 2.8%
- FCF margin
- 49.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 187.3 m | 204.5 m | 83.1 m | esef· 21 Oct 2026verified |
| Cost of revenue | 70.7 m | 105.2 m | 26.2 m | esef· 21 Oct 2026verified |
| Gross profit | 116.7 m | 99.3 m | 56.9 m | esef· 21 Oct 2026verified |
| Operating income | 104.5 m | 85.3 m | 42.0 m | esef· 21 Oct 2026verified |
| Interest expense | 3.3 m | 3.7 m | 361.0 k | esef· 21 Oct 2026verified |
| Pre-tax income | 100.9 m | 83.7 m | 43.2 m | esef· 21 Oct 2026verified |
| Income tax | 39.9 m | 40.0 m | 31.4 m | esef· 21 Oct 2026verified |
| Net income | 67.8 m | 33.6 m | 7.3 m | esef· 21 Oct 2026verified |
| Diluted EPS | 0.35 | 0.25 | 0.06 | esef· 21 Oct 2026verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 46.2 m | 79.7 m | 58.9 m | esef· 21 Oct 2026verified |
| Inventories | 17.8 m | 13.3 m | 15.1 m | esef· 21 Oct 2026verified |
| Current assets | 95.2 m | 162.4 m | 81.9 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 92.8 m | 85.9 m | 81.1 m | esef· 21 Oct 2026verified |
| Total assets | 239.5 m | 301.2 m | 211.5 m | esef· 21 Oct 2026verified |
| Short-term debt | 5.5 m | 0 | 0 | esef· 21 Oct 2026verified |
| Current liabilities | 25.6 m | 45.1 m | 10.7 m | esef· 21 Oct 2026verified |
| Total liabilities | 52.8 m | 80.4 m | 43.3 m | esef· 21 Oct 2026verified |
| Equity | 186.8 m | 220.9 m | 168.2 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 193.8 m | 136.2 m | 129.5 m | esef· 21 Oct 2026derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 49.4 m | 60.8 m | 60.7 m | esef· 21 Oct 2026verified |
| Capex | 38.3 m | 13.1 m | 19.4 m | esef· 21 Oct 2026verified |
| Free cash flow | 11.2 m ≈ | 47.7 m ≈ | 41.3 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -18.5 m | -15.4 m | -19.7 m | esef· 21 Oct 2026verified |
| Financing cash flow | -9.5 m | -11.9 m | -61.8 m | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.52 – 1.78 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E0.52 – 1.78 (Mid 1.11)19 companies used · median multiple 19.8x · quartiles 9.2x – 31.6xABG.OL, ABTEC.OL, AFG.OL, AKER.OL, AKSO.OL, AKVA.OL, APR.OL, ARR.OL, ATEA.OL, AUSS.OL, B2I.OL, BONHR.OL, BOR.OL, BOUV.OL, BRG.OL, CLOUD.OL, DELIA.OL, ELK.OL, ELMRA.OL
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 28.1% | 82 (vs peers) | 31% |
| Net margin · Quality | 8.8% | 68 (vs peers) | 19% |
| FCF conversion · Quality | 566.2% | 100 (on a fixed band) | 19% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 116.3x | 100 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 7.7x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality83/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
PETRONOR E&P ASA (PNOR.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 83.1 m USD in 2025; YoY growth -59.4%; net margin 8.8%; ROE 4.2%.
The estimated value range is 0.52–1.78 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 28.1%
- FCF conversion: 566.2%
- Interest coverage: 116.3x
- Current ratio: 7.7x
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −40% / −41% |
1- and 3-year price returns: for PNOR.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
PetroNor E&P ASA is an oil and gas exploration and production company listed in Oslo that focuses its activity on fields in the Republic of Congo (Brazzaville) and reported a loss of USD 7.2 million for 2025 1. The company produces exclusively from the PNGF Sud asset, so its performance depends heavily on a few assets and on volatile hydrocarbon prices 1.
SWOT
Strengths
- The company has a concentrated shareholder base, with one principal shareholder controlling a significant part of the capital, which may support stable decision-making.
- The group paid capital distributions to shareholders in 2025, showing an ability to return value under certain conditions.
- The company is pursuing the redevelopment of a natural gas field, which gives its asset base potential for growth.
Weaknesses
- All production comes from a single asset, which exposes the company to a high concentration risk.
- The group reported a net loss for 2025, lower than the prior year, but without production revenues that fully offset it.
- The company made no investments in research and development in 2025 or 2024, which limits its in-house technological development.
Opportunities
- Redevelopment of the OML 113 field in Nigeria could add new production if the project advances as planned.
- The company could acquire additional assets in Africa if contractual and financing conditions are favourable.
- Reducing gas flaring could improve costs and the company's image if the efforts continue to bear fruit.
Threats
- Political and economic instability in the countries of operation could lead to expropriation, renegotiation of licences or sanctions.
- Criminal charges against major shareholders could affect the company's reputation and access to capital.
- A fall in hydrocarbon prices could significantly reduce revenues and cash flow.
Risks
- Concentration of production in one assethigh
All production comes from the PNGF Sud fields, and a technical problem could directly affect revenues and the financial position.
- Political and legal risk in West Africahigh
Licences and contracts may be revised or cancelled, and less developed legal systems could make effective legal redress difficult to obtain.
- Corruption and ownership of local partnershigh
The company has not been able to fully substantiate the ultimate owners of its current local partners in Congo, which could create reputational and compliance risks.
- Volatility of hydrocarbon pricesmedium
Revenues, cash flow and reserve estimates depend on prices that are hard to predict, and prolonged declines could reduce profitability.
- Access to financingmedium
Future investments may require debt, and uncertainties linked to criminal charges could make financing difficult or costly.
Investment thesis
What would need to be true (bull case)
- If production from PNGF Sud remains stable and hydrocarbon prices stay supportive, cash flow could sustain distributions to shareholders.
- If the redevelopment of the OML 113 field advances as planned, the company could add a new source of natural gas revenue.
- If the efforts to reduce gas flaring continue to bear fruit, operating costs and environmental impact could decline.
What would break the thesis
- If a technical incident halted the main field, revenues could fall quickly given the dependence on a single asset.
- If criminal charges affected access to financing, the company could lose growth opportunities.
- If oil prices stayed low for a long period, losses could persist, especially at the level of corporate costs.
What to watch
- Production trend at the PNGF Sud asset and any technical shutdownsQ1 2027
- Progress of the OML 113 field redevelopment in Nigeria2027
- Outcome of the investigations into charges against shareholders and the impact on financingnext 10-K
- Any further capital distributions to shareholders2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
According to the 2025 annual report, the group takes part in oil and gas projects in emerging West African countries such as the Republic of Congo and Nigeria 1. All current production comes from fields in the PNGF Sud asset in Congo Brazzaville, and operations and cash flow are restricted to a very limited number of fields 1. The company is listed on the Oslo Stock Exchange under the ticker PNOR and distributed capital to shareholders in 2025, equivalent to 2.2 NOK per share 1.
Segments
Production in Congo Brazzaville
The company's only producing asset is the PNGF Sud asset in Congo Brazzaville, and any technical problem, storm or shutdown could affect a substantial portion of production and revenue 1.
Development in Nigeria and other projects
The company mentions the redevelopment of the OML 113 field in Nigeria, where natural gas is emphasised as an energy transition fuel 1.
Market context
PetroNor operates in the West African hydrocarbon market, where oil and gas prices are volatile and depend on global and regional supply and demand, geopolitics and economic conditions 1. The business environment in the countries of operation scores low on the corruption perception index, with Congo scoring 23 points 1.
Trends
- Volatility of oil and gas pricesheadwind
Hydrocarbon prices fluctuate substantially, and sustained lower prices could materially reduce net production revenues 1.
- Climate pressure on the fossil fuel industryheadwind
Climate change concerns could lead to additional legal and regulatory measures, with possible project delays or cancellations and lower demand for fossil fuels 1.
- Redevelopment of natural gastailwind
The company sees natural gas as a transition fuel and is pursuing it through the redevelopment of the OML 113 field 1.
- Stricter compliance requirementsmixed
Business partners could be required to perform enhanced KYC procedures before engaging with the group, which could delay new operations 1.
Competitive position
The supplied sources do not identify direct competitors of the company. The annual report describes only the group's operational and market risks, without comparison to other producers in the region 1.
- No competitors identified in the source
The source does not name competitors; this entry cannot be completed from the documents provided.
- Other companies operating in West Africa
The company notes it may acquire assets in other African countries, but the source does not name competing players.
- Third-party operators and local partners
The report describes dependence on third-party operators and partners in licences, without identifying them as competitors.
- Service and equipment providers
The source mentions capacity constraints and cost inflation in the service sector, without naming providers.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / PetroNor E&P ASA · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.