Q2 numbers much as expected
Løvmeis exploration well to be drilled in Q3
Reiterate fair value range of NOK 1.2-3.3/sh
Q2 figures were much as expected
Petrolia Noco reported Q2'24 numbers relatively in line with our estimates. Both revenues of NOK 207m and EBITDAX of NOK 145m were in line with our estimates of NOK 196m and NOK 143m, respectively. This represents a significant y-o-y increase due to the Brage acquisition being included into the reported numbers. Net production in Q2'24 came in at 2,319boe/d vs. only 29boe/d in H1'23, explaining the uplift in revenues. The company exited Q2'24 with a cash position of NOK 25m, slightly down from NOK 30m at the end of Q1.
Finwire
3 September - 07:31