Sold 100% of the Sinapa (Block 2) and Esperança (4A & 5A) exploration licences to Apus Energia Guiné-Bissau SA (announced 2023-06-27, completed 2023-12-15; $21.3M cash + $1.6M cost reimbursement received). PetroNor retains two contingent earn-outs of USD 30M each: (1) on government approval of a Field Development Plan, (2) on achievement of continuous production (2023 annual, 2025 annual).
From the December 2023 Aje restructuring: initially USD 11.0M, to be settled in shares of Aje Production AS (converts to an investment when settled). Printed at $13.5M YE2025, $14.4M at 31 March 2026 ("Due from related parties", Q1 report note 9). Part of the Aje complex, valued at zero with it. Not to be confused with the separate $7.4M other-receivable that converted into Aje Exploration Nigeria Ltd in February 2026.
- 2024-09 — Apus spudded Atum-1X on the sold Guinea-Bissau licences (see Contingent assets above) (S&P Global).
Why it matters: the trigger event for the $60M earn-out path; outcome was technical success without announced commercial discovery.
- 2025-11 — Lifted and sold 540,000 bbl entitlement oil (Q4 2025 update).
Why it matters: the 2025 cash event; at $61.3/bbl realized it was a timing-unlucky year — context for why 2025 looked weak while production was fine.
- 2025-12 — All five Tchibouela East infill wells on production; gross incremental >6,500 bopd; 2025 exit rate >32,000 bopd gross / 5,400 net (Q4 2025 update).
Why it matters: directly supports the `netWiProduction` driver's 2026–2027 plateau; proves infill drilling works here ($11/bbl reserves added).
- 2026-01 — Økokrim formally indicted Hemla Africa Holding for suspected corruption — and decided NOT to press the market-manipulation charges against PetroNor (2025 annual, board report).
Why it matters: the indictment defines the trial's scope narrowly (legacy Congo conduct via Hemla), and dropping the market-manipulation angle is the second de-risking after the DoJ closure — supports the thesis that the remaining tail is a fine, not existential.
- 2026-01-12 — Q4 2025 operational update: Q4 net 4,608 bopd at 91% efficiency; entitlement building ~100k bbl/month (announcement).
Why it matters: the ~100k/month build rate is the input for predicting lifting sizes and timing (ADR-0005 quarterly forecasts).
- 2026-02 — Infrastructure interruption shut in ~half the wells for 16 days; repaired, all back during March (Q1 2026 update).
Why it matters: explains the weak Q1 (4,721 bopd, 86% efficiency) as a one-off — production capacity is intact, so no driver change. The kind of event that must NOT silently become the new normal: watch efficiency next quarters.
- 2026-02-18 — Completed the corporate acquisition of Aje Exploration Nigeria Ltd: $7.4M of other receivables converted into the new subsidiary — no cash out; OML 113 project and voting interest now 52.2%, net 2C 70.12 MMboe; decommissioning provisions +$6.4M (announcement, Q1 report).
Why it matters: the zero-valued Aje option grew (bigger stake, more resource) via an asset conversion, not spending — consistent with packaging Aje for sale (advisor appointed in May). Watch that re-development stays a path to monetization, not a funding commitment (thesis foundation).
- 2026-03-17 — Congo-Brazzaville: Sassou Nguesso (82, in power since 1997) won a fifth term with 94.9% amid opposition boycott and an election-day internet blackout (Al Jazeera).
Why it matters: baseline for the Congo power watch — near-term continuity for the PSC terms and the licence to 2037, with succession (not this election) as the real risk. The Økokrim case alleges bribes to this president's family, so a power change could cut either way for the licence-holder.
- 2026-04-06/08 — Record lifting: 964,593 bbl at $116.05/bbl effective → USD 111.9M cash; includes >500k bbl overlift repaid ~100k/month (Q1 2026 update, price in Q1 report).
Why it matters: one lifting ≈ the entire June distribution funded; also shows management lifting opportunistically into a price spike — good capital timing. Overlift means H2 2026 lifting capacity is reduced until repaid.
- 2026-05-28 — AGM approved NOK 3.25/share capital repayment, paid ~24 June (Q1 report).
Why it matters: distribution track record continues — the thesis foundation "excess capital is distributed to shareholders" holds; roughly 80% of the year's earnings on production basis returned.
- 2026-05-29 — Q1 2026 interim report: no lifting → net loss USD 3.7M; cash USD 44M pre-oil-sale; admin down to $1.9M/quarter after US DoJ inquiry closed; Q2 running at 5,060 bopd; Aje advisor appointed (report, presentation).
Why it matters: a textbook ADR-0005 quarter — reported loss, healthy machine. DoJ closure removes one of two legal overhangs and de-risks the trial thesis at the margin. Aje advisor = the zero-valued option might get priced.
- 2026-07-10 — Q2 2026 production update: net 5,007 bopd at 93% efficiency, up from 4,712/86% in Q1; workovers plus restored infrastructure; Q2 interim due 28 August (announcement).
Why it matters: the Q1 infrastructure interruption stayed a one-off — production is back mid-band of the foundation's 4,600–5,300 and tracks the `netWiProduction` driver's 2026 path (management guided 5,060). Also fixes the Q2 report date the next quarterly update runs on. Effect: Q2 2026 production actual updated 5,060 (guided) → 5,007 (reported, preliminary until 28 Aug). Year income unchanged by construction — the year is anchored to the 4,900 belief and H2 quarters re-solve up (year-anchoring confirmed by Kim 2026-07-26). Fair value 5.67 / 16.4 / 28.8 NOK per share, unchanged.
- 2026-08-28 — Q2 2026 interim report: net profit USD 46.3M, cash USD 85.2M and still debt-free, net WI production 5,045 bopd at 93% efficiency. The April lifting of 964,593 bbl at $116.05 brought in USD 111.9M, and USD 50.0M went back out as the NOK 3.25/share capital repayment. Three things were new. The company guided a year-end exit rate for the first time — gross above 25,500 bopd, ~4,300 net — because no infill drilling happens in 2026 and the fields decline between campaigns; drilling returns in 2027 on Tchibouela and Tchibouela East. It expects no further oil sales in 2026, so every unsold barrel now realises at the next cargo in 2027. And OML 113 grew for free: partner PR Oil & Gas Nigeria defaulted on cash calls and its licence interest was redistributed, lifting PetroNor's stake from 52.2% to 59.6% pending regulatory approval, while advisory firm Talanger Capital was appointed to run a divestment or farm-down with acquirers already viewing data (report, presentation, announcement).
Why it matters: the quarter separated the machine from the arithmetic. Operationally everything held or beat — production mid-band, operating costs at ~$11.6 per barrel, administrative costs annualising on the $8M estimate with no sign yet of trial legal costs leaking in. The entitlement the quarter earned was 275,539 barrels against 303,877 in the first quarter, about 92,000 a month: a real but moderate decline at a $116 realisation, and inside the company's own description of the rebuild. The overlift stood at 354,865 barrels at 30 June. Effect: the quarter's reported figures replaced estimates throughout — net cash refreshed to $85.2M, the June distribution to its stated $50.0M, and the fair-value anchor moved onto the 30 June balance sheet. The overlift chain was pinned to the printed position, which exposed a 53,533 barrel error in the pre-2026 chain, now shown as a reconciliation line instead of carried forward silently. Production for 2026 came down to 4,750 bopd against the guided exit rate, operating costs to $12.50/bbl, capital spending to $11M. And a structural error was corrected: the model had been valuing the whole licence's earnings, when 15.85% of the Congolese subsidiary belongs to a minority partner. Production had always been reported at PetroNor's own 16.83%, but revenue, entitlement and costs come from the consolidated accounts, which carry the licence's full 20% — so the partner's share was being counted as shareholders'. It now comes off on its own line in every table, and off the cash and overlift in the fair-value anchor.
- 2026-08-28 — Q2 2026 results webcast Q&A: management put numbers on the 2027 programme for the first time — capital spending of about $20 million, infill drilling only, no major infrastructure planned — with Perenco proposing the sanctioned budget at an operating committee meeting in November. The next lifting is expected in May 2027. On OML 113, management described half a trillion cubic feet of gas and 70 million barrels of oil equivalent of 2C resources as an attractive project they expect the market to come to reflect. The presentation also published a month-by-month path out of the overlift: −271, −192, −104, −16, +70, +156 thousand barrels for July through December (presentation slide 4).
Why it matters: the call carried guidance the written report withheld. The 2027 capital number retires the model's weakest anchor — a placeholder that had survived two reports — and comes in a third below what had been assumed, which raises value rather than lowering it. The inventory path matters more: it is the company's own forecast of how fast the overlift unwinds, and it dates the next cash event, since no cargo means no revenue until May 2027. Effect: 2027 capital spending revised $30M → $20M, with the watch moved to November's operating committee where Perenco proposes the sanctioned budget. The published inventory path then did something more valuable: it did not match, which sent the State's profit-oil share back to first principles. Every interim report prints the quarter's entitlement and carries the prior-year comparative, so 14 quarters back to the start of 2023 were extracted from PDFs already on file — against the five annual points the model had been calibrated on. Measured that way, with every input on one basis and the fiscal price backed out of the State's own royalty line, the share barely moves with price at all. What it had been absorbing is cost recovery: a carried cost pool recovering at up to 34% of production cut the reconstruction error four times more than any price effect could. Super profit oil is kept as a small step above $94/bbl because the company states the mechanism exists, not because the data insists on it. The model now runs entirely on the accounts basis, and the reconstruction moved to those 14 quarters: a 5.2% typical miss, inside 3% for most recent quarters. Fair value per share across the day: 5.67 / 16.40 / 28.84 → 4.56 / 13.19 / 22.85 NOK. Against a 10.88 price the base still implies a discount, but a much narrower one than this report has been showing.