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Espehaugen 32 B
5258 Blomsterdalen

Visiting address

Espehaugen 32 B
5258 Blomsterdalen

11 November 2022

PNO: Petrolia Noco AS – Private placement completed

Bergen, 11 November 2022

Petrolia Noco AS (“the Company”) is pleased to announce that it has completed a private placement of 15,000,000 new shares at a subscription price of NOK 2 per share.

In order to prevent dilution of other shareholders, one of the subscribers has confirmed that it is willing to sell parts of the new shares to shareholders that were not invited to participate in the private placement at a price of NOK 2 per share (identical to the subscription price).

Shareholders that are interested in buying shares can contact the company per email at Please include your VPS account and the number of shares you want to buy in the email.

No Prospectus has been prepared for this offering as the number of invited investors do not exceed 149. (Ref to the securities trading act § chapter 7). In order to minimise costs, the company has decided not to engage any investment bank and will carry out the process itself.

Petrolia Noco AS is an Exploration and Production company on the Norwegian Continental Shelf (NCS). The Ministry of Petroleum and Energy approved Petrolia Noco AS as a NCS licensee on the 7th of February 2012 and in November 2016 the company was prequalified as an operator on the NCS and has been the Operator of several exploration licenses. The Company has interests in 10 licenses in the Norwegian Sea and the North Sea (NCS), including a 20% interest in the PL 882 (Dugong) discovery with estimated recoverable resources estimated to 40-108 million barrels of oil equivalents. In addition, a firm well is planned to be drilled in PL1013 (Løvmeis 20% interest) in 2024 which, if successful, can be tied back to the Fossekallen template for early production in 2025.

The Company is listed on with ticker PNO. Latest financial reports and Company presentation can be found at No major subsequent events since last reporting.

For further queries contact:

Erik von Krogh, CFO
+47 930 38 075