Petrolia Noco: Dugong likely pushed to 2029 - ABG

• H1'23 numbers as expected
• Dugong first oil likely delayed to 2029
• Revised fair value range of NOK 1.1-2.8/sh

H1'23 numbers in line with expectations
Petrolia Noco reported H1'23 numbers in line with our expectations. Both revenues of NOK 7.7m and EBITDAX of NOK -15.3m were in line with ABGSCe of NOK 7.0m and -17m, respectively. The company exited H1'23 with a cash position of NOK 27m (NIBD of NOK 138m vs. ABGSCe of NOK 137m), where the liquidity in the period was supported by an equity raise of NOK 20m at NOK 2/sh and an additional draw-down on the loan facility secured by the tax refund.

Länk till analysen i sin helhet: https://cr.abgsc.com/contentassets/8945d3eb23124e33954d29363ebd1480/pdf/dugong-likely-pushed-to-2029.pdf