Petrolia SE has proposed a cash distribution of $0.02 per share, equivalent to 0.189 Norwegian kroner, with payment expected to take place around November 25, subject to shareholder approval.

The company, which operates in the energy sector, said the distribution would be treated as a repayment of paid-in capital for Norwegian tax purposes.

The proposed payment was announced through a notification on the Cyprus Stock Exchange (CSE), with the distribution denominated in US dollars but paid in Norwegian kroner.

Shares will trade with the right to receive the distribution until November 11, which is the last day on which investors can buy shares with entitlement to the payment.

The shares will trade ex-distribution from November 12, meaning investors purchasing them from that date will not be entitled to the payment.

The record date is November 13, when eligible shareholders will be identified, while payment is expected to be made on or around November 25.

The proposed distribution is subject to approval by an extraordinary general meeting of Petrolia SE scheduled for November 11, which is also listed as the approval date.