BlueNord Announce Third Quarter 2024 Results

30 Oct 2024 07:10 CET

Oslo, 30 October 2024: BlueNord ASA ("BlueNord" or the "Company") today
published its third quarter results for 2024. The third quarter of the year
delivered strong operational performance with base production at the top end of
the Company's quarterly guidance. This supported the overall financial
performance of the Company. In addition, BlueNord completed the reset of its
capital structure with the successful placement and settlement of a new 5-year
senior unsecured bond issue of USD 300 million and full redemption of BNOR14
bonds of USD 175 million.

Highlights:

· Third quarter net hydrocarbon production of 26.1 mboepd, with base
production at 25.0 mboepd which is at the top end of the Company's quarterly
base production guidance of 23.0-25.0 mboepd
· Revenues of USD 170 million for the quarter and EBITDA of USD 85 million
· Cash Flow from Operations of USD 92 million compared to USD 57 million in
the second quarter
· Total liquidity of USD 511 million at the end of the period, with cash on
balance sheet of USD 241 million
· Onshore repair of both Tyra II transformers successfully completed followed
by offshore lifts back onto the TEG and plateau production expected to be
reached by the end of 2024
· Upward revision of Q4 2024 Tyra II production guidance of 4.0-11.0 mboepd
· Positive preliminary results of the HEMJ well which will be completed and
brought on production in connection with the Tyra start-up
· Kristin Færøvik and João Saraiva e Silva elected as new Board Members at the
EGM on 16 September 2024

Operational:
The overarching strong production trend from previous years continued in the
quarter, mainly driven by excellent performance of the base assets. In addition,
the Harald field had stable production of 1.1 mboepd during Q3, delivering a net
production of 26.1 mboepd. Following the spudding of the Harald East Middle
Jurassic ("HEMJ") well this summer, BlueNord announced on 29 October that the
preliminary results of the well were positive and that it will be completed and
brought on production in connection with the Tyra II start-up. The potential
volume of the well will be assessed when it is on production, which is expected
by the end of 2024.

Tyra II:
During the third quarter, HUC activities continued and all wells are now
unplugged, with commissioning 96% complete on TEG. Export from Harald was
successfully resumed 15 July 2024, with stable production throughout the
quarter. In addition, the first transformer was delivered offshore in August and
has been reintegrated, and the second transformer was delivered offshore in
October and is in the process of being reintegrated. Maximum technical capacity
on Tyra is expected between 15-30 November, followed by production ramp-up to
plateau level, also expected in Q4 2024. Based on this, the Company now expects
production from Tyra II in Q4 2024 of 4.0 - 11.0 mboepd,

Financial:
The Company continues to deliver solid financial results, supported by the
stable contribution of the producing assets. During the quarter, BlueNord also
completed the capital structure reset with the successful placement and
settlement of a new 5-year senior unsecured bond issue of USD 300 million and
full redemption of BNOR14 bonds of USD 175 million. Following the capital
structure reset, BlueNord is in position to deliver on its distribution policy
once Tyra II has reached plateau production.

"BlueNord has delivered strong operational and financial performance throughout
the third quarter of 2024, achieving key milestones that lay a strong foundation
for the future.  We produced on average 26.1 mboe/d, with 25.0 mboe/d coming
from our base assets that continue to deliver at the top end of our
expectations. The preliminary results from the Harald East Middle Jurassic well,
spudded in June 2024, are promising and exceed our pre-drill expectations.
 Together with the imminent restart of Tyra II, this will provide important gas
volumes to Denmark and to Europe. With both the compressors repaired and lifted
back onto the processing facilities on Tyra II, we expect gas export from Tyra
to resume imminently and plateau production to be reached in Q4 of this year. As
we head into the final stretch of the year, where we expect Tyra to be at
plateau and with all our financial covenants now aligned with our distribution
policy, we are well positioned to initiate the material return of capital to
shareholders," said Euan Shirlaw, Chief Executive Officer of BlueNord.

The report and investor presentation are attached here and may be downloaded
from the Company's website www.bluenord.com or www.newsweb.no.



The Company will host a webcast and Q&A session today at 10:00 CET. To join
webcast:   https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20241030_5

Contact:
Cathrine Torgersen, Chief Corporate Affairs Officer
Phone: +47 915 28 501
Email: cathrine.torgersen@bluenord.com

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation, and is subject to the disclosure requirements pursuant
to section 5-12 of the Norwegian Securities Trading Act. The stock exchange
announcement was published by Cathrine Torgersen, Chief Corporate Affairs
Officer, BlueNord ASA, at the date and time as set out above.

***

About BlueNord ASA
BlueNord is a strategically important European oil and gas company that
specialises in producing and developing energy resources, and in activities
which support the energy transition. The Company has a 36.8 percent interest in
the Danish Underground Consortium that is responsible for oil and gas production
in the Danish North Sea. BlueNord is listed on the Oslo Stock Exchange and
trades under the ticker "BNOR". For further information, please visit:
www.bluenord.com.

More information:
Access the news on Oslo Bors NewsWeb site

630685_BlueNord_Q3_2024_Presentation.pdf
630685_BlueNord_Q3_2024_Report.pdf