BlueNord: Update on Tyra Redevelopment Project

19 Dec 2024 08:04 CET

Oslo, 19 December 2024: BlueNord ASA ("BlueNord" or the "Company") today issued
an update on the progress of the Tyra Redevelopment Project ("Tyra II").

The ramp-up of Tyra II is underway, with gas production successfully re
-established from three of the six fields. However, operational challenges and
adverse offshore weather conditions have impacted progress and limited weather
windows have delayed the reactivation of the Tyra satellite wells.

The Company has been informed by TotalEnergies, the operator of the DUC, that
based on current weather forecasts the timeline for reactivating all satellite
wells required to achieve plateau production has been extended by approximately
three weeks. As a result, plateau production is now expected to be reached in
the second half of January.

Reference is also made to the REMIT notifications issued by TotalEnergies:
Postings (gashub.at) (https://www.gashub.at/remit/postings.xhtml).

"While it is disappointing in the short-term that plateau production is now
expected early in the new year, the recent above-ground challenges are now well
understood and the long-term potential of Tyra II remains strong.  Once the
necessary wells have been reactivated, we do not expect performance to be
subject to weather in the way that it has been during the start-up phase.  We
are looking forward to reaching plateau production in January 2025, and to
communicating further on the promising HEMJ results as well as initiating our
capital returns programme," said Euan Shirlaw, Chief Executive Officer of
BlueNord

This information is subject to disclosure requirements pursuant to section 5-12
of the Norwegian Securities Trading Act.

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

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 (DUC) 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.

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