BlueNord Announces Fourth Quarter 2024 Results and First Distribution to Shareholders Proposed

12 Feb 2025 07:06 CET

Oslo, 12 February 2025: BlueNord ASA ("BlueNord" or the "Company") today
published its fourth quarter and full year of 2024 results. The Company
delivered strong operational performance and exited the year in a robust
financial position. Tyra II resumed production in November 2024 and is now in
the final stages of its ramp-up to plateau production.  BlueNord is also
announcing today its first proposed shareholder distribution of USD 215 million
for 2024.  This is expected to be declared and paid once the RBL Completion Test
for Tyra is met.


Highlights:
·    Net hydrocarbon production of 25.9 mboepd in Q4
·    Revenues of USD 193 million for the quarter and USD 702 million for the
full year
·    Pre-Tax Operating Cash Flow of USD 146 million for the quarter and USD 383
million for the full year
·    Post-Tax Operating Cash Flow of USD 95 million for the quarter and USD 309
million for the full year
·    Tyra II restart and ramp-up, exiting 2024 with a production rate of 15
mboepd
·    Successful Harald East Middle Jurassic ("HEMJ") exploration well
·    Proposed inaugural shareholder distribution of USD 215 million for 2024


Operational
BlueNord's net hydrocarbon production for the quarter was 25.9 mboepd. Through
proactive optimisation work, the natural decline rate has been mitigated to less
than 4% annually since 2021. The HEMJ well, drilled by the Shelf Drilling
Winner, delivered results exceeding BlueNord's expectations.  The well, which
started production during December, is expected to prolong plateau production
from Tyra II.


Tyra II
Tyra II achieved full technical capacity on 10 November 2024, with production
from four of six fields by year-end. The hub exited 2024 at a production rate of
15 mboepd. Due to previously announced adverse weather conditions and minor
operational occurrences, plateau production is now expected to be reached in
February 2025.


Financial
BlueNord's strong operational performance, combined with a favourable commodity
price environment, resulted in solid Q4 financial performance.  Revenues during
this period were USD 193 million, with pre-tax operating cash flow of USD 146
million.  BlueNord's liquidity position at the end of the year was at USD 521
million, laying the foundation for BlueNord's first proposed shareholder
distribution of USD 215 million for 2024 to be made once the RBL Completion Test
for Tyra is met.

"During the fourth quarter of 2024, BlueNord reached key milestones that
strengthen our long-term outlook. We successfully brought the HEMJ well on
production, with BlueNord's assessment of preliminary results indicating volumes
more than 60% above our pre-drill expectations.  This well alone has the
potential to significantly extend plateau production from Tyra II and provide
important gas volumes to Denmark and Europe. Tyra II continues to ramp-up
production volumes, and in February 2025 we are currently producing 19mboepd net
to BlueNord.  With plateau production imminent and overall DUC production set to
more than double year-on-year, 2025 will be a transformative year for BlueNord
and its shareholders.  I am delighted that today we have been able to propose
our first distribution, which we expect will be paid after the Tyra completion
test is met in late February or early March," said Euan Shirlaw, Chief Executive
Officer of BlueNord.

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


The Company will host a webcast today at 10:00 CET. To join webcast:
https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20250212_1

Contact:
Cathrine F. 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 activitiewhich
support the energy transition. The Company operates in the Danish NorthSea with
a 36.8 percent interest in the Danish Underground Consortium (DUC).BlueNord is
listed on the Oslo Stock Exchange and trades under the ticker"BNOR". For further
information, please visit: www.bluenord.

More information:
Access the news on Oslo Bors NewsWeb site

638321_BlueNord_Q4_2024_Presentation.pdf
638321_BlueNord_Q4_2024_Report.pdf