BlueNord: 2024 Annual Statement of Reserves with 189% Reserves Replacement Ratio

17 Mar 2025 07:15 CET

Oslo, 17 March 2025: BlueNord ASA ("BlueNord" or the "Company") has today
published its 2024 Annual Statement of Reserves and Resources. As of 31 December
2024, the Company's net Proven and Probable ("2P") Reserves were 194 mmboe, an
increase from 186 mmboe at the end of 2023.


With 9 mmboe produced by BlueNord in 2024, the Company's year-end 2024 2P
reserves equate to a 189% reserves replacement ratio. The primary driver of this
result was the successful discovery of the Harald East Middle Jurassic ("HEMJ")
accumulation, which not only added reserves but is also expected to extend both
the length of the Tyra plateau period and the lifetime of the Harald hub.


Additionally, strong underlying performance led to upward technical revisions of
forecasts for future production from the Company's base assets. This was
supported by continued efforts to maintain high operational efficiency (91% in
2024) and maximize production potential through well optimization (WROM),
workovers, and restimulation activities. Finally, maturation of the Valdemar
Upper Cretaceous infill well (VUC) added reserves to the portfolio.

"2024 is the second year in a row where BlueNord has been able to report a
reserves replacement ratio significantly above 100%.  For a mature asset base
with a long production history like the DUC, this is a fantastic result.  The
HEMJ well, starting production less than three months after the initial
discovery was made, is already contributing significantly to our portfolio and
is expected to do so for a long time to come.  Based on the dedicated work and
efforts of our team, I look forward to an outlook of strong production potential
and a strong future for our assets," said Miriam Lykke, Chief Operating Officer
in BlueNord.

The Reserves Report is attached and will be made available on the Company's
website www.bluenord.com.

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
Email: cathrine.torgersen@bluenord.com
Phone: +47 915 28 501

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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641371_BlueNord_2024_Annual_Statement_of_Reserves.pdf