BlueNord Announces First Quarter 2025 Results: Tyra Production Ramp-Up Continues and Second Distribution to Shareholders Proposed

14 May 2025 07:06 CEST

Oslo, 14 May 2025: BlueNord ASA ("BlueNord" or the "Company") today published
its first quarter 2025 results, highlighting robust base production, continued
progress at the Tyra hub and a strong liquidity position of USD 684 million. In
addition, BlueNord is proposing its second shareholder distribution of USD 38
million for Q1 2025. This is expected to be declared and paid alongside the USD
215 million proposed distribution for 2024 once the RBL Completion Test for Tyra
is met.

Highlights:

· Net hydrocarbon production of 29.8 mboe/d in Q1
· Revenues of USD 171 million for the quarter and EBITDA of USD 80 million
· Pre-Tax Operating Cash Flow of USD 70 million for the quarter
· Post-Tax Operating Cash Flow of USD 55 million for the quarter
· Strong liquidity position at quarter end of USD 684 million and cash on
balance sheet of USD 414 million following release of cash in escrow
· Attractive hedges added during the quarter at favourable prices for 2025 and
2026, further securing future cashflow from the Company's operational portfolio
· Proposed shareholder distribution of USD 38 million for Q1 2025
· Full technical capacity on Tyra during Q1 with final phase of ramp-up
progressing
· Net 2P Reserves at 194 mmboe and a Reserves Replacement Ratio of 189%

Operational
The base assets, Dan, Gorm and Halfdan continued their stable and reliable
production and delivered within guidance. Following the success of the HEMJ well
which will extend plateau from Tyra significantly, the need for near-term infill
wells to fill production capacity is reduced, and as such, the partners in the
DUC have decided to optimise the drilling schedule of infill wells. This will
reduce near-term cost and defer infill activities from 2025 to 2026/2027.

Tyra
Tyra ramp-up is progressing and has to date achieved a peak production of c.26
mboe/d net to BlueNord with plateau production of c.30 mboe/d expected in May
2025. Reservoir performance has been strong and, while 91% of the wells have now
been commissioned, current production is being delivered by less than 50% of the
total well stock.

Financial
The stable production from the base assets continued to contribute to the
financial performance, while lower than expected volumes from Tyra, due to
operational occurrences during the restart, resulted in penalties on gas sales.
However, with Tyra in its final phase, restricted cash on escrow of USD 158
million was released during the quarter, resulting in a robust liquidity
position of USD 684 million and cash on balance sheet of USD 414 million. In
addition, the Company took advantage of the favourable commodity price sentiment
during the quarter and added hedges on gas and oil for 2025 and 2026 at
attractive prices.

"BlueNord entered 2025 with strong operational momentum, having seen Tyra reach
maximum technical capacity in the fourth quarter of 2024. While Dan, Halfdan,
and Gorm have continued their track record of stable, predictable production in
line with guidance, reaching plateau at Tyra has taken longer than expected.
That said, we are now in a strong position with a positive outlook. In early
May, Tyra production net to BlueNord peaked at over 26 mboe/d, with underlying
reservoir performance continuing to exceed expectations. Together with the
operator, our focus is on achieving stable operations and maximising operational
efficiency at a hub that will support BlueNord's business through at least
2042.

The transition of Tyra from development to delivery sets the stage for
meaningful shareholder returns. For the first quarter of 2025, we are proposing
a $38 million distribution, representing 70% of net operating cashflow. With a
resilient portfolio of gas-weighted growth, low-cost structure, and strengthened
liquidity, BlueNord is well positioned to deliver sustainable cashflow, even
amidst commodity market volatility. Our focus remains clear: to maximise
operational value, maintain capital discipline, and deliver on our core
commitment to shareholder returns," 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 CEST. To join webcast:
https://channel.royalcast.com/landingpage/hegnarmedia/20250514_4/

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 activities
which 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

646251_BlueNord_Q1_2025_Presentation.pdf
646251_BlueNord_Q1_2025_Report.pdf