BlueNord ASA

Investor Presentation • May 14, 2025

Delivering Growth, Delivering Returns

First Quarter 2025

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Today's BlueNord Presenters

Euan Shirlaw Chief Executive Officer

Jacqueline Lindmark Boye Chief Financial Officer

Miriam Jager Lykke Chief Operating Officer

Cathrine Torgersen Chief Corporate Affairs Officer

Q1-25 Highlights: Strong Performance

Tyra Ramp-Up Nearing Completion:

• Current peak c. 26mboe/d; more liquids than expected
• BlueNordexpects plateau at c. 30mboe/d

Proposed(1) distribution for Q1 2025 of \$38m

• 70% of Op. Cashflow(2)
• Declaration and payment timing subject to the RBL Completion Test

• Subject to Tyra RBL Completion Test
  • Includes2024 proposed distribution of \$215m
  • Definedas Net Cash Flow from Operating Activities, includestax payments; excludes capitalexpenditure and finance costs
  • Cash and undrawn but available RBL capacity

• = Q1-25 production of 29.8mboe/d
• Halfdan, Dan and Gorm produced 20.9mboe/d while Tyra produced 8.9mboe/dover the quarter

• = 2Preserves of 194mmboe
• · Near-term 2C resources of 28mmboe
• Drilling campaign optimised to reduce cost and drive near-term cashflow

• Revenue of \$171m
• EBITDA of \$80m
• = Operating Cashflow(3) of \$55m

• Tyra ramp-up progressing well, with peak production c. 26.0mboe/d
• BlueNord continues to expect Tyra plateau to be c. 30mboe/d

• Distribution policy set at 50 70% of Operating Cashflow(2) in 2024 to 2026
• · Proposed Q1-25 distribution(1) of \$38m
• Total proposed distributions(12) of \$253m

• Capital structure set to enable delivery of stated distribution policy
• · Restricted cash release of \$158m
• Liquidity at end Q1-25 of \$684m(4)

Commitment to Maximising Near-Term Distributions

Proposed(1) distribution for Q1 of \$38m

▪ 70% of Op. Cashflow(2)

Timing of declaration and payment subject to RBL Completion Test

· Requires average gas export of 191 mmscf/d over 30-day period

Shareholder returns policy focused on 2024 to 2026

• = Distribution policy of 50-70% of Net Operating Cashflow(2)
  • Shareholder returns prioritised, supported by strong capital structure

RBL Completion Test expected to be met early June

• " Requires average gas export of 191mmscf/d over a rolling 30-day period
  • RBL completion test expected to be met by early June 2025

BlueNord's Value Proposition

Clear and simple focus on leveraging the strength of our underlying business to:

▽ Maximise Distributions

Maintain a Conservative Capital Structure

Robust Base Production | Halfdan, Dan & Gorm

Robust Base Production

Q1 base production performance in line with expectations

Rig activities for 2025 optimised to reduce near-term cost

1) Excludes production from Tyra

> Q1 production within guidance at 20.9 mboepd

• " Active asset management to enhance volumes and drive growth
• = WROM II on Halfdan completed in Jan 2025

> Optimisation of rig activities to reduce near-term cost

• = Planned Valdemar and Halfdan infill wells deferred from 2025 to 2026/27
• = Future WROM activities to be executed from platform rather than dedicated rig

Production Guidance for Base Assets(1)

mboe/d.net to BlueNord

Optimisation of Rig Activities to Drive Significant Cost Reductions

Success of HEMJ well reduces need for capex-intensive near term infill drilling activities

Cost savings also expected from switching to platform-based WROM activities

Cashflow impact based on reduced capex, offset by the lower production contribution from relevant activities based on a \$65/boecommodity price

Rig activities for 2025 optimised to reduce capex

• = HEMJ well success extends Tyra plateau, reducing need for near-term infill wells to fill production capacity (e.g. Valdemar Upper Cretaceous)
• " Future infill wells to be drilled as campaigns, driving cost efficiency

Two rigs released in 2025

• Rig for infill drilling to be re-contracted for mid-2026
• = Switch to platform-based WROM activities will result in significant capex savings

Positive near-term cashflow impact of rig optimisation

· Revised 2025 activity expected to result in higher near-term cashflow

Transformational Growth | Tyra

Tyra Ramp-Up Progressing

Tyrapeak May production c. 26 mboe/d net to BlueNord

From this peak, potential for gas export to increase c. 35% before reaching IP compressor capacity constraint

Ramp-up continuing, with plateau expected in May

BlueNord continues to expect plateau production to be c. 30mboe/d

Tyra ramp-up to plateau c. 90% complete

■ Peak May production of c. 26mboe/d; BlueNordexpects plateau at c. 30mboe/d

Production guidance based on reaching plateau in May

30

Tyra Ramp-Up Progressing

Tyrapeak May production c. 26 mboe/d net to BlueNord

From this peak, potential for gas export to increase c. 35% before reaching IP compressor capacity constraint

Ramp-up continuing, with plateau expected in May

BlueNord continues to expect plateau production to be c. 30mboe/d

Tyra ramp-up to plateau c. 90% complete

■ Peak May production of c. 26mboe/d; BlueNordexpects plateau at c. 30mboe/d

Production guidance based on reaching plateau in May

Tyra Strong Reservoir Performance

Tyra is currently producing c. 26 mboe/d, in line with the lower end of the 2025 guidance range for stable operations

Reservoir performance to date has been strong, delivering export volumes from < 40 producing wells

Operator focused on maintaining stable operations and ensuring high operational efficiency

Tyra already producing at lower-end of expected range when at "Stable Operation" (26-30mboe/d)

• = 91% of wells commissioned and less than 50% of wells on production
  • Wells delivering above expectation, with higher liquids production than expected

Plateau production expected in May 2025

• = Potential for c. 35% higher gas export before reaching IP compressor constraint
• = Work ongoing to increase Tyra's production potential
  • Wells being commissioned and subsequently put on production
  • Plans in place to fix minor well issues lift valves, chokes and hydraulic issues

> Focus on maintaining stable operation going forward

= Operator undertaking study to identify key factors impacting facilities operational efficiency

Positive Long-Term Outlook

Denmark | Stable and Supportive

Danish oil & gas production plays an important role in the country's welfare society and towards the EU's security of supply

Strong Rationale to Maximise Danish Output Beyond End of License

Source: Rystad, NSTA, BlueNord internal data

BlueNord operations consistent with Danish and EU Energy Security and Energy Transition objectives

• " Tyra enables Denmark to become a net exporter of natural gas
• · Tyra volumes displace significantly more emissions-intensive LNG imports(1)

Focus in Denmark on Maximising Economic Recovery prior to 2050 end date for oil and gas production

• = Stable fiscal regime with tax stability framework for the DUC
• = Extensions of Danish licenses are key to enabling full utilisation of existing and future projects - for example, Tyra is only constrained by license expiry in 2042

Oil & gas contributes significantly to Danish welfare

• E Estimated to deliver state revenues of c. DKK 55 billion during next 15 years
• = Significant upside potential if period until 2050 is utilised for the DUC

Accretive Projects for Investment

BlueNord's illustrative activity plan reflects the objective of the partnership to Maximise Economic Recovery from the DUC

Expected to deliver net production to BlueNord of > c.50mboe/d during 2025 -2030

Robust plan to add above 60 mmboe of resources

• =
• · Three projects planned via unmanned platforms
• Portfolio of infill well opportunities being continually matured and optimised

Stable Outlook for Production

Long-term potential exists to mitigate decline and maintain plateau production levels after Tyra on stream

Decisions to invest further will need to support long-term cashflow generation potential

Profile includes BlueNord's 2P reserves (Sanctioned and Justified-for-Development) and Near-Term and Long-Term 2C Resources(1) (currently unsanctioned)

Includes 2P reserves and Near-Term and Long-Term 2C resources (currently unsanctioned)

Attractive Organic Portfolio Supporting a Robust Production Profile Beyond 2030(2)

Solid Financial Performance

Q1-25 Earnings Highlights

Revenue mix shows Tyra volumes increasing but impacted by gas penalties due to operational incidents

Opex up due to workovers replacing infill drilling (corresponding capex decrease); plus higher transportation cost with higher gas volumes

Contribution remains steady but set to increase as I yra stabilises

Opex comprises direct costs attributable to

lifting and transportation to market of BlueNord's oil and gas production Realised prices based on lifted volumes.

Opex/boe based on production volumes

Revenue mix shifting

(USD million)

Oil Revenue Gas Revenue 193 171 171 170 169 52 49 56 70 139 136 121 111 100 Q1-24 Q2-24 Q3-24 Q1-25 Q4-24

Income Statement Q1-2025

EBITDA affected by gas penalties and workovers

Net financial items affected by non-cash fair value adjustment on embedded derivatives

P&L tax positively affected by non-cash FX adjustment on DKK tax loss asset

Opex plus other production expenses equates to production expenses. Opex comprises the direct costs attributable to lifting and transportation to market of BlueNord's oil and gas production. Q4 2024 includes a credit adjustment for WROM for FY2024 of USD 20m, excluding this Opex USD 74m.

Positive net result of \$19 million A

(USD million)

	Q1 25	Q4 24
Revenue	171	193
Operating expenses (Opex)(1)(2)	(89)	(54)
Other production expenses(1)	11	(18)
G&A and other operating costs	(13)	(12)
EBITDA	80	109
Adj. EBITDA	92	112
D&A	(44)	(40)
Net financial items	(38)	(99)
Result before tax	(2)	(30)
Tax	21	(46)
Net result	19	(76)

Balance Sheet Q1-2025

Significant increase in cash due to a reduction in restricted cash with CCSA released and replaced with LC

Receivables up with gas volumes, higher oil inventory, tax receivable and insurance prepayment

Derivatives shift towards lower liability and higher asset with prices dropping towards the end of the quarter

> Stable and transparent balance sheet

(USD million)

Assets	01 25	04 24
PP&F(1)	2,692	2,721
Deferred tax	142	160
Restricted cash	64	219
Derivatives (current & non-current)	34	14
Cash	414	251
Receivables & Inventories	145	97
Total Assets	3,491	3,462
Equity & Liabilities	0125	Q4 24
Interest bearing debt	1,375	1,371
Asset retirement obligations	1,137	1,122
Other long-term liabilities	1	1
Derivatives (current & non-current)	117	173
Taxespayable (current)
I rade payables & Other current liabilities	122	රිම
Total Liabilities	2,752	2,766
Equity	739	દિવેલ
Total Equity & Liabilities	3,491	3,462

Cashflow and Capital Structure Q1-2025

Operating cashflow of \$70m

Substantial release of restricted cash

Minimal capital spend for Q1 and outlook for 2025 of \$50-60m

Significant available liquidity maintained

Track record of delivering on capital requirements of the business

Cash

(USD million)

Capital structure optimised to deliver on strategy

Hedge Portfolio: 01-2025

Active this quarter placing gas hedges for 2025-27 when prices were more attractive

~52% of 2025 oil production hedged(")

~58% of 2025 gas production hedged(")

Looking forward, additional hedges placed during Q1 covering around 38% gas and 12% oil

> Commodity price hedging provides cashflow visibility

Oil Price Hedging	02-25	03-25	04-25	01-26	Q2-26	Q3-26	Q4-26	Q1-27	02-27
Oil Volume (bbl)	1,064,000	1,125,000	1,200,000	825,000	825,000	525,000	525,000	60,000	60.000
Hedge Price (\$/bbl)	73.01	73.51	72.97	70.84	70.84	67.34	67.34	63.51	63.93
Total Hedged Oil Volumes (mmbbl)						Average Hedged Oil Price (\$/bbl)
3,4					73,2		69,5
	2,7			Spot Brent p				63,7
				\$65/bbl
			0,1
Q2-Q4 2025	2026	2027			2025		2026	2027
Gas Price Hedging	02-25	Q3-25	04-25	01-26	02-26	Q3-26	04-26	Q1-27	02-27
Gas Volume (MWh)	2,010,000	2,309,997	1,980,000	1,980,000	1,290,000	1,290,000	1,095,000	1,095,000
Hedge Price (€/MWh)	39.67	39.55	38.76	38.77	33.22	33.14	34.32	34.23
	/ R A A //						A IN MAIL I

I otal Hedged Gas Volumes (MVVn)

Average Hedged Gas Price (€7MWn)

Closing Reflections

Transformational Growth on the Horizon

Performance step-change for BlueNord in 2025:

• Production ↑ > 100% .
• = Gas weighting of ~45%
• Lifting cost c. 50% .
• Emissions intensity ↓~30% .

Significant FCF generation, supporting near-term distributions

Appendix