BlueNord ASA

Earnings Release • Sep 5, 2025

BlueNord: Preliminary Production for August 2025 and Revised Tyra Guidance

BlueNord: Preliminary Production for August 2025 and Revised Tyra Guidance

Oslo, 5 September 2025: BlueNord ASA ("BlueNord" or the "Company") has today

announced its preliminary production figures for August 2025 and a revised

production guidance for Tyra. In August 2025, the preliminary production was

37.2 mboepd net to BlueNord.

The base assets, Dan, Gorm, and Halfdan, produced 21.9 mboepd net to the

Company, which was slightly below expectations. This was attributed to a

mechanical defect in the Gorm lift gas compressor, which has now been repaired,

and scheduled maintenance of the Halfdan IP/HP compressor, which also has been

resolved. On Dan, a reactive well workover was successfully finished on 11

August, concluding the Dan well workover campaign with a total of six workovers

completed. Year to date, a significant amount of scheduled maintenance has been

carried out on the base assets, leading to more unplanned downtime. No major

maintenance activities are planned for the rest of the year, and the production

guidance for Q3 and Q4 is reiterated.

The Tyra hub produced 15.3 mboepd net to the Company which is lower than

expected, primarily due to a four day production shut down related to IP

compressor issues which have now been resolved. Additionally, the production was

reduced over a two-week period due to a scheduled pigging of the Harald

pipeline. While this maintenance activity was planned, it impacted production

more than anticipated. In addition, during this summer, the production potential

from Tyra was reduced due to process control challenges in the water treatment

system. A dedicated task force at TotalEnergies has identified the root cause

and remediation efforts are ongoing.

Despite the operational challenges during the month, Tyra production continued

to ramp up during the last week of August with an exit export rate of net 25.1

mboepd on 31 August 2025.

Based on the Tyra performance, BlueNord revises its previously communicated Tyra

production guidance for Q3 2025 from 22.0 - 26.0 mboepd to 17.0 - 19.0 mboepd,

reflecting July and August production figures and the expected production in

September. In addition, the Q4 production guidance for Tyra has also been

revised from 26.0 - 30.0 mboepd to 21.0 - 27.0 mboepd, net to the Company. The

Q4 production guidance range is expected to be narrowed by the Company during

the fourth quarter.

In the coming period, production at Tyra is expected to be impacted by scheduled

maintenance and ongoing efforts to enhance facility reliability and performance.

The operator has completed comprehensive studies aimed at improving production

stability, and actions based on these findings will be carried out, which is

considered in the revised production guidance.

.

With well- and reservoir performance exceeding expectations, the underlying

value of the Tyra hub remains intact, and BlueNord expects TotalEnergies to

resolve the key issues identified such that stable production and the expected

plateau production of c. 30.0 mboepd net to the Company is achieved during 2025.

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.