BlueNord ASA

Earnings Release • May 14, 2025

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

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

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

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.

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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.