Bluenord Asa · OSL:BNOR
Bluenord Asa — Norwegian Energy Company — Q1 2021 Earnings Presentation
16 slides from Bluenord Asa's earnings presentation, May 11, 2021
Slide 1: First Quarter 2021
First Quarter 2021 Oslo, 11 May 2021
Slide 2: Disclaimer
Disclaimer THIS PRESENTATION (THE “INFORMATION MATERIAL”) HAS BEEN PRODUCED AND PARTY SOURCES ARE SOLELY OPINIONS AND FORECASTS WHICH ARE SUBJECT DELIVERED BY NORWEGIAN ENERGY COMPANY ASA (THE “COMPANY”). THIS TO RISKS, UNCERTAINTIES AND OTHER FACTORS THAT MAY CAUSE ACTUAL INFORMATION MATERIAL DOES
Slide 3: Important Information
Important Information AN INVESTMENT IN THE COMPANY INVOLVES RISK, AND SEVERAL FACTORS DOMESTIC AND FOREIGN LAWS AND REGULATIONS, TAXES, CHANGES IN COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF COMPETITION AND PRICING ENVIRONMENTS, FLUCTUATIONS IN CURRENCY THE COMPANY TO BE MATERIALL
Slide 4: Highlights for the Quarter
Highlights for the Quarter 25.8 Production within 2021 ▪ First quarter one-off impact rapidly resolved mboepd guidance 56 Realised oil price ▪ Pre-Tyra cash flow reliably underpinned through ongoing hedging arrangements USD ✓ RBL Increase ▪ RBL increase to USD 1.1 billion, subsequently completed in
Slide 5: Operational Review
Operational Review
Slide 6: Quarterly Production within Guidance
Quarterly Production within Guidance - Slightly below 1Q plan due to short-term one-off events ▪ First quarter production of 25.8 mboepd ▪ Operational efficiency at 77% impacted by HP flare line issue and gas-lift compression issues which were quickly resolved ▪ Initiated Noble Sam Turner rig progra
Slide 7: Tyra Redevelopment – Milestones & Outlook
Tyra Redevelopment – Milestones & Outlook - Further project de-risking during 2021 2021 Milestones: Q1 2021 Tyra Cost1 53 ▪ H2 Delivery and sail away of accomodation 51 module (Rosetti Marine, Italy) – followed by offshore installation ▪ H2 Delivery and sail away of Tyra East wellhead and riser plat
Slide 8: 201 mmboe of 2P Reserves
201 mmboe of 2P Reserves - Maturing further high value, low capex projects into 2P reserves Net reserves Noreco (mmboe)1 Noreco 2P Reseves Base Developed and on production: 246 ▪ Seven Southern fields: Dan, Kraka, Halfdan, 201 200 Halfdan NE, Gorm, Skjold and Rolf 131 Under Development: 1P 2P 3P 2C
Slide 9: Financial Review
Financial Review IE
Slide 10: Financial Summary: Q1 2021
Financial Summary: Q1 2020 Strong capital structure and liquidity position; fully funded to deliver Tyra ▪ Stable and predictable financial outcomes Key Financial Data: Q1 2021 – Underlying operations profitable Hydrocarbon Production (mboe/d) 25.8 – Supports the successful delivery of Tyra (USD per
Slide 11: RBL Refinancing Completed in May 2021
RBL Refinancing Completed in May 2021 Increased USD 1.1 billion facility with an extended 2028 maturity now effective Commentary Key Terms ▪ Revised USD 1.1 billion RBL facility closed on 5 May 2021 – Replaces existing USD 900 million RBL facility Prior Facility New Facility ▪ Accordion option of up
Slide 12: Overview of Hedging Arrangements: Q1 2021
Overview of Hedging Arrangements: Q1 2021 Hedging activity focused on maximising cashflow certainty pre-Tyra ▪ Hedges in place from Q2 2021 until end 2023 covering 13.1mmboe – Oil: 12.7mmbbl from Q2 2021 to Q4 2023 at an average price of USD 54.5 per bbl – Gas: 600,000 MWh from Q2 2021 to Q3 2021 at
Slide 13: Capital Structure: Q1 2021
Capital Structure: Q1 2021 Net Debt Overview: 31 March 2021 (USD million) ▪ 1 Reserve Based Lending Facility – USD 751 million drawn end Mar-20 175 25 1 129 70 1 059 178 – New USD 1.1 billion facility closed May-20 178 ▪ 2 NOR13 Convertible Bond 881 751 – Subordinated bond with mandatory conversion
Slide 14: Closing Reflections
Closing Reflections 1 ents suse TT
Slide 15: Noreco: Attractive Value Proposition
Noreco: Attractive Value Proposition Material Reserves & ▪ 2P reserves of 201 mmboe ✓ Resources Base ▪ 2C resources of approx. 200 mmboe for progression with additional projects Substantial ▪ Base production providing significant operational cashflow ✓ Production ▪ Low decline rates with opportuniti
Slide 16: Contact: ir@noreco.com
Contact: ir@noreco.com > NorEco 16
Norwegian Energy Company — Q1 2021 Earnings Presentation on 6ix