Bluenord Asa · OSL:BNOR
Bluenord Asa — Q3 2024 Earnings Presentation
26 slides from Bluenord Asa's earnings presentation, Oct 30, 2024
Slide 1: Focused on Delivery - Third Quarter 2024
We S BlueNord2/> Focused on Delivery Third Quarter 2024 30 October 2024
Slide 2: Disclaimer
Disclaimer THIS PRESENTATION (THE “INFORMATION MATERIAL") HAS BEEN PRODUCED AND DELIVERED BY NORWEGIAN ENERGY COMPANY ASA (THE “COMPANY’). THIS INFORMATION MATERIAL DOES NOT CONSTITUTE AN OFFER, INVITATION OR SOLICITATION OF AN OFFERTO BUY, SUBSCRIBE OR SELL ANY SHARES IN THE COMPANY. THE COMPANY DO
Slide 3: Today's BlueNord Presenters
Today’s BlueNord Presenters S € X yA < Euan Shirlaw Jacqueline Lindmark Boye Miriam Jager Lykke Cathrine Torgersen Chief Executive Officer Chief Financial Officer Chief Operating Officer Chief Corporate Affairs Officer We BlueNord*
Slide 4: Q3-24 Highlights
Q3-24 Highligh Strong Performance We have a Solid Track Record of Delivery: Strong Production Levels Progress on Tyra Robust Financial Results Reset Capital Base First distribution, based on stated policy of 50-70% of operating cashflow in 2024 to 2026, expected once Tyra at plateau production ned S
Slide 5: We Are Delivering Tyra
We Are Delivering Tyra
Slide 6: Tyra II Overview - Strategically important gas field in the Danish North Sea
Tyra Il Overview > Strategically important gas field in the Danish North Sea = Tyra ll will produce to 2042 (concession expiry) BlueNord post-Tyra ramp-up: Production Increase Gas Weighting Lifting Cost! GHG Reduction | Tyra ona 100% Basis , - oS = 2P Reserves ~200mmboe = Production-60mboe/d TEH (Ac
Slide 7: Imminent Restart of Tyra II
Imminent Restart of Tyrall Tyra Il full restart expected between 15 and 30 November 2024 followed by ramp-up to plateau production Full Tyra Il restart by end November 2024 Restart of Tyra Il with export Expected 2024 of gas from Danin March Export of Harald gas Tall exit rate of intemporary product
Slide 8: Path to Plateau
Path to Plateau Production for Tyra Ilin 2024 Gas export restarted mid- July and continued to early October Plateau production expected to be reached in Q4 2024 with 2024 exit rate above 30 mboe/d, net BlueNord V, Me Plateau production expected Q4 2024 Commissioning work to enable plateau almost com
Slide 9: We Are Delivering Operationally
We Are Delivering Operationally
Slide 10: Strong Base Asset Performance in Q3 2024
Strong Base Asset Performance in Q3 2024 Base assets expected to continue to produce strongly for the rest of 2024 due toa combination of WROM activities, infill well performance and high operational efficiency Wie Q3 production of 25.0 mboe/d top end of guidance Benefit from WROM on Dan and Halfdan
Slide 11: Two Rigs Working in Parallel with Infill Drilling and Well Optimisation
Two Rigs Working in Parallel with Infill Drilling and Well Optimisation Two wells to be drilled in 2024 with the Shelf Drilling Winner with first Halfdan Ekofisk well pushed to early 2025 to be able to complete two workovers on Halfdan to protect 0.7 mboe/d, net BN WROM continuing into Q1 2025 on Ha
Slide 12: Successful Drilling of the HEMJ Well
Successful Drilling of the HEMJ Well > The Shelf Drilling Winner has successfully drilled the HEM4J well in the Eastern part of the Harald field = Well encountered 48m of good quality sand reservoir with gas condensate = HEMJ will be completed shortly and brought on production = Willbe produced thro
Slide 13: We Are Delivering Our Potential
We Are Delivering Our Potential
Slide 14: Denmark: Stable operations consistent with Danish and EU objectives
Denmark | Stable BlueNord operations consistent with Danish and EU and Balanced Energy Security and Energy Transition objectives Denmark to be one of the PT Tyra will make Denmark — eee RgCO.08 largest oil & gas producers oT self-sufficient and a net in the EU with Tyraat plateau exporter of natural
Slide 15: Accretive Projects for Investment
Accretive Projects for Investment Activity plan” reflecting the objective of Maximising the Economic Recovery from the DUC Expected to deliver net production to BlueNord of > 55mboe/d in 2025 and > 40mboe/d in 2030 We | Maturing Adda (Tyra North) and Halfdan North with strong economic profiles and p
Slide 16: Stable Outlook for Production
Stable Outlook Attractive Organic Portfolio Supporting a Robust for Production Production Profile Beyond 2030) 60 mboe/d, net toBlueNord — Long-termpotentialexists to - hihi Assemboe/din2025 mitigate decline and Ceenbe py) maintain plateau production 60 levels after Tyraramp-up — Vie Decisions to in
Slide 17: We Are Delivering Financially
We Are Delivering Financially
Slide 18: Revenue and Opex per boe
Direct Field Opex Transportation Environmental cost Production G&A Oil Revenue Gas Revenue 1 1 1 1 Revenue per boe Opex per boe 1) Opex comprises direct costs attributable to lifting and transportation to market of BlueNord’s oil and gas production 2) Realised prices based on lifted volumes, Opex/bo
Slide 19: Production expenses and opex
1) Opex plus other production expenses equates to production expenses. Opex comprises the direct costs attributable to lifting and transportation to market of 19 BlueNord’s oil and gas production.
Slide 20: Includes exploration and evaluation
1) Includes exploration and evaluation 20
Slide 21: Cashflow Positive Free Cashflow and Robust Liquidity
Cashflow Positive free cashflow Robust Liquidity (USDmillion) (USDmillion) Q3-2024 oom . a 158 53 Operating cashflow of $92m econ Incdecanas . . . . proceedsfrom, toTyraand Capital investment primarily BNOR reissue ailing HEM Tyra Redevelopment and drilling HEMJ 105 Significant available liquidity f
Slide 22: Debt: Drawn and Undrawn
▪ ▪ ▪ ▪ Undrawn Drawn Drawn Debt 1) Net interest bearing debt as per debt 1) covenant excludes convertible bonds and includes issued letters of credit, totalling $1,039m 22
Slide 23: Hedge Portfolio: Q3-2024
Hedge Portfolio: Q8-2024 Active this quarter placing gas hedges for 2024-26 when prices were more attractive ~58% of 2024 oil production hedged ~50% of 2024 gas production hedged Wa Commodity price hedging provides cashflow visibility Oil Price Hedging Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26
Slide 24: First Distribution Once Tyra at Plateau
First Distribution Once Tyra at Plateau With Tyra onstream, BlueNord cash generation will be used to support all stakeholders Near-term focus on shareholder distributions, while maintaining conservative capital structure (<1.5x net leverage through cycle) Wie Material near-term distributions from 20
Slide 25: Closing Reflections
Closing Reflections
Slide 26: Closing Reflections
Closing Reflections BlueNord’s transformation in 2024 is well underway The Company is shifting from aninvestment phase that has seen us more than double production capacity toastage where we deliver value for all stakeholders, including the start of material capital returns to equity holders \We Del