Bluenord Asa · OSL:BNOR
Bluenord Asa — Investor Presentation (June 2025)
40 slides from Bluenord Asa's investor presentation, Jun 23, 2025
Slide 1: BlueNord ASA Company Presentation
We S BlueNord7,> BlueNord ASA Company Presentation 23 June 2025
Slide 2: Important Information and Disclaimer (1/2)
Important Information and Disclaimer (1/2) THIS DOCUMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE ORIN PART, DIRECTLY OR INDIRECTLY, IN ORINTO ORFROM THE UNITED STATES OF AMERICA, ITS TERRITORIES, DEPENDENCIES OR POSSESSIONS, INCLUDING ANY STATE OF THE UNITED STATES AND THE DISTRICT
Slide 3: Important Information and Disclaimer
Important Information and Disclaimer The distribution of this Company Presentation by the Company in certain jurisdictionsis restricted by law. Accordingly, this Company Presentation may not be distributed or published in any jurisdiction except under circumstances that will result in compliance wit
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Slide 5: BlueNord at a glance: production and reserves
▪ ▪ ▪ ▪ ▪ ~50 ~50 28 26.9 26.7 222 24.9 25.0 mmboe 194 1) Based on a share price of NOK 627 as at 2021 2022 2023 2024 H2 2025e 2030e 20.06.2025 2) Pro forma for bond issue 2P 2C Actual production Forecast production 3) Following ramp-up of Tyra (expected 2025) 4) Assuming 50 mboepd production, USD 7
Slide 6: Robust Production, Low Opex and Cost Discipline
Robust Production Low Opex and Cost Discipline • • •
Slide 7: Reserves and production split by liquids and gas
▪ ▪ 1 ▪ 2 ▪ 2 1 ▪ Liquid Gas 3 45% ~530 Liquid Gas 47% ~140 mmboe 55% mboepd 53% 1) As of 31.12.2024 2) Production at Tyra plateau production rate 7
Slide 8: Production history and Tyra ramp-up
~50 50.0 Halfdan, Dan and Gorm production Tyra production 37.9 -7% 30.0 30.0 28.5 29.8 25.8 27.3 27.2 27.5 26.5 26.9 26.6 26.1 25.9 18.2 26.8 26.7 25.1 23.6 24.7 24.9 23.5 24.5 24.9 25.0 1.1 2.9 8.9 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25
Slide 9: Production guidance
Actual production Guidance 27 ~50 47-53 47-53 38 30 <13 Q1-25 May-25 Prod. Q3-25E Q4-25E Q1-24 First full year of Tyra production in June - 30% ~45% ~24% Pre-Tyra Tyra fully ramped up Q1-24 Tyra fully ramped up 9
Slide 10: Denmark Offers a Stable and Supportive Regulatory Framework
Denmark Offers a Stable and Supportive Regulatory Framework Danish oil & productionplays 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 BlueNord operations consistent with Danish and EU Energ
Slide 11: Attractive Investment Projects
Attractive Robust plan to bring an additional +65 mmboe into Investment production Projects PProects as DUC partners have an objective of 2P Reserves 2P Reserves maximising economic recovery 2C Resources @ oS 2C Resources Three projects planned via unmanned platforms, and focus on maximising use of
Slide 12: Stable Long-Term Production Outlook
Stable Long-Term > Attractive Organic Portfolio Supporting a Robust Production Outlook Production Profile Beyond 20302) mboepd net toBlueNord 60 c.50mboepd during 2025-2030 50 ----------------+==- Planned investment 40 = projects support stable production outlook 30 Projects: 2C 20 Long Term Project
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Slide 14: Disciplined Financial Strategy
Disciplined Financial Strategy Foci onreducing leverage through the Tyra redevelopment Track record of proactively managing financial risks Focus onmaintaining a strong balance sheet and long-term asset portfolio Key financial management principles Robust and highly cash generative portfolio Conserv
Slide 15: EBITDA and illustrative EBITDA with Tyra at plateau
900 977 929 859 766 731 611 421 354 346 250 2021 2022 2023 2024 Q1’25 LTM Illustrative 2021 2022 2023 2024 Q1’25 EBITDA with Tyra at plateau1) 15
Slide 16: BlueNord expects deleveraging over the coming years
Forward curve +15% Forward curve Forward curve -15% Hybrid bond Net senior debt >12 years estimated remaining field life and >110 mmboe of current 2P and selected 2C is • yet to be produced at YE 2030 • • 1,338 Illustrative EBITDA with Tyra at plateau1) Equal to ~1.2x net debt / EBITDA 1,038 Illustr
Slide 17: Tax losses and balances
83 438 296 1,387 33 536 HCT tax losses CT losses CT depreciation HCT depreciation Uplift balance Total balance balance ▪ ▪ 17
Slide 18: Capital structure and enterprise value
1,645 253 1,392 LCs Undrawn 2,730 270 300 142 200 300 1,180 1,038 Drawn 880 RBL BNOR16 Total Cash1) Net senior debt Hybrid bond Market cap2) Enterprise value senior debt ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ 18
Slide 19: Strategic Portfolio with Long-Term Profile
Strategic Portfolio with Long-Term Profile Strong Cash Flow Generation Robust Capital Structure Disciplined Financial Management 19
Slide 20: Key Credit Highlights
Key Credit Highlights Strategic portfolio v with long-term 36.8% non-op. interest in the DUC", operated by TotalEnergies, with adiversified portfolio of 14 producing fields with +200 wells 222mmboein net 2P reserves and near-term 2C resources”), with ~43% gas weighting profile Key contributor to Eur
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Slide 22: Board and management
Glen Rødland Euan Shirlaw Chairperson Chief Executive Officer Has nearly 30 years of experience within corporate finance, Became CEO of BlueNord in 2022, having joined the Company as asset management and private equity, mainly within energy, CFO in 2019. Background of providing strategic advice to a
Slide 23: Opex and production expenses
1) 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. 2) Q4 2024 includes a credit adjustment for WROM for FY2024 of USD 20m, excluding this Opex USD 74m.
Slide 24: Capex
1) Includes exploration and evaluation
Slide 25: Cashflow and Capital Structure Q1-2025
Cashflow and Capital Structure Q1-2025 ashflow of USD 70m Substantial release of restricted cash Operating Minimal capital spend for Q1 and outlook fc 25 of USD 50-60m Significant available liquidity maintained Track record of delivering on capital requirements of the business Released restricted ca
Slide 26: Hedge Portfolio: Commodity price hedging provides cashflow visibility
Hedge Portfolio: Commodity price hedging provides cashflow visibility @) -2 025 Oil Price Hedging Q225 Q325 Q425 Qt26 0226 G326 @426 at27 227 Oil Volume (bbl) 1,064,000 1,125,000 1200000 825,000 825,000 525,000 525,000 60,000 60,000 Active this quarter placing gas . 7 7 _ _ hedges for 2) 025-2 when
Slide 27: Production, Capex and Distribution policy
▪ ▪ Production ▪ ▪ Capex ▪ Distribution ▪ policy ▪ 27
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Slide 29: Danish Petroleum Tax Regime (2/2)
Danish Petroleum Tax Regime (2/2) > Other key principles of fiscal regime = Noring fencing; tax losses from one field can offset profits from other fields, all fields are jointly taxed = Claw-back tax (surplus tax) for 2022-35 - 5% / 10% if Brent oil price averages above USD 87.9/ USD 99.6 per bbl (
Slide 30: Tax pools and tax shield
▪ CT HCT HCT CT Uplift depreciation depreciation Total tax losses loss balance balance balance ▪ 3,351 160 ▪ 842 1,186 1,030 133 ▪ 52% tax 25% tax 12% tax 52% tax 52% tax shield shield shield2) shield shield ▪ 1,387 83 ▪ 438 296 536 33 1) 7% for capex on pipelines 2) 12% = 25% x (1-52%) as 25% CT is
Slide 31: Overview of Asset Retirement Obligations
Overview of Asset Retirement Obligations = Asof31March 2025, BlueNord had asset retirement obligations of USD 1,137m of which USD 1,126m classified as long term = Based on discountrate of 5% before tax = Majority of spendis post 2030, = Onaper 2P barrel basis, the USD 1,137m amounts to USD 5.1/b0e =
Slide 32: Subordinated convertible bond terms
Issuer: BlueNord ASA Status: Subordinated convertible bond ▪ Outstanding Amount: USD 256,949,820 as of June 2025 Interest Rate: 8% PIK coupon or alternatively 6% cash coupon. Currently paying 8% PIK Issue Date 30 December 2022 ▪ Last Conversion Date: 31 December 2025 ▪ Soft Call Options: Callable at
Slide 33: BNOR16 — High level terms
BNOR16 — High level terms BlueNord ASA USD300milion USD 500milion Seniorunsecured Refinancingthe BNOR!4 UnsecuredBondandfor general corporatepurposes 9.5%pa, semiannualinterestpayments 2 July2029(5 yearsafter the|ssueDate) MW until2July callable at 103,.8/102.85/1019/100.5%of parafter2 July 2027 /2
Slide 34: 2P reserves and 2C resources by development status
25 25 Developed Under Near-term Total development 2C 34
Slide 35: Reserves and resources: justified for development
59 6 16 36 Developed Justified for Near-term Total development PC 35
Slide 36: Reserves and resources by development status
12 10 1 0 Developed Under Near-term Total development PC 36
Slide 37: Reserves and resources: justified for development
126 20 88 17 Developed Justified for Near-term Total development PC 37
Slide 38: Source: 2024 Annual Statement of Reserves and Resources
Reserves 1P 2P 3P As of 31.12.2024 Gross Gross Gross Net Gross Gross Gross Net Net Liquids Gas boe boe Liquids Gas boe boe boe On Production Interest MMstb Mmboe Mmboe Mmboe MMstb Mmboe Mmboe Mmboe Mmboe Dan 36.8% 30.9 3.4 34.3 12.6 52.6 8.0 60.6 22.3 30.3 Kraka 36.8% 4.8 0.1 4.9 1.8 8.0 0.2 8.2 3.0
Slide 39: Gas and oil pipeline infrastructure map
Trym Cecilie Lulita Harald Hejre Svend South Arne Gas to Denmark Valdemar Roar Tyra Oil to Refinery / export Tyra SE Rolf Dagmar Halfdan North Gorm Skjold Halfdan Dan Gas to the 20km Kraka Regnar Netherlands Gas pipeline Oil pipeline 39
Slide 40: Targeted Initiatives Within Carbon Capture and Storage
Targeted Initiatives Within Carbon Capture and Storage BlueNord involved in the CCS project Ruby Holds strategic investment in CarbonCuts, intending to establish an onshore CO, storage location in Denmark In June 2024, CarbonCuts was awarded an exploration license covering the Ruby area Ruby project