Bluenord Asa · OSL:BNOR
Bluenord Asa — Q1 2024 Earnings Presentation
31 slides from Bluenord Asa's earnings presentation, May 7, 2024
Slide 1: Focused on Delivery - First Quarter 2024
We S BlueNord2/> Focused on Delivery First Quarter 2024 7 May 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 < Euan Shirlaw Marianne Eide Jacqueline Lindmark Boye Cathrine Torgersen Chief Executive Officer Chief Operating Officer Chief Financial Officer Chief Corporate Affairs Officer We BlueNord*
Slide 4: First Quarter 2024 Highlights
First Quarter 2024 Highlights We have a Solid Track Record of Delivery: * Strong Production Levels = Progress on Tyra = Robust Financial Results ned Strong Operational Performance = Q1-24 production of 23.5mboe/d, in upper range of quarterly guidance = Mitigation of natural decline and delivery at o
Slide 5: Tyra II Restarted
Tyra Il Restarted March 2024. Ramp-up towards plateau production continues Remedy of issue with IP Compressor transformer expected to shift plateau production to Q4-24 Operator working to establish temporary reconfiguration of facilities to allow near-term restart of gas export V, Me Tyra Il restart
Slide 6: We Are Delivering Operationally
We Are Delivering Operationally
Slide 7: Strong Base Asset Performance in Q1 2024
Strong Base Asset Performance in Q12024 BlueNord daily production expected to more than double during 2024, with an exit rate of over 50 mboepd Q1 production above guidance at 23.5mboepd HBA-27B initial rate as expected and contributed to Q1 exit rate of 27 mboepd Gormplanned maintenance for March d
Slide 8: Two Rigs Working in Parallel with Drilling and Well Optimisation
Two Rigs Working Short-cycle infill well programme underway in Parallel with Infill Rig currently on Dan for critical P&A, moving to Harald East Middle Jurassic next Drilling and Well First Halfdan infill well HBA27B onstream March-24 Optimisation Initial rate 3.000 boepd BlueNordnet inline with pre
Slide 9: We Are Delivering Tyra
We Are Delivering Tyra
Slide 10: Tyra Overview
Tyra Overview > Strategically important gas field in the Danish = Redeveloped Tyra will produce to 2042 (concession expiry) BlueNord post-Tyra ramp-up: Production Increase Gas Weighting Lifting Cost!) GHG Reduction "Tyra ona 100% Basis = 2P Reserves~200mmboe = Production-60mboe/d > BlueNora'sproduct
Slide 11: Tyra II Restarted 2024
Tyra Il Restarted 2024 March 2024 * First gas export from Dan . . . through Tyra achieved in late Tyra Il redevelopment project approaching completion March 2024, followed by the Restart of Tyra in March with export of Dan gas and Harald gas in April first export of Tyra gas from . ; . . Harald in e
Slide 12: Path to Plateau
Path to Plateau July 2024: BlueNord expect gas export may restart Production Subject to Operator confirmation of temporary reconfiguration option for IP compressor for Tyra ll Q3 2024: Export volumes expected to increase Subject to Operator Subject to Operator confirmation of temporary reconfigurati
Slide 13: We Are Delivering Our Potential
We Are Delivering Our Potential
Slide 14: Balancing Energy Security and the Energy Transition
Balancing Energy Security and the Energy Transition Delivering significant gas volumes to Denmark and Europe Active participation in CCS in Denmark with CarbonCuts’ submission of onshore CO2 storage license V, Me Providing energy for Europe Today, Tomorrow and for our Net Zero Future Energy Security
Slide 15: BlueNord's 2024 Long-Term Plan
BlueNord’s 2024 Robust plan, maximising use of existing infrastructure, Long-Term Plan to add more than GOmmboe of resources for BlueNord Strong economic profile given low capex and opex Illustrative activity plan” reflects the objective of the partnership to Maximise Three Developments Economic Rec
Slide 16: Long-Term Plan
Long-Term Plan Plateau Production Long-term potential exists to mitigate decline and maintain plateau production levels after Tyraon stream Decisions to invest further will need to support long-term cashflow generation potential Profile includes 2P reserves (Sanctioned and Justified-for- Development
Slide 17: We Are Delivering Financially
We Are Delivering Financially
Slide 18: Revenue and Opex per boe
Oil Revenue Direct Field Opex Gas Revenue Transportation Production G&A 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/boe based on producti
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: Exploration and evaluation
1) Includes exploration and evaluation 20
Slide 21: Cashflow Reconciliation and Liquidity
Cashflow: Cashflow Reconciliation Liquidity Qi -2024 (USD millon) (USD millon) . (12) 150 308 Operating cashflow of $88m 2) inoudescaex . . . relatedto Tyra Capital investment continues to (12) andinfilwell be primarily Tyra Redevelopment 65 (74) Fully-funded for the Tyra Redevelopment Project 158 (
Slide 22: Robust Capital Structure
Robust Capital Existing capital structure Structure Net debt of $1.1bn; excluding 1253 (158) BNOR'5, net debt of $868m ryt 1,096 | | BNOR(4 Total BNORIS Total Cash Net Debt 22
Slide 23: Delivering BlueNord's Commitment to Distributions
Delivering BlueNord’s Commitment to Distributions Successful RBL refinancing set to conclude end May 2024 Upsizing of the facility from $1.1bn to $1.3bn with a highly supportive lending group BNOR14 next step in capital structure reset, expected to occur inline with Tyra reaching plateau production
Slide 24: Commitment to Maximising Near-Term Distributions
Commitment to Maximising Near- Term Distributions Distribution policy built upon Substantial Free Cashflow Generation” from Tyra This enables the prioritization of near-term equity returns, measured re-investment and for aconservative balance sheet to be maintained through cycle BlueNord cash genera
Slide 25: Hedge Portfolio: Q1-2024
Hedge Portfolio: Q1-2024 Active this quarter placing gas hedges for 2024-26 when prices were more attractive ~51% of 2024 oil production hedged ~32% of 2024 gas production hedged 1) Basedonthe Commodity price hedging to provide cashflow visibility Oil PriceHedging 1-24 Q224 Q3-24 Q424 Q1-25 Q225 Q3-
Slide 26: Closing Reflections
Closing Reflections
Slide 27: Closing Reflections
Closing Reflections * Strong Q1 2024 Production above guidance Wecontinue to deliver Delivering " Active Management with activities to continue to 2025+ significant progress Operationall . . ; against our strategic pi y Attractive Short-Cycle Investments being pursued priorities 2024 will mark a sig
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Slide 29: Appendix
Appendix
Slide 30: Strategically Important Assets
Strategically Important Assets We hold a36.8% non- operated working interest inthe DUC, whichis a key contributor to EU energy security with direct export routes to Europe DUC Ownership mTotalEnergies @BlueNord | Nordsefonden Net 2P and Near-Term 2C” (mmboe) m2P Reserves: © 2C Resources (Near-Term)
Slide 31: Disciplined Approach to Capital Allocation
Disciplined Approach to Capital Allocation Near-term shareholder returns prioritised, supported by strength of underlying portfolio and capital structure Opportunities for future investment will be primarily evaluated based on whether they enhance BlueNord’s distribution profile / Framework prioriti