Slide 1: Focused on Delivery - Second Quarter 2024
We S BlueNord2/> Focused on Delivery Second Quarter 2024 10 July 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: Q2-24 Highlights: Positioning BlueNord for Continued Success
Q2-24 Highlights: Positioning BlueNord for Continued Success Weare consistently delivering against our strategic priorities Milestones in Q2 that will add long-term, value-additive production and support our ability to maximise near- term distributions to shareholders V, Me Delivering Operationally
Slide 5: Q2-24 Highlights: Strong Performance
Q2-24 Highlights: 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 >
Slide 6: Capital Structure
Capital Structure Reset Completed in Q2-24 RBL facility and unsecured bond successfully refinanced Distribution restrictions now consistent with BlueNord’s stated distribution policy Wie Reset of BlueNord’s capital structure complete Optimised access to substantial secured debt capacity Distribution
Slide 7: 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 8: We Are Delivering Tyra
We Are Delivering Tyra
Slide 9: Tyra Overview
Tyra Overview lueNord'sproduction > Strategically important gas field in the Danish North Sea = 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 = P
Slide 10: Tyra II Status and Outlook for 2024
Tyra Il Status and Outlook for 2024 First gas export from Dan through Tyra achieved in late March 2024, followed by the first export of Tyra gas from Harald in early April 2024 Gas export temporarily halted to allow for rectification of issue with transformers V, Me Tyra Il redevelopment project app
Slide 11: Path to Plateau
Path to Plateau Production for Tyra Ilin 2024 Gas export expected to restart in July with increasing volumes during Q3 2024) Based on the Operator's current plan plateau production expected to be reached in Q4 2024 with 2024 exit rate above 50 mboepd, net \We ><. Plateau production expected Q4 2024
Slide 12: We Are Delivering Operationally
We Are Delivering Operationally
Slide 13: Strong Base Asset Performance in Q2 2024
Strong Base Asset Performance in Q2 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 Q2 production of 24.5 mboepd within guidance The infill well HBA-27B is now on full p
Slide 14: Two Rigs Working in Parallel with Infill Drilling and Well Optimisation
Two Rigs Working in Parallel with Infill Drilling and Well Optimisation Three wells expected to be drilled in 2024 with Shelf Drilling Winner WROM continuing on Halfdan with Noble Reacher V, Me Continued WROM activities on Halfdan Work on Halfdan commenced early 2024 with 7 jobs completed YTD of 28
Slide 15: We Are Delivering Our Potential
We Are Delivering Our Potential
Slide 16: 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’ successful award of onshore CO2 storage license Introduction of Sustainable Aviation Fuel: 25% Reduction inEmissions V, Me Providing en
Slide 17: BlueNord's 2024 Long-Term Plan
BlueNord’s 2024 Robust plan, maximising use of existing infrastructure, Long-Term Plan to add more than 6(Ommboe 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 Re
Slide 18: Long-Term Plan: Attractive Organic Portfolio Supporting a Robust Production Profile
Long-Term Plan Attractive Organic Portfolio Supporting a Robust Plateau Production Production Profile Beyond 2030®) 60 — mboe/d,net toBlueNord Long-term potential exists to __ RGM nea - - - -- - ------------------------------- +e. mitigate decline and maintain plateau production levels after Tyraon
Slide 19: We Are Delivering Financially
We Are Delivering Financially
Slide 20: Revenue and Opex per boe
Direct Field Opex Transportation 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/boe based on producti
Slide 21: 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 21 BlueNord’s oil and gas production.
Slide 22: Capital expenditure
1) Includes exploration and evaluation 22
Slide 23: Cash and liquidity
1) Excludes proceeds from the new BNOR16 bond settled 2 July 2024 23
Slide 24: Debt and RBL drawn and undrawn
▪ ▪ ▪ ▪ Undrawn Drawn Drawn Debt 1) The new BNOR16 bond settled on 2 July 2024 24
Slide 25: Hedge Portfolio: Q2-2024
Hedge Portfolio: Q2-2024 Active this quarter placing gas hedges for 2024-26 when prices were more attractive ~50% of 2024 oil production hedged ~30% of 2024 gas production hedged Commodity price hedging provides cashflow visibility Oil Price Hedging Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3
Slide 26: Closing Reflections
Closing Reflections
Slide 27: 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 \e Deli