Bluenord Asa · OSL:BNOR
Bluenord Asa — Noreco — Investor Presentation (January 2022)
16 slides from Bluenord Asa's investor presentation, Jan 10, 2022
Slide 1: Noreco Investor Presentation
Noreco Investor Presentation Oslo, 10 January 2022
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: Noreco: Near-Term Growth and Deleveraging on the Horizon
Noreco: Near-Term Growth and Deleveraging on the Horizon Fully-funded for material cashflow generation with expected production c. 50mboe/d by 2023 ▪ Tangible, near-term growth through the Tyra redevelopment project – 2022: Focus on base delivery, securing Tyra and minimizing exposure to market vola
Slide 5: Introduction to Noreco: Operational Footprint
Introduction to Noreco: Operational Footprint Noreco holds a 36.8% WI in the TotalEnergies operated Danish Underground Consortium Key Highlights Balanced Portfolio across Four Hubs in the Danish North Sea ▪ Listed on Oslo Stock Exchange (ticker NOR) – Senior Unsecured note NOR14, Convertible bond NO
Slide 6: Reserves & Resources: Material, Long-Term, Balanced
Reserves & Resources: Material, Long-Term, Balanced 2P reserves of 201mmboe at end 2020, with 2C resources of over 200mmboe Reserves & Resources: End 2020 (mmboe net) Material production during Tyra Redevelopment Reserves & Resources at end 2020: 400mmboe+ Quarterly Production and Guidance mboepd (n
Slide 7: Tyra Redevelopment: A Game Changing Gas Producer
Tyra Redevelopment: A Game Changing Gas Producer Ongoing de-risking, with 2022 sail away dates Key Highlights Redeveloped Tyra: Significant Gas Exposure post-Tyra(1) Rosetti Yard Visit Accommodation Module ▪ Increase net production by c.90 % to c. Production Q3 2021 Production incl. Tyra 50 mboe/d ▪
Slide 8: Sail Away of Tyra West from Singapore
Sail Away of Tyra West from Singapore Successful Milestone Achievement Announced by Noreco this Morning • Fabricated at Sembcorp Marine Ltd. in Singapore, guided for Q1 2022 delivery and sail away • Strong performance from Sembcorp Marine despite challenging COVID-19 backdrop • Three new wellhead an
Slide 9: Production: Tyra Delivers c. 90% Increase
Production: Tyra Delivers c. 90% Increase Defined, low-risk and fully-funded to expected production of c. 50,000boe/d by 2023 Net Production(1) 60 (mboe/d) Base (Dan, Halfdan, Gorm) 50 Tyra (incl. Harald) Mature Projects(1) 40 2C Resources(2) 30 20 10 0 2021 2022 2023 2024 2025 2026 2027 2028 2029 2
Slide 10: Sustainability: Our Role in the Energy Transition
Sustainability: Our Role in the Energy Transition Defined principles will influence our approach, supporting a key tenet of our strategy which is achieving a set of substantive, quantifiable and achievable ESG goals Principles, Objectives & Approach Sustainability Linked KPIs ▪ Noreco's recently ref
Slide 11: An Active Participation in the Energy Transition – Project Bifrost
An Active Participation in the Energy Transition – Project Bifrost Maturing the potential for CO2 transport and storage at the Harald field with expected startup storage capacity of 3 million tons of CO2 per year (m/tpa) Project Bifrost: ▪ DUC partnership with Ørsted and DTU ▪ Commencing in 2022, th
Slide 12: Financial Summary: Q3 2021
Financial Summary: Q3 2021 Robust capital structure and liquidity position; fully funded to deliver Tyra ▪ Stable and predictable Q3 performance Key Financial Data: Q3 2021 Q2 2021 – Production at the top end of annual guidance – Financial result supported by oil & gas price backdrop Hydrocarbon Pro
Slide 13: Commodity Hedging: Q1 2022
Commodity Hedging: Q1 2022 Programme executed to minimise exposure to near-term commodity price volatility Commentary Overview of Commodity Hedge Position: Q1 2022 ▪ Hedging realised in Q4 2021: Hedge Volumes Hedge Price – Oil: 1.4mmbbl @ $56.1/bbl (mmbbl) (USD/bbl) 64,9 61,3 – Gas: 600,000MWh @ EUR
Slide 14: Disciplined Capital Allocation
Disciplined Capital Allocation Deleveraging from 2023 to deliver fit-for-purpose capital structure Key Capital Allocation Messages Free Cashflow ▪ Illustrative free cashflow of over USD 1.8 billion cumulative from 2023 to 2027(1) ▪ Noreco anticipates significant deleveraging once Tyra onstream Delev
Slide 15: Fully-Funded Growth and Deleveraging from 2023
Fully-Funded Growth and Deleveraging from 2023 Material Reserves & ▪ 2P reserves of 201 mmboe ✓ Resources Base ▪ 2C resources of approximately 200 mmboe for progression with additional projects Substantial ▪ Base production providing significant operational cashflow ✓ Production ▪ Opportunity to mit
Slide 16: Contact: ir@noreco.com
Contact: ir@noreco.com > NorEco 16