Bluenord Asa · OSL:BNOR
Bluenord Asa — Noreco — Pareto Securities' 28th Energy Conference (September 2021)
14 slides from Bluenord Asa's conference presentation, Sep 16, 2021
Slide 1: Pareto Securities' 28th Energy Conference
Pareto Securities’ 28th Energy Conference Euan Shirlaw, Chief Financial Officer Oslo, 16 September 2021
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 to material cashflow generation with expected production c. 50mboe/d by 2023 ▪ Tangible, near-term growth through the Tyra redevelopment project – 2021 & 2022: Focus on base delivery, securing Tyra and minimizing exposure to marke
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) Infrastructure access – Senior Unsecured note NOR1
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 Total Reserves & Resources at end 2020: 400mmboe+ Quarterly Production 2021 Q2 and Guid
Slide 7: 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 8: Tyra Redevelopment: A Game Changer
Tyra Redevelopment: A Game Changer Largest Project undertaken on the DCS, unlocking Gross Potential in excess of 200mmboe Highlights Offshore Decommissioning Campaign (Summer 2020) ▪ Tyra is the largest gas condensate field on the DCS, – Processing > 90% of the gas produced in Denmark ▪ Seabed subsi
Slide 9: Tyra Redevelopment: Project Milestones
Tyra Redevelopment: Project Milestones Ongoing de-risking, with 2022 sail away dates, to continue as project progresses to first gas September 2021: Successful Installation of Tyra East Topsides: ▪ Tyra East Wellhead & Riser Platforms delivered and installed according to plan ▪ Three topsides safely
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 has set its st
Slide 11: CCS Partnership Project Bifrost
CCS Partnership 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 • Project aims to reuse existing North Sea infrastructure w
Slide 12: Strong Capital Structure, Disciplined Capital Allocation
Strong Capital Structure, Disciplined Capital Allocation Fully funded to Tyra first gas, with deleveraging from 2023 allowing capital returns Capital Structure and Allocation Significant Liquidity ▪ Fully-funded to Tyra first gas with USD 245 million of liquidity at end Q2 2021 FCF Generation ▪ Illu
Slide 13: 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 ▪ Low decline rates;
Slide 14: Contact: ir@noreco.com
Contact: ir@noreco.com > NorEco 14
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