Bluenord Asa · OSL:BNOR
Bluenord Asa — Pareto Securities' 31st Annual Energy Conference (September 2024)
22 slides from Bluenord Asa's conference presentation, Sep 11, 2024
Slide 1: Focused on Delivery
We S BlueNord 7+ Focused on Delivery Pareto Securities’ 31st Annual Energy Conference 11 September 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: BlueNord At-a-Glance
BI N d DUC Ownership @ Gilpipetineto Fredericia ue or @ Gaspipetine to Nybro alts @ Gaspipetineto DenHelder At-a-Glance 20.0% @BlueNord BNordsefonden Gas cross-border points 36.8% Net 2P and Near-Term 2C” (mmboe) m2? Reserves vo 2C Resources (Near-Term) 220 mmboe 182 Net Production (mboe/d) >55.0 20
Slide 4: BlueNord's Story
Key Attributes of & BlueNord’s Story BlueNord~:v Clear and Simple Focus to ; a Leverage the strength of our Strong Near-Term Cash Generation Positive Long-Term Outlook underlying business to: Maximise Distributions Maintain a Conservative Capital Structure AV/ | Maximise Distributions and Maintain a
Slide 5: Robust Base Production
Robust Base Production Excellent recent production performance with decline since 2021 of < 4% p.a. Driven by the delivery of optimisation activities coupled with a focused and highly capable operator > & Annual decline since 2021 of < 4% per annum Focus on strong production performance and operatio
Slide 6: Strong Near-Term Cash Generation
Key Attributes of & BlueNord’s Story BlueNord~:v Clear and Simple Focus to ; Leverage the strength of our Strong Near-Term Cash Generation underlying business to: Maximise Distributions Maintain a Conservative Capital Structure Wie
Slide 7: Transformational Growth from Tyra II
Transformational Growth from Tyra ll Net Production | mboe/d Commodity Mix | % gas >55 27% ns eS 2023 2025 2023 2025 performance for BlueNord Lifting Cost | USD/boe Emissions Intendity | Kg CO,/boe and will drive significant free <13 27 cashflow generation | 2023 2025 Current Tyra@ Plateau Tyrallto
Slide 8: Strong Near-Term Cash Generation
Key Attributes of & BlueNord’s Story BlueNord~:v Clear and Simple Focus to ; Leverage the strength of our Strong Near-Term Cash Generation underlying business to: Maximise Distributions Maintain a Conservative Capital Structure Wie
Slide 9: Favourable Commodity Price Environment
Favourable Strong outlook for gas given changed market dynamics Com modity Price TTF prices in the future expected to be significantly above pre-2021 levels Environment Average TTF Gas Price® | EUR/MWh BlueNord cashflow outlook supported by outlook for gas = at prices significantly above C 33 _) his
Slide 10: Strong Near-Term Cash Generation
Key Attributes of BlueNord’s Story Clear and Simple Focus to Leverage the strength of our underlying business to: Maximise Distributions Maintain a Conservative Capital Structure Wie oe BlueNord > Strong Near-Term Cash Generation 10
Slide 11: Substantial Tax Losses
Substantial Tax Losses BlueNord has over DKK 5.5bn of Chapter 3A (Hydrocarbon Tax) losses in Denmark Losses will shield profits of over $800 million from Hydrocarbon Tax (52%) Losses expected to be fully utilised by 2027, prior to which BlueNord will have a 25% marginal tax rate V a - Chapter 3A tax
Slide 12: Positive Long-Term Outlook
Key Attributes of BlueNord’s Story Clear and Simple Focus to Leverage the strength of our underlying business to: Maximise Distributions Maintain a Conservative Capital Structure Wie oe BlueNord > Positive Long-Term Outlook 12
Slide 13: Denmark | Stable and Supportive
Denmark | Stable and Supportive Denmark to be one of the largest oil & gas producers in the EU with Tyraat plateau Supportive framework and stable outlook for domestic production of oil and gas BlueNord business supports Energy Security and Energy Transition objectives BlueNord operations consistent
Slide 14: Positive Long-Term Outlook
Key Attributes of BlueNord’s Story Clear and Simple Focus to Leverage the strength of our underlying business to: Maximise Distributions Maintain a Conservative Capital Structure Wie oe BlueNord > Positive Long-Term Outlook 14
Slide 15: Accretive Projects for Investment
Accretive Projects for Investment Illustrative activity plan reflects the objective of the partnership to Maximise Economic Recovery from the DUC Expected to deliver net production to BlueNord of > 55mboe/d in 2025 and > 40mboe/d in 2030 V, Me jmising-use of existing infrastructure, 60mmboe¥) resour
Slide 16: Positive Long-Term Outlook
Key Attributes of BlueNord’s Story Clear and Simple Focus to Leverage the strength of our underlying business to: Maximise Distributions Maintain a Conservative Capital Structure Wie oe BlueNord > Positive Long-Term Outlook 16
Slide 17: Stable Outlook for Production
Stable Outlook Attractive Organic Portfolio Supporting a Robust for Production Production Profile Beyond 2030) 60 mboe/d, net toBlueNord — Long-termpotentialexiststo [7 —_—_——— i/o A(:Ssmboe/din2025 mitigate decline and emo ! p) maintain plateau production 60 levels after Tyraonstream = Vie Decision
Slide 18: Positive Long-Term Outlook
Key Attributes of BlueNord’s Story Clear and Simple Focus to Leverage the strength of our underlying business to: Maximise Distributions Maintain a Conservative Capital Structure Wie oe BlueNord > Positive Long-Term Outlook 8
Slide 19: Fit-for-Purpose Capital Structure
Fit-for-Purpose Capital Structure Capital structure reset completed in Q2-2024 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 substantia
Slide 20: Maximise Distributions and Maintain a Conservative Capital Structure
Key Attributes of & BlueNord’s Story BlueNord~:v Clear and Simple Focus to Leverage the strength of our underlying business to: Maximise Distributions Maintain a Conservative Capital Structure AV/ | Maximise Distributions and Maintain a Conservative Capital Structure > 20
Slide 21: Commitment to Maximising Near-Term Distributions
Commitment to Maximising Near- Term Distributions Distributions to be maximised while also maintaining a conservative capital structure First distribution expected to be made" in line with Tyra reaching plateau production (due Q4-2024) Wie BlueNord cash generation to support all stakeholders Enables
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