Slide 1: Focused on Delivery: Second Quarter 2023
We S BlueNord2/> Focused on Delivery Second Quarter 2023 12 July 2023
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 EVP Finance EVP Investor Relations & ESG We BlueNord*
Slide 4: Second Quarter 2023 Highlights
First Quarter strong Operational crowi . . rong Operational rowin: 2023 Highlights ind Performance Fina Net Production a , * Q2-23 production of23.6mboe/d, = Expected production of 55mboe/din Delivering asolid track record above guidance for the quarter 2025 per long-term plan with strong operationa
Slide 5: Strategically Important Assets
. DUC Ownership @ Oilpipetineto Fredericia Strategically — @ ccosscineo obo @TotalEnergies @ Gaspipetineto DenHelder @BlueNord Important Assets mevetod A. casanstorereht We hold a36.8% non- operated working interest inthe DUC, whichis a key contributor to EU energy Net 2P and Near-Term 2C() security
Slide 6: Clear Strategic Priorities
Clear Strategic Priorities We continue to deliver significant progress against our strategic priorities and will continue to do so into the second half of 2023 and beyond Delivering Operationally Delivering Tyrall Delivering Our Potential Strong Production demonstrated by low decline in 2022 Active
Slide 7: Disciplined Capital Allocation Approach
Disciplined Approach Prioritise capital returns, with measured organic investment that supports capacity for long-term returns Focus on maximising cash generated by the BlueNord portfolio, and then allocating according to our disciplined framework V, Me Capital returns to shareholders prioritised Su
Slide 8: We Are Delivering Operationally
We Are Delivering Operationally
Slide 9: Excellent Production in Q2 above guidance revised in June
Excellent Production in Q2 above guidance revised in June Operational Performance Planned shortfalls lower than expected during the work to eliminate routine flaring on Gorm by re-routing Halfdan oil production to Dan Also supported by the successful restimulation of Dan and Gorm wells Net productio
Slide 10: Halfdan infill well: first well spudded
▪ ▪ ▪ ▪ ▪ ▪ First well spudded June 2023 ✓ ▪ ▪ Onstream Q3/Q4 2023 Initial net production c. 3mboe/d 10
Slide 11: First Well Spud on DUC Since 2019
First Well Spud on > Drilling operations underway and progressing well DUC Since 2019 = Welldrilled from Halfdan Bravo by the Shelf Drilling Winner = Slotrecovery and P&A of donor well now complete Tor NE #2 Slot recovery and spudding to start Q3-23 and expected first production by end of 2023 Tor N
Slide 12: We Are Delivering Tyra
We Are Delivering Tyra
Slide 13: Tyra Overview: Strategically important gas field in the Danish North Sea
Tyra Overview > Strategically important gas field in the Danish North Sea = Alleight offshore modules installed, HUC underway and first production in Dec-23" = Once onstream, redeveloped Tyra will produce to 2042 (concession expiry) BlueNord post-Tyra start-up: Production Increase Gas Weighting Lift
Slide 14: Continued Tyra Progress
Continued Tyra Progress Tyra East Wellhead and Riser Platforms Up-manning completed after derogation for 64 additional beds on Haven flotel received Wellreinstatement completed on TEB and TEC (19 out of 19) according to plan 30" gas export riser tie-in complete and the entire riser installation scop
Slide 15: Completed, Upcoming Pre-First Gas, Upcoming Post-First Gas
Completed Upcoming Pre-First Gas Upcoming Post-First Gas ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ • • • 15
Slide 16: First gas P10 P50 P90 and expenditure
▪ P10 P50 P90 198 190 99 90 Oct-23 Dec-23 Mar-24 100 Remaining H1 2023 Exchange Remaining Post Exchange Total (Pre-First Expenditure rate adj. (Pre-First First Gas rate adj. Gas): Gas) Dec 22 Jun 23 (1) Using an exchange rate of 6.9 16
Slide 17: We Are Delivering Our Potential
We Are Delivering Our Potential
Slide 18: Balancing Energy Security and the Energy Transition
Balancing Energy Providing Energy for Europe Security and the Today, Tomorrow and for our Net Zero Future Energy Transition Energy We Energy Security <« BlueNord 7s »> Transition DUC ontrack to eliminate all routine flaring from Q3 2023 = BlueNord will supply Denmark and Europe with = Gasis a necess
Slide 19: BlueNord's Long-Term Plan
BlueNord’s Long- Robust plan, maximising use of existing infrastructure, Term Plan to add more than 6(Ommboe of resources for BlueNord Strong economic profile given low capex and opex, with gas volumes prioritised Illustrative activity plan” reflects the objective of the partnership to Maximise Thre
Slide 20: Long-Term Plan: Developments
Long-Term Plan Developments Low-Cost Volumes to Support a Sustainable, Long-Term Cashflow Profile Incremental volumes of c. 43mmboe based on current 2C resources ex anddopex divided by aldemar Bo South 10.6mmboe 30% 2024 / 2026 Project Team Established Five wells produced via unmanned, 44eg jacket N
Slide 21: Long-Term Plan: Plateau Production
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 22: We Are Delivering Financially
We Are Delivering Financially
Slide 23: Revenue and Opex
Oil Revenue Direct Field Opex Gas Revenue Transportation Production G&A 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 production volum
Slide 24: 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 24 BlueNord’s oil and gas production.
Slide 25: Capital expenditure
1) Includes exploration and evaluation 25
Slide 26: Cashflow, Cashflow Reconciliation and Liquidity
Cashflow: Cashflow Reconciliation Liquidity Q2-2023 (UsD milion) (USD milion) A . 99 (40) Pre-capex cash earnings during “° 200 485 the second quarter of USD 42 million (H1 USD 189 million) ees supporting a continued «) andinfilwells stable liquidity position 42 (86) Fully-funded for the Tyra . 285
Slide 27: Robust Capital Structure
Robust Capital Structure Stable balance sheet and no principal maturities pre-Tyra start-up Robust Capital Structure (USD milion) 1,195 (285) NORt4 Total NORI5S Total Cash Net Debt a7
Slide 28: Hedge Portfolio: Q2-2023
Hedge Portfolio: Q2-2023 Gas hedging for 2023 and 2024 remain significantly above current market spot and forward prices ~50% of the remainder of 2023 oil production hedged ~35% of the remainder of 2023 gas production hedged Commodity price hedging to provide cashflow visibility Oil Price Hedging Q3
Slide 29: Closing Reflections
Closing Reflections
Slide 30: Closing Reflections
Closing Reflections Portfolio of attractive short, medium and long-term opportunities Positioning BlueNord to become aleading producer of natural gas to Denmark and Europe Wie Delivering Operationally Delivering Tyrall Delivering Our Potential Strong production in Q2 above revised guidance A proacti
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