Bluenord Asa · OSL:BNOR
Bluenord Asa — Q3 2023 Earnings Presentation
29 slides from Bluenord Asa's earnings presentation, Oct 18, 2023
Slide 1: Focused on Delivery - Third Quarter 2023
We S BlueNord2/> Focused on Delivery Third Quarter 2023 18 October 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 Chief Financial Officer Chief Corporate Affairs Officer We BlueNord*
Slide 4: Third Quarter 2023 Highlights
Third Quarter 2023 Highlights We have a Solid Track Record of Delivery: * Strong Production Levels = Progress on Tyra = Robust Financial Results ntermalassur ned Strong Operational Performance Q3-23 production of24.7mboe/d, above guidance for the quarter Mitigation of natural decline and delivery at
Slide 5: Strategically Important Assets
. DUC Ownership @ Oilpipetineto Fredericia Strategically — @ ccossecineo be @TotalEnergies @ Gaspipetineto DenHelder @BlueNord Important Assets mevstod A. casaeseonercht 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 for the remainder of 2023 and beyond ord's internalassumptions Delivering Operationally Delivering Tyrall Delivering Our Potential Strong Q3 Production in upper end of q
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 Lo
Slide 8: We Are Delivering Operationally
We Are Delivering Operationally
Slide 9: Excellent Production in Q3 within guidance revised in June
Excellent Production in Q3 within guidance revised in June Operational Performance Routine flaring has successfully been eliminated by rerouting the final stabilization of Halfdan oil from Gorm to Dan WROM|Ion Dan continues with 10 more interventions completed Net production of : . 24.7 mboepd at th
Slide 10: Export - Mboe/d
▪ ▪ ▪ ▪ WROM activities Skjold gas acceleration HCA GL Restimulations 4 Export - Mboe/d 3 2 1 0 2024 2025 2026 2027 2028 2029 2030
Slide 11: Two Rigs Working, Seven infill well programme underway
Two Rigs Working Seven infill well programme underway in Parallel with Infill Drilling being undertaken by the Shelf Drilling Winner Drill Tare} and Well Operator optimising well sequence on a continuous basis Optimisation First well onHalfdan Tor NE spudded June 2023 a Technical issues encountered:
Slide 12: We Are Delivering Tyra
We Are Delivering Tyra
Slide 13: Tyra Overview - Strategically important gas field
Tyra Overview > Strategically important gas field in the Danish North Sea = Alleight offshore modules installed, HUC underway and first production derisked = Once onstream, redeveloped Tyra will produce to 2042 (concession expiry) BlueNord post-Tyra start-up: Production Increase Gas Weighting Liftin
Slide 14: Significant Tyra Progress During Third Quarter
Significant Tyra Progress During Third Quarter Improved offshore productivity delivered alongside a strong safety culture Progress on Tyra West and Satellite fields re-instatement andon Tyra East Wellhead and Riser Platforms Leak Testing ongoing / Wg Ane Tyra East Wellhead and Riser Platforms Main w
Slide 15: First gas in optimised ramp-up strategy early Q1 2024
BlueNord Expects First gas in optimised ramp-up strategy early Q12024 New Tyra Start-Up with BlueNord expecting plateau production in Q2 2024 Strategy to Deliver Earlier Plateau and Q42028 ai2024 a22024 Q32024 Higher 2024 CCESPlan (P50) Plat Volumes BlueNord supportive of me vy —_—_ SERRE : strategy
Slide 16: We Are Delivering Our Potential
We Are Delivering Our Potential
Slide 17: Balancing Energy Security and the Energy Transition
Balancing Energy Security and the Energy Transition Successful completion of Halfdan Re-Route in Q3 eliminating routine flaring in the DUC Decision made to withdraw Elly-Luke application due to prioritisation of organic and more attractive opportunities V, Me Providing energy for Europe Today, Tomor
Slide 18: BlueNord's Long-Term Plan
BlueNord’s Long- Robust plan, maximising use of existing infrastructure, Term Plan to add more than GOmmboe 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 Three
Slide 19: Long-Term Plan Production Forecast
Long-Term Plan Production Forecast: 2023 Long-Term Plan Plateau Prod uction Includes 2P reserves and Near-Term 2C resources" (currently unsanctioned) 60 Imboera) Long-term potential exists to eae tOSMbOe/din 2025 mitigate decline and maintain 50 plateau production levels after Tyraon stream Decision
Slide 20: We Are Delivering Financially
We Are Delivering Financially
Slide 21: Revenue and Opex per boe
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 22: 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 22 BlueNord’s oil and gas production.
Slide 23: Includes exploration and evaluation
1) Includes exploration and evaluation 23
Slide 24: Cashflow: Q3-2023
Cashflow: Q3-2023 Pre-capex cash earnings during the third quarter of USD 111 million supporting a continued stable liquidity position Fully-funded for the Tyra Redevelopment Project Cashflow Reconciliation Liquidity (USD milion) (USD milion) 200 506 3: 0) 2 m 90 Includescapex relatedto Tyra andinfi
Slide 25: Robust Capital Structure
Robust Capital Structure Stable balance sheet and no principal maturities pre-Tyra start-up Robust Capital Structure (USD milion) 1,195 (306) NOR14 Total NORI5S Total Cash Net Debt 25
Slide 26: Hedge Portfolio: Q3-2023
Hedge Portfolio: Q8-2023 Gas hedging for 2023 continues to remainabove 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 Q423 Q1-24 «=
Slide 27: Closing Reflections
Closing Reflections
Slide 28: 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 \e > _< ee Delivering Operationally Delivering Tyrall Delivering Our Potential Strong Q3 Production in upper end of quarterly gu
Slide 29: 29
29