BlueNord ASA (0HTF) Q1 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:03.817 Good morning and welcome to Bluenord's results presentation for the first quarter of 00:00:03.817 -- 00:00:05.817 2025. 00:00:06.041 -- 00:00:10.007 Over the next 30 minutes or so, we'll walk through our performance for the quarter, share 00:00:10.007 -- 00:00:14.935 our outlook and explain why we continue to believe Bluenord is well positioned, both 00:00:14.935 -- 00:00:18.020 in today's market and over the longer term. 00:00:18.020 -- 00:00:23.265 But before we get into the slides, I'd like to start by speaking a little bit about Tyra. 00:00:23.808 -- 00:00:26.771 We have made real progress in 2025. 00:00:26.771 -- 00:00:31.437 More wells have been commissioned, more wells have come online, and reservoir performance 00:00:31.437 -- 00:00:37.083 has been consistently strong, culminating in net production from Tyre exceeding 26,000 00:00:37.083 -- 00:00:40.607 barrels of oil equivalent per day earlier in May. 00:00:40.607 -- 00:00:46.538 However, it's also fair to say that above ground performance has not yet met expectations. 00:00:46.538 -- 00:00:51.568 Several unplanned outages impacted uptime and as a result, Tyra has not 00:00:51.568 -- 00:00:55.956 yet reached a consistently steady operational state. 00:00:55.956 -- 00:00:59.984 Ramp up to plateau has therefore taken longer than expected. 00:00:59.984 -- 00:01:05.014 So where are we today? Up until last week, production was steadily increasing and we'd 00:01:05.014 -- 00:01:08.206 reached our highest daily output from Tyra yet. 00:01:08.206 -- 00:01:13.453 Unfortunately, a short unplanned outage then temporarily shut down the facilities 00:01:13.453 -- 00:01:17.799 and we're now back in the process of ramping production back up to those prior levels 00:01:17.799 -- 00:01:21....