Energia
BlueNord Announces First Quarter 2024 Results
Net hydrocarbon production for the quarter was 23.5.9 mboepd. This is above the quarterly guidance of 22.0 - 23.0 mboepd. Through proactive optimisation work, the natural decline has been mitigated since 2021 and BlueNord published its 2023 2P Reserves of 185.6 mmboe which more than offsets the 2023 production and with a Reserves Replacement Ratio of 135%. In late March the first of several infill wells came onstream with an initial production rate of 3 mboepd, in line with expectations.
The Tyra Redevelopment project made significant progress during the quarter and on
22 March 2024 , first gas from the new facilities was achieved. In the initial stages of the ramp-up, challenges with the IP compressor was identified, and while several alternatives for mitigating solutions which will allow for export of gas volumes are being assessed, BlueNord currently expects the restart of gas export in July with volumes being exported to increase during Q3 2024 before plateau production is reached in Q4 2024. As a result, BlueNord has published a preliminary revised Q2-Q4 production guidance to reflect the new timeline.
Revenues in the first quarter of USD 169 million continues to reflect the strong underlying base production of BlueNord. With EBITDA of
USD 88 million , operating cashflow of
USD 88 million and available liquidity of USD 308 million , the Company ended the quarter with a robust liquidity position. The plan to re-set the capital structure progressed well during the quarter, and the ongoing refinancing of the RBL is at an advanced stage with BlueNord expecting to close by the end of May a
USD 1.3 billion facility maturing in 2029 having already received credit commitments exceeding this amount.
said Euan Shirlaw , Chief Executive Officer of BlueNord.
The report and investor presentation may be downloaded from the Company's website www.bluenord.com or www.newsweb.no.
The Company will host a webcast today at 10:00 CEST.
To join webcast: https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20240507_1
Cathrine F. Torgersen , Chief Corporate Affairs Officer
Phone: +47 915 28 501
Email: cathrine.torgersen@bluenord.com
This information is considered to be inside information pursuant to the EU Market Abuse Regulation, and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. The stock exchange announcement was published by Cathrine Torgersen , Chief Corporate Affairs Officer, BlueNord ASA, at the date and time as set out above.
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