BlueNord Announces First Quarter 2025 Results: Tyra Production Ramp-Up Continues and Second Distribution to Shareholders Proposed

Operational            The base assets, Dan, Gorm and Halfdan continued their stable and reliable production and delivered within guidance. Following the success of the HEMJ well which will extend plateau from Tyra significantly, the need for near-term infill wells to fill production capacity is reduced, and as such, the partners in the DUC have decided to optimise the drilling schedule of infill wells. This will reduce near-term cost and defer infill activities from 2025 to 2026/2027.  ...

OSLO, Norway, 14/05/2025 (informazione.news - comunicati stampa - energia)

          
The base assets, Dan, Gorm and Halfdan continued their stable and reliable production and delivered within guidance. Following the success of the HEMJ well which will extend plateau from Tyra significantly, the need for near-term infill wells to fill production capacity is reduced, and as such, the partners in the DUC have decided to optimise the drilling schedule of infill wells. This will reduce near-term cost and defer infill activities from 2025 to 2026/2027. 

Tyra ramp-up is progressing and has to date achieved a peak production of c.26 mboe/d net to BlueNord with plateau production of c.30 mboe/d expected in May 2025 . Reservoir performance has been strong and, while 91% of the wells have now been commissioned, current production is being delivered by less than 50% of the total well stock. 

The stable production from the base assets continued to contribute to the financial performance, while lower than expected volumes from Tyra, due to operational occurrences during the restart, resulted in penalties on gas sales. However, with Tyra in its final phase, restricted cash on escrow of USD 158 million was released during the quarter, resulting in a robust liquidity position of USD 684 million and cash on balance sheet of USD 414 million . In addition, the Company took advantage of the favourable commodity price sentiment during the quarter and added hedges on gas and oil for 2025 and 2026 at attractive prices. 

 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/landingpage/hegnarmedia/20250514_4/

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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