Highlights:
- First quarter net hydrocarbon production of 23.5 mboepd, above quarterly guidance of 22.0-23.0 moepd, with the first Halfdan Tor NE infill well commencing production on 26 March with an initial production rate of 3 mboepd
-
First gas from Tyra II achieved on
22 March 2024 - Net 2P Reserves were 185.6 mmboe, with a 2P Reserves Replacement Ratio of 135% with a total of 12.3mmboe added mainly from the maturation of projects
-
Revenues of
USD 169 million in the quarter and Operating Cash Flow ofUSD 88 million with net cash flow ofUSD 77 million -
Refinancing of RBL at an advanced stage with commitments of over
USD 1.3 billion and revised facility expected to close by the end ofMay 2024
Operational
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.
Tyra II
The Tyra Redevelopment project made significant progress during the quarter and on
Financial
Revenues in the first quarter of
"The first quarter of 2024 has been a monumental period for BlueNord, encompassing not only successful restart of Tyra but also representing an achievement nearly five years in the making since we became a partner in the DUC. The delivery of this project showcases the commitment, resilience and perseverance of all involved parties. When Tyra is fully operational, we are set to transform
Furthermore, our underlying portfolio continued to perform strongly, with the added boost from the first infill well on Halfdan that came onstream at the end of this quarter. As we look ahead to the remainder of 2024 and beyond, this moment marks the start of an exciting new chapter. We are poised to more than double our production, and with a substantial increase in free cash flow, we will fulfil our longstanding commitment to shareholder distributions. The strong progress we have seen on the RBL refinancing, particularly given the backdrop for bank lending to the oil and gas industry, is extremely positive and a testament to the strength of our business and its outlook," said
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
To join webcast: https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20240507_1
Contact:
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
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About BlueNord ASA
BlueNord is a strategically important European oil and gas company that specialises in producing and developing energy resources, and in activitiewhich support the energy transition. The Company operates in the Danish NorthSea with a 36.8 percent interest in the
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