Highlights:
- Second quarter net hydrocarbon production of 24.5 mboepd, in line with the quarterly guidance of 23.0 - 26.0 mboepd
-
Revenues of
USD 171 million for the quarter andUSD 339 million for first half of 2024 -
EBITDA in Q2 of
USD 72 million , delivering EBITDA for H1 ofUSD 160 million -
Cash Flow from Operations in the quarter of
USD 57 million andUSD 146 million for the first half of 2024 -
Successful reset of capital structure with new
USD 1.4 billion Reserve Based Lending Facility ("RBL") and the placement of a new senior unsecured bond issue ofUSD 300 million - Continued progress of the hook-up and commissioning of Tyra II, with schedule for the repair of transformers in-line with expected plateau production in Q4 2024
-
Glen Ole Rødland elected as new Chair and
Miriam Jager Lykke appointed as Chief Operating Officer
Operational:
The overarching strong production trend from previous years continued in the first half of 2024 and for the 14th consecutive quarter, BlueNord delivered production in-line with or above guidance. In addition, the Company's active drilling programme is progressing well, with the spudding of Harald East Middle Jurassic ("HEMJ") on 17 June and the sanctioning of an additional Halfdan well. The partners in the
Tyra II:
The Tyra West facility is ready to start-up with all the wells now unplugged, and more than 50% of the Tyra East wells are also unplugged. The hook-up and commissioning work is now complete on the Tyra satellites, Roar, Tyra South East, Harald and Valdemar. With the announced technical start-up issues related to the transformers, and as per REMIT from the operator, the schedule for repair of the transformers is in-line with Q4 plateau production. Temporary production from Harald is expected to commence in July and will initially support the Tyra commissioning, hence only minor export volumes are expected. Other temporary production modes are being matured, and based on the current plan of the operator, plateau production remains expected in Q4 2024.
Financial:
The Company continues to deliver solid financial results, supported by the stable contribution of the producing assets. During the quarter, BlueNord successfully closed the amended
"During the second quarter of 2024, BlueNord achieved several significant milestones that positions our business strongly for the future. Operationally, we produced 24.5 mboe/d and benefitted from the continued contribution of the first Halfdan infill well. This will be supplemented by an additional infill well on Halfdan that was sanctioned during the quarter and will be drilled in the second half of 2024. The Harald East Middle Jurassic well was spudded in
We expect gas export from Tyra to partially resume imminently and plateau production to be reached in Q4 of this year according to the operator's plan. From a corporate perspective, we successfully completed the capital structure reset that we announced earlier in the year with an upsized
The report and investor presentation are attached here and may be downloaded from the Company's website www.bluenord.com or www.newsweb.no.
The Company will host a webcast and Q&A session today at
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 activities which support the energy transition. The Company has a 36.8 percent interest in the
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