BlueNord: Tyra Redevelopment Project Update and Completion Test Milestone

BlueNord ASA, a strategically important European oil and gas company, has provided an update on the progress of the Tyra Redevelopment Project ("Tyra II") and the Tyra Completion Test. The Tyra II project, which aims to increase net production by 90% and unlock gross reserves in excess of 200 mmboe, is a critical component of BlueNord's growth strategy.

The ramp-up of Tyra II production has faced operational challenges and adverse offshore weather conditions, which have impacted progress and limited weather windows for reactivating satellite wells. As a result, the timeline for reaching plateau production has been extended by approximately three weeks. Despite these setbacks, BlueNord remains optimistic about the long-term potential of Tyra II and anticipates reaching plateau production in the second half of January 2025.

On 27 February 2025, BlueNord announced that the Tyra II project had achieved a gas export rate above 200 mmscfpd, exceeding the threshold required for the Tyra Completion Test. To satisfy the Tyra Completion Test, gas export must exceed 191 mmscfpd on average over a rolling 30-day period. Based on current performance and the continued progress of the ramp-up phase, BlueNord anticipates meeting this 30-day average requirement in mid-March 2025.

Upon meeting the Tyra Completion Test, BlueNord will reach an important milestone and be able to commence distributions to its shareholders. The Company has proposed an inaugural shareholder distribution of USD 215 million for 2024, which is expected to be declared and paid once the RBL Completion Test for Tyra is met.

In conclusion, the Tyra Redevelopment Project is on track to meet its long-term objectives, despite facing operational challenges and weather-related delays. BlueNord's commitment to the project and proactive measures to address these challenges position the Company well for future success. As the Tyra Completion Test milestone is reached, BlueNord will be able to commence shareholder distributions, providing income investors with an attractive entry point.