Oslo, 5 September 2025: BlueNord ASA ("BlueNord" or the "Company") has today
announced its preliminary production figures for August 2025 and a revised
production guidance for Tyra. In August 2025, the preliminary production was
37.2 mboepd net to BlueNord.
The base assets, Dan, Gorm, and Halfdan, produced 21.9 mboepd net to the
Company, which was slightly below expectations. This was attributed to a
mechanical defect in the Gorm lift gas compressor, which has now been repaired,
and scheduled maintenance of the Halfdan IP/HP compressor, which also has been
resolved. On Dan, a reactive well workover was successfully finished on 11
August, concluding the Dan well workover campaign with a total of six workovers
completed. Year to date, a significant amount of scheduled maintenance has been
carried out on the base assets, leading to more unplanned downtime. No major
maintenance activities are planned for the rest of the year, and the production
guidance for Q3 and Q4 is reiterated.
The Tyra hub produced 15.3 mboepd net to the Company which is lower than
expected, primarily due to a four day production shut down related to IP
compressor issues which have now been resolved. Additionally, the production was
reduced over a two-week period due to a scheduled pigging of the Harald
pipeline. While this maintenance activity was planned, it impacted production
more than anticipated. In addition, during this summer, the production potential
from Tyra was reduced due to process control challenges in the water treatment
system. A dedicated task force at TotalEnergies has identified the root cause
and remediation efforts are ongoing.
Despite the operational challenges during the month, Tyra production continued
to ramp up during the last week of August with an exit export rate of net 25.1
mboepd on 31 August 2025.
Based on the Tyra performance, BlueNord revises its previously communicated Tyra
production guidance for Q3 2025 from 22.0 - 26.0 mboepd to 17.0 - 19.0 mboepd,
reflecting July and August production figures and the expected production in
September. In addition, the Q4 production guidance for Tyra has also been
revised from 26.0 - 30.0 mboepd to 21.0 - 27.0 mboepd, net to the Company. The
Q4 production guidance range is expected to be narrowed by the Company during
the fourth quarter.
In the coming period, production at Tyra is expected to be impacted by scheduled
maintenance and ongoing efforts to enhance facility reliability and performance.
The operator has completed comprehensive studies aimed at improving production
stability, and actions based on these findings will be carried out, which is
considered in the revised production guidance.
.
With well- and reservoir performance exceeding expectations, the underlying
value of the Tyra hub remains intact, and BlueNord expects TotalEnergies to
resolve the key issues identified such that stable production and the expected
plateau production of c. 30.0 mboepd net to the Company is achieved during 2025.
This information is subject to disclosure requirements pursuant to section 5-12
of the Norwegian Securities Trading Act.
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Contact:
Cathrine Torgersen, Chief Corporate Affairs Officer
Phone: +47 915 28 501
Email: cathrine.torgersen@bluenord.com
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 Danish Underground Consortium (DUC) that is responsible for oil and gas
production in the Danish North Sea. BlueNord is listed on the Oslo Stock
Exchange and trades under the ticker "BNOR". For further information, please
visit: www.bluenord.com.