BlueNord: 2024 Annual Statement of Reserves with 189% Reserves Replacement Ratio

Additionally, strong underlying performance led to upward technical revisions of forecasts for future production from the Company's base assets. This was supported by continued efforts to maintain high operational efficiency (91% in 2024) and maximize production potential through well optimization (WROM), workovers, and restimulation activities. Finally, maturation of the Valdemar Upper Cretaceous infill well (VUC) added reserves to the portfolio.

"2024 is the second year in a row where BlueNord has been able to report a reserves replacement ratio significantly above 100%.  For a mature asset base with a long production history like the DUC, this is a fantastic result.  The HEMJ well, starting production less than three months after the initial discovery was made, is already contributing significantly to our portfolio and is expected to do so for a long time to come.  Based on the dedicated work and efforts of our team, I look forward to an outlook of strong production potential and a strong future for our assets," said Miriam Lykke, Chief Operating Officer in BlueNord.

The Reserves Report is attached and will be made available on the Company's website www.bluenord.com.  

This information is subject to disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Contact: 

Cathrine Torgersen, Chief Corporate Affairs Officer 
Email: cathrine.torgersen@bluenord.com  
Phone: +47 915 28 501 

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