BlueNord has published its fourth quarter and full year of 2024 results. The Company delivered strong operational performance and exited the year in a robust financial position. Tyra II resumed production in November 2024 and is now in the final stages of its ramp-up to plateau production. BlueNord is also announcing today its first proposed shareholder distribution of USD 215 million for 2024. This is expected to be declared and paid once the RBL Completion Test for Tyra is met.
Highlights:
- Net hydrocarbon production of 25.9 mboepd in Q4
- Revenues of USD 193 million for the quarter and USD 702 million for the full year
- Pre-Tax Operating Cash Flow of USD 146 million for the quarter and USD 383 million for the full year
- Post-Tax Operating Cash Flow of USD 95 million for the quarter and USD 309 million for the full year
- Tyra II restart and ramp-up, exiting 2024 with a production rate of 15 mboepd
- Successful Harald East Middle Jurassic (“HEMJ”) exploration well
- Proposed inaugural shareholder distribution of USD 215 million for 2024
Operational
BlueNord’s net hydrocarbon production for the quarter was 25.9 mboepd. Through proactive optimisation work, the natural decline rate has been mitigated to less than 4% annually since 2021. The HEMJ well, drilled by the Shelf Drilling Winner, delivered results exceeding BlueNord’s expectations. The well, which started production during December, is expected to prolong plateau production from Tyra II.
Tyra II
Tyra II achieved full technical capacity on 10 November 2024, with production from four of six fields by year-end. The hub exited 2024 at a production rate of 15 mboepd. Due to previously announced adverse weather conditions and minor operational occurrences, plateau production is now expected to be reached in February 2025.
Financial
BlueNord’s strong operational performance, combined with a favourable commodity price environment, resulted in solid Q4 financial performance. Revenues during this period were USD 193 million, with pre-tax operating cash flow of USD 146 million. BlueNord’s liquidity position at the end of the year was at USD 521 million, laying the foundation for BlueNord’s first proposed shareholder distribution of USD 215 million for 2024 to be made once the RBL Completion Test for Tyra is met.
'During the fourth quarter of 2024, BlueNord reached key milestones that strengthen our long-term outlook. We successfully brought the HEMJ well on production, with BlueNord’s assessment of preliminary results indicating volumes more than 60% above our pre-drill expectations. This well alone has the potential to significantly extend plateau production from Tyra II and provide important gas volumes to Denmark and Europe. Tyra II continues to ramp-up production volumes, and in February 2025 we are currently producing 19mboepd net to BlueNord. With plateau production imminent and overall DUC production set to more than double year-on-year, 2025 will be a transformative year for BlueNord and its shareholders. I am delighted that today we have been able to propose our first distribution, which we expect will be paid after the Tyra completion test is met in late February or early March,' said Euan Shirlaw, Chief Executive Officer of BlueNord.
The report and investor presentation may be downloaded from the Company's website www.bluenord.com.
Source: BlueNord
