Oslo, 7 May 2024: BlueNord ASA ("BlueNord" or the "Company") today published its
first quarter of 2024 results. During the quarter, the Company delivered strong
operational and financial performance. In addition, first gas from Tyra II was
successfully achieved which means the project has entered a new phase of ramp-up
where plateau production is expected in Q4 of 2024.

Highlights:

  · First quarter net hydrocarbon production of 23.5 mboepd, above quarterly
guidance of 22.0-23.0 moepd, with the first Halfdan Tor NE infill well
commencing production on 26 March with an initial production rate of 3 mboepd
  · First gas from Tyra II achieved on 22 March 2024
  · Net 2P Reserves were 185.6 mmboe, with a 2P Reserves Replacement Ratio of
135% with a total of 12.3mmboe added mainly from the maturation of projects
  · Revenues of USD 169 million in the quarter and Operating Cash Flow of USD 88
million with net cash flow of USD 77 million
  · Refinancing of RBL at an advanced stage with commitments of over USD 1.3
billion and revised facility expected to close by the end of May 2024

Operational
Net hydrocarbon production for the quarter was 23.5.9 mboepd. This is above the
quarterly guidance of 22.0 - 23.0 mboepd. Through proactive optimisation work,
the natural decline has been mitigated since 2021 and BlueNord published its
2023 2P Reserves of 185.6 mmboe which more than offsets the 2023 production and
with a Reserves Replacement Ratio of 135%. In late March the first of several
infill wells came onstream with an initial production rate of 3 mboepd, in line
with expectations.

Tyra II
The Tyra Redevelopment project made significant progress during the quarter and
on 22 March 2024, first gas from the new facilities was achieved. In the initial
stages of the ramp-up, challenges with the IP compressor was identified, and
while several alternatives for mitigating solutions which will allow for export
of gas volumes are being assessed, BlueNord currently expects the restart of gas
export in July with volumes being exported to increase during Q3 2024 before
plateau production is reached in Q4 2024. As a result, BlueNord has published a
preliminary revised Q2-Q4 production guidance to reflect the new timeline.

Financial
Revenues in the first quarter of USD 169 million continues to reflect the strong
underlying base production of BlueNord. With EBITDA of USD 88 million, operating
cashflow of USD 88 million and available liquidity of USD 308 million, the
Company ended the quarter with a robust liquidity position. The plan to re-set
the capital structure progressed well during the quarter, and the ongoing
refinancing of the RBL is at an advanced stage with BlueNord expecting to close
by the end of May a USD 1.3 billion facility maturing in 2029 having already
received credit commitments exceeding this amount.


"The first quarter of 2024 has been a monumental period for BlueNord,
encompassing not only successful restart of Tyra but also representing an
achievement nearly five years in the making since we became a partner in the
DUC. The delivery of this project showcases the commitment, resilience and
perseverance of all involved parties. When Tyra is fully operational, we are set
to transform Denmark from a net importer to a net exporter of natural gas,
significantly enhancing energy security in the region and offering a less
emissions intensive alternative to imported LNG.

Furthermore, our underlying portfolio continued to perform strongly, with the
added boost from the first infill well on Halfdan that came onstream at the end
of this quarter. As we look ahead to the remainder of 2024 and beyond, this
moment marks the start of an exciting new chapter. We are poised to more than
double our production, and with a substantial increase in free cash flow, we
will fulfil our longstanding commitment to shareholder distributions.  The
strong progress we have seen on the RBL refinancing, particularly given the
backdrop for bank lending to the oil and gas industry, is extremely positive and
a testament to the strength of our business and its outlook," said Euan Shirlaw,
Chief Executive Officer of BlueNord.

The report and investor presentation may be downloaded from the Company's
website www.bluenord.com or www.newsweb.no.

The Company will host a webcast today at 10:00 CEST.

To join webcast:
https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20240507_1

Contact:
Cathrine F. Torgersen, Chief Corporate Affairs Officer
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 Cathrine Torgersen, Chief Corporate Affairs
Officer, BlueNord ASA, at the date and time as set out above.

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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 activitiewhich
support the energy transition. The Company operates in the Danish NorthSea with
a 36.8 percent interest in the Danish Underground Consortium (DUC).BlueNord is
listed on the Oslo Stock Exchange and trades under the ticker"BNOR". For further
information, please visit: www.bluenord.