BlueNord (BNOR) Q1 2025 earnings summary

Executive summary

• Tyra ramp-up progressed, peaking at 26,000 boe/d in May, with plateau of 30,000 boe/d expected soon; operational stability remains a focus due to unplanned outages.

• Base assets (Dan, Halfdan, Gorm) delivered 20,900 boe/d in Q1 2025, fully in line with guidance, continuing a 17-quarter streak of meeting or exceeding targets.

• Strategic decisions delayed infill wells to 2026, reducing 2025 CapEx by ~$50 million and optimizing near-term capital allocation.

• Proposed distributions: $215 million for 2024 and $38 million for Q1 2025, both at the top end of the 70% net operating cash flow policy, subject to RBL Completion Test.

• Total liquidity at quarter-end was $684 million, with $414 million cash and $270 million undrawn RBL capacity, following the release of $158 million from escrow.

Financial highlights

• Q1 2025 revenue was $171.1 million, down from $193 million in Q4 2024, impacted by lower Tyra production and $11 million in one-off gas nomination penalties.

• Reported EBITDA was $79.5 million (Q4: $109 million); adjusted EBITDA for Q1 was $92 million.

• Net profit for Q1 was $19 million, aided by positive FX tax effects and derivative revaluations.

• OPEX for Q1 was $89 million ($33/boe), higher due to increased workover and transportation costs.

• Operating cash flow before tax was $70 million (Q4: $146 million); net cash inflow for the quarter was $164 million.

Outlook and guidance

• Tyra expected to reach and maintain plateau production through 2025 and into 2026, with continued strong reservoir performance.

• 2025 CapEx now guided at $50–$60 million, significantly reduced from initial estimates due to deferral of infill wells and shift to platform-based ROM.

• Distribution policy of 50–70% of net operating cash flow to continue through 2026; from 2027, expected to move to 20–30%.

• Higher dividends expected for the remainder of 2025 as Tyra stabilizes at plateau.

• Updated 2025 production guidance: Q2 base assets 20–22 mboepd, Tyra 20–24 mboepd, total 40–46 mboepd.