BlueNord Announce First Quarter 2023 Results.

OSLO, Norway: BlueNord ASA ("BlueNord" or the "Company") today published its first quarter 2023 results. The first quarter of the year delivered excellent operational performance and strong cash generative financial results.

Highlights:

First quarter net hydrocarbon production of 26.6 mboepd, above quarterly guidance

Strong underlying reservoir performance where natural decline is mitigated by high level of well activities

Revenues of USD 221 million compared to USD 179 million in same quarter in 2022

EBITDA in Q1 of USD 122 million, versus USD 107 million in Q1 2022

Strong Operating Cash Flow of USD 157 million, with total liquidity of USD 529 million at the end of the quarter

Licence application submitted for acreage containing the gas discovery Elly-Luke in the Danish part of the North Sea.

Net hydrocarbon production for the quarter was 26.6 mboepd. This is above the quarterly guidance range of 25.0-26.5 mboepd. The overarching strong production trend from 2022 continued in the first quarter of 2023 and outlook is expected to remain strong, with both planned optimisation work and infill drilling. As a result, BlueNord's quarterly guidance for the remainder of the year is under review with the Company...