BlueNord Reports a Remarkable 189% Reserves Replacement for 2024

BlueNord's 2024 Reserves Statement Overview

On March 17, 2025, BlueNord ASA publicly shared its Annual Statement of Reserves and Resources for 2024, showcasing significant advancements in its operations. As of December 31, 2024, the company reported net Proven and Probable (2P) reserves totaling 194 million barrels of oil equivalent (mmboe), an increase from the 186 mmboe recorded at the end of 2023. This upswing in reserves reflects a commendable 189% reserves replacement ratio for the year, a notable achievement in the oil and gas sector.

The driving force behind this remarkable figure can be attributed primarily to the successful discovery of the Harald East Middle Jurassic (HEMJ) accumulation. This new find has not only contributed additional reserves but is also anticipated to prolong the operational lifespan of the Tyra plateau, significantly impacting the longevity of the Harald hub.

In addition to new discoveries, BlueNord’s operational strategies have played a vital role in enhancing production outputs. The company was able to maintain an impressive operational efficiency rate of 91% in 2024, thanks to targeted efforts in well optimization, workovers, and restimulation activities. As part of these advancements, BlueNord produced 9 mmboe throughout the year, reflecting its ability to strategically manage production while ensuring the conservation of resources.

The maturation of the Valdemar Upper Cretaceous infill well (VUC) further enriched BlueNord's reserves portfolio. This adaptive approach to resource management reflects a forward-thinking strategy that not only focuses on immediate production but also on the long-term sustainability of its assets.

Miriam Lykke, the Chief Operating Officer of BlueNord, commented on these developments, stating that 2024 marks the second consecutive year the company has achieved a reserves replacement ratio exceeding 100%. This extraordinary performance is particularly commendable for a mature asset base, highlighting the effectiveness of their current operational strategies.

The HEMJ well, which began production less than three months following its discovery, is expected to be a substantial contributor to BlueNord's portfolio for many years to come. Lykke expressed optimism about the company’s future, indicating a strong outlook for production potential and a prosperous trajectory for their assets based on the team's dedicated efforts.

BlueNord's reserves report is accessible on the company’s official website, serving as a detailed resource for stakeholders and interested parties. The proactive communication of these results aligns with the company's commitment to transparency and customer engagement, complying with the disclosure requirements set forth in the Norwegian Securities Trading Act.

As BlueNord continues to innovate and optimize its operations, the energy industry watches with interest. The company’s aptitude for balancing resource management with operational efficiency positions it well for ongoing success. This blend of strategic foresight and commitment to excellence is setting the stage for BlueNord to not only adapt but thrive in an ever-evolving market landscape.