BlueNord: 2024 Annual Statement of Reserves with 189% Reserves Replacement Ratio
OSLO, Norway, March 17, 2025 /PRNewswire/ -- BlueNord ASA ("BlueNord" or the "Company") has today published its 2024 Annual Statement of Reserves and Resources. As of 31 December 2024, the Company's net Proven and Probable ("2P") Reserves were 194 mmboe, an increase from 186 mmboe at the end of 2023.
With 9 mmboe produced by BlueNord in 2024, the Company's year-end 2024 2P reserves equate to a 189% reserves replacement ratio. The primary driver of this result was the successful discovery of the Harald East Middle Jurassic ("HEMJ") accumulation, which not only added reserves but is also expected to extend both the length of the Tyra plateau period and the lifetime of the Harald hub.
Additionally, strong underlying performance led to upward technical revisions of forecasts for future production from the Company's base assets. This was supported by continued efforts to maintain high operational efficiency (91% in 2024) and maximize production potential through well optimization (WROM), workovers, and restimulation activities. Finally, maturation of the Valdemar Upper Cretaceous infill well (VUC) added reserves to the portfolio.
"2024 is the second year in a row where BlueNord has been able to report a reserves replacement ratio significantly above 100%. For a mature asset base with a long production history like the DUC, this is a fantastic result. The HEMJ well, starting production less than three months after the initial discovery was made, is already contributing significantly to our portfolio and is expected to do so for a long time to come. Based on the dedicated work and efforts of our team, I look forward to an outlook of strong production potential and a strong future for our assets," said Miriam Lykke, Chief Operating Officer in BlueNord.
The Reserves Report is attached and will be made available on the Company's website www.bluenord.com.
This information is subject to disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Contact:
Cathrine Torgersen, Chief Corporate Affairs Officer
Email: cathrine.torgersen@bluenord.com
Phone: +47 915 28 501
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The following files are available for download:
BlueNord 2024 Annual Statement of Reserves |
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