Q2 2024 Bluenord ASA Earnings Call Transcript
Key Points
- Strong performance of base assets and continued progress on the Tyra project.
- Successful capital structure reset, including upsizing the RBL facility and issuing a new senior unsecured note.
- Production in Q2 increased to 24,500 barrels of oil equivalent per day, in line with guidance.
- Secured a 17-month extension of the Shelf Drilling Winner rig, ensuring continued drilling activity.
- Positive outlook for 2024 and beyond, with expected net production of over 55,000 barrels per day of oil equivalent in 2025.
- Startup of the Tyra project impacted by issues with compressor transformers, leading to temporary cessation of production.
- Temporary solutions for gas export are still being matured, causing uncertainty in the short term.
- Effective gas price was lower by 26% due to higher value hedges rolling off.
- Net loss of $1 million reported for the quarter.
- One-off penalty associated with gas nominations due to unexpected issues with Tyra production.
Good morning, and welcome to BlueNord's results presentation for the second quarter of 2024. It is as always a pleasure to be here this morning, and I'm joined by the rest of the executive team to run you through not only the highlights of our recent performance, but also provide some more insight into why our outlook for 2024 and beyond is so strong.
If we start with our performance in the first half, it's been a period that has been very much characterized by strong performance of our base assets, continued progress on the Tyra project and high levels of BlueNord driven activity that we believe support our long term position. And I think that's an important point as we run through the presentation is that we are very clear on what our focuses is. Is positioning BlueNord for future success. So let's turn over to have a look at what we've been doing in some more detail.
So this slide covers really the activities that we've been busy with in the first half of this year and fundamentally goes across all of our strategic priorities. So operationally, we've
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