Slides
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To change the background image: Right - click the slide > Format Background > Picture or texture fill > Picture Source > Insert… b rowse to your chosen image, click Open. Delivering Value Through Energy Security Third Quarter 2026 Results 28 October 2026
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Disclaimer Insert footer here 2 THIS PRESENTATION (THE “INFORMATION MATERIAL”) HAS BEEN PRODUCED AND DELIVERED BY NORWEGIAN ENERGY COMPANY ASA (THE “COMPANY”). THIS INFORMATION MATERIAL DOES NOT CONSTITUTE AN OFFER, INVITATION OR SOLICITATION OF AN OFFER TO BUY, SUBSCRIBE OR SELL ANY SHARES IN THE COMPANY. THE COMPANY DOES NOT MAKE ANY UNDERTAKING, REPRESENTATION OR WARRANTY (EXPRESS OR IMPLIED) AS TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION (WHETHER WRITTEN OR ORAL AND WHETHER INCLUDED IN THIS INFORMATION MATERIAL OR ELSEWHERE) CONCERNING THE COMPANY OR OTHER MATTERS DESCRIBED HEREIN. NEITHER THE COMPANY NOR ANY OF ITS PARENT OR SUBSIDIARY UNDERTAKINGS OR ANY SUCH PERSON’S AFFILIATES, OFFICERS, EMPLOYEES OR ADVISERS ACCEPT ANY LIABILITY WHATSOEVER ARISING DIRECTLY OR INDIRECTLY FROM THE USE OF THIS INFORMATION MATERIAL OR OTHERWISE IN CONNECTION WITH THE MATTERS DESCRIBED HEREIN. THE DISTRIBUTION OF THIS INFORMATION MATERIAL IN CERTAIN JURISDICTIONS IS RESTRICTED BY LAW. THIS INFORMATION MATERIAL IS NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO ANY JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. THIS INFORMATION MATERIAL MAY CONTAIN CERTAIN FORWARD - LOOKING STATEMENTS RELATING TO THE BUSINESS, FINANCIAL PERFORMANCE AND RESULTS OF THE COMPANY AND/OR THE INDUSTRY IN WHICH IT OPERATES. FORWARD - LOOKING STATEMENTS CONCERN FUTURE CIRCUMSTANCES AND RESULTS AND OTHER STATEMENTS THAT ARE NOT HISTORICAL FACTS, SOMETIMES IDENTIFIED BY THE WORDS “BELIEVES”, EXPECTS”, “PREDICTS”, “INTENDS”, “PROJECTS”, “PLANS”, “ESTIMATES”, “AIMS”, “FORESEES”, “ANTICIPATES”, “TARGETS”, AND SIMILAR EXPRESSIONS. THE FORWARDLOOKING STATEMENTS CONTAINED IN THIS INFORMATION MATERIAL, INCLUDING ASSUMPTIONS, OPINIONS AND VIEWS OF THE COMPANY OR CITED FROM THIRD PARTY SOURCES ARE SOLELY OPINIONS AND FORECASTS WHICH ARE SUBJECT TO RISKS, UNCERTAINTIES AND OTHER FACTORS THAT MAY CAUSE ACTUAL EVENTS TO DIFFER MATERIALLY FROM ANY ANTICIPATED DEVELOPMENT. NEITHER THE COMPANY NOR ANY OF ITS SUBSIDIARY UNDERTAKINGS OR ANY SUCH PERSON’S AFFILIATES, OFFICERS OR EMPLOYEES PROVIDES ANY ASSURANCE THAT THE ASSUMPTIONS UNDERLYING SUCH FORWARD - LOOKING STATEMENTS ARE FREE FROM ERRORS, NOR DOES ANY OF THEM ACCEPT ANY RESPONSIBILITY FOR THE FUTURE ACCURACY OF THE OPINIONS EXPRESSED IN THIS INFORMATION MATERIAL OR THE ACTUAL OCCURRENCE OF THE FORECASTED DEVELOPMENTS. THE COMPANY ASSUME NO OBLIGATION TO UPDATE ANY FORWARD - LOOKING STATEMENTS OR TO CONFIRM THESE FORWARD - LOOKING STATEMENTS TO OUR ACTUAL RESULTS. BY ATTENDING OR RECEIVING THIS INFORMATION MATERIAL YOU ACKNOWLEDGE THAT YOU WILL BE RESPONSIBLE FOR YOUR OWN ASSESSMENT OF THE MARKET AND THE MARKET POSITION OF THE COMPANY AND THAT YOU WILL CONDUCT YOUR OWN ANALYSIS AND BE SOLELY RESPONSIBLE FOR FORMING YOUR OWN VIEW OF THE POTENTIAL FUTURE PERFORMANCE OF THE COMPANY’S BUSINESS AND A POTENTIAL INVESTMENT IN THE COMPANY. THE CONTENTS OF THIS INFORMATION MATERIAL ARE NOT TO BE CONSTRUED AS FINANCIAL, LEGAL, BUSINESS, INVESTMENT, TAX OR OTHER PROFESSIONAL ADVICE. THIS INFORMATION MATERIAL SPEAKS AS OF THE DATE HEREOF. NEITHER THE DELIVERY OF THIS INFORMATION MATERIAL NOR ANY FURTHER DISCUSSIONS OF THE COMPANY WITH ANY OF THE RECIPIENTS SHALL, UNDER ANY CIRCUMSTANCES, CREATE ANY IMPLICATION THAT THERE HAS BEEN NO CHANGE IN THE AFFAIRS OF THE COMPANY SINCE SUCH DATE. THIS INFORMATION MATERIAL IS SUBJECT TO NORWEGIAN LAW, AND ANY DISPUTE ARISING IN RESPECT OF THIS INFORMATION MATERIAL IS SUBJECT TO THE EXCLUSIVE JURISDICTION OF NORWEGIAN COURTS WITH OSLO DISTRICT COURT AS EXCLUSIVE LEGAL VENUE. AN INVESTMENT IN THE COMPANY INVOLVES RISK, AND SEVERAL FACTORS COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS THAT MAY BE EXPRESSED OR IMPLIED BY STATEMENTS AND INFORMATION IN THIS INVESTOR PRESENTATION, INCLUDING, AMONG OTHERS, RISKS OR UNCERTAINTIES ASSOCIATED WITH THE COMPANY’S BUSINESS, SEGMENTS, DEVELOPMENT, GROWTH MANAGEMENT, FINANCING, MARKET ACCEPTANCE AND RELATIONS WITH CUSTOMERS, AND, MORE GENERALLY, GENERAL ECONOMIC AND BUSINESS CONDITIONS, CHANGES IN DOMESTIC AND FOREIGN LAWS AND REGULATIONS, TAXES, CHANGES IN COMPETITION AND PRICING ENVIRONMENTS, FLUCTUATIONS IN CURRENCY EXCHANGE RATES AND INTEREST RATES AND OTHER FACTORS. SHOULD ONE OR MORE OF THESE RISKS OR UNCERTAINTIES MATERIALISE, OR SHOULD UNDERLYING ASSUMPTIONS PROVE INCORRECT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THIS INVESTOR PRESENTATION. THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION, TO UPDATE OR CORRECT THE INFORMATION INCLUDED IN THIS INVESTOR PRESENTATION.
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3 Today’s BlueNord Presenters Euan Shirlaw Chief Executive Officer Jacqueline Lindmark Boye Chief Financial Officer Cathrine Torgersen Chief Corporate Affairs Officer Miriam Jager Lykke Chief Operating Officer
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Use to sample colours Proposed Merger with Vår Energi: Strengthening the Future of BlueNord ’s Shareholders 1. Completion of the combination is subject to customary conditions, including partner and authority approvals. Combination is t arg eted to complete end 2026 2. Danish Continental Shelf Image: NASA Earth Observatory Adding strategic assets on the highly compatible DCS2 Raised long-term target to ~450 mboe/d Increased resilience, cash generation and long-term dividend capacity Growth Value Returns Strengthened position as a reliable and secure energy supplier to Europe 5
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Use to sample colours Largest independent producer of oil and gas in Europe 6 1. Source: European production if guidance available, otherwise Rystad Energy estimates, peers include Aker BP, Harbour Energy, NEO NEXT+, Adura, Ithaca Energy, DNO, Serica Energy and OKEA. 2. BlueNord transaction announced 21 July 2026 to combine is pending required conditions for completion. 3. D anish Underground Consortium (DUC) is a Danish E&P joint venture in which BlueNord owns 36.8% working interest. Completion of the combination is subject to customary conditions, including partner and authority approvals. Production in Europe 2026E1 mboe/d BlueNord2 57 fields 6 operated 5 hub areas ~200 licences ~1/3rd operated Vår Energi licences BlueNord licences Office locations Oslo Norwegian Sea Hammerfest Florø Stavanger Barents Sea North Sea Balder Area DUC3 ~390 Copenhagen
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Q3 - 26: Robust Results and Transformational Proposed Merger with Vår Energi 7 Stable Production, Strong Outlook Strong Revenue and Earnings Stable Production at 43.6 mboe/d ▪ Base assets produced 17.6mboe/d ▪ Tyra hub produced 26.0 mboe/d Record Tyra Production ▪ Planned Q2 Tyra shut - down completed, with full work scope successfully executed ▪ Higher operational efficiency expected in H2 following shutdown works Driving Positive Outlook for Growth ▪ Potential licence extension to 2050 under review by Danish Government ▪ Identified project pipeline supports sustained production levels into the 2030s Record revenue and earnings ▪ Revenue of $346mm ▪ Adjusted EBITDA of $221mm ▪ Net Operating Cashflow of $70mm ( $212mm before tax and working capital) Robust Capital Structure ▪ Stable leverage: 1.65x at Q3 2026 ▪ Total liquidity (incl. undrawn RBL) of $392mm Driving Shareholder Returns ▪ $780mm returned through dividends and share buy - backs
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To change the background image: Right - click the slide > Format Background > Picture or texture fill > Picture Source > Insert… b rowse to your chosen image, click Open. Our Strength Focused Operational Delivery
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▪ Q3 production reached 43.6 mboe/d, the highest quarterly level since Tyra restart ▪ Tyra growth more than offset planned maintenance impacts across the Base Assets ▪ Portfolio production exited the quarter at ~50 mboe/d, providing strong momentum into Q4 Production Momentum Builds as Tyra Steps Up 9 29.8 37.8 39.1 42.4 43.1 37.2 43.6 42 - 49 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Q4-26 Tyra Driving Near - Term Production Growth Tyra Halfdan Dan Gorm (net production, mboe/d) Guidance Actual Production
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▪ Q3 production of 17.6 mboe/d, within the 17 – 19 mboe/d guidance range ▪ Planned Halfdan hub maintenance safely completed ▪ Dan and Gorm integrity constraints resolved by quarter - end ▪ Gorm WROM progressing, targeting additional production potential ▪ Q4 positioned for stronger production with limited planned maintenance 10 Resilient Base Assets Deliver Through Planned Maintenance Base of Stable, Low - Decline Production (net production, mboe/d) 20.1 17.9 17.6 18 - 20 Q1-26 Q2-26 Q3-26 Q4-26 Planned maintenance in Q2 and Q3 Production Guidance Actual Production
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▪ Gas production now operating around export capacity ▪ Planned shutdown delivered key production and reliability improvements ▪ Net production reached a new daily record of ~30 mboe/d 11 Tyra Steps Up: Higher Output and Improved Stability Jan/26 Feb/26 Mar/26 Apr/26 May/26 Jun/26 Jul/26 Aug/26 Sept/26 Oct/26 Nov/26 Dec/26 30 mboe/d 25 mboe/d Jan/26 Feb/26 Mar/26 Apr/26 May/26 Jun/26 Jul/26 Aug/26 Sept/26 Oct/26 Nov/26 Dec/26 250 mmscf/d 200 mmscf/d Planned Shutdown Maximum gas production in line with export capacity (Gas production – 100% gross, mmscf/d) Record daily production levels at 30 mboe/d (net production, mboe/d) Planned Shutdown
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12 Tyra: From Ramp - Up to Stable High Production 22.9 19.3 26.0 24 - 29 Q1-26 Q2-26 Q3-26 Q4-26 Tyra Production and 2026 Outlook (net production, mboe/d) Planned shutdown Planned shutdown ▪ Post - shutdown performance demonstrates the benefit of reliability and process improvements ▪ Q3 production reached 26.0 mboe/d ▪ Further process optimisation under way to support higher and more stable production ▪ Focus now on sustaining performance and unlocking remaining potential Production Guidance Actual Production
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To change the background image: Right - click the slide > Format Background > Picture or texture fill > Picture Source > Insert… b rowse to your chosen image, click Open. Our Opportunity Maximising the DUC
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Denmark Plays Key Role in Contributing to EU Energy Security ▪ Current environment highlights the importance of secure supply ▪ Danish oil & gas production plays a vital role in the country’s welfare society and towards the EU’s security of supply ▪ Danish Government exploring a potential extension of the current license which can boost Denmark’s energy security from 2030s 14 Operations support Danish and EU Energy Security and Energy Transition objectives Tyra volumes displace significantly more emissions - intensive LNG imports (1) (1) Source: Rystad, NSTA, BlueNord internal data Oil & gas contributes significantly to Danish welfare Contribution through tax revenues and employment Double benefit for Danish state through Nordsøfonden’s direct stake in the DUC Pragmatic focus in Denmark on safeguarding future energy needs in Europe Stable fiscal regime with tax stability framework for the DUC Extension of DUC license is key to enabling full utilisation of existing and future projects, including Tyra EU import: Only 37% of gas and 21% of oil import are from democratic countries 22 33 76 78 97 DUC Norway US Qatar Peru (Kg CO 2 /boe) (Tyra at Plateau)
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19 10 11 39 (1) Subject to FID (2) Life of field opex plus life of field capex, divided by total recoverable resources 15 High - Graded Projects Positioned for Delivery ▪ Strong portfolio of projects supporting Vår’s long - term production target of c.450 m boe / d ▪ Tyra North progressing towards FID ▪ Rig tender for infill well programme Development Projects (1) Matured Infill Wells (1) Unit Technical Cost (2) < $20/boe Development Capex < $13/boe (net recoverable volumes, mmboe) Tyra North Tyra SE Extension Valdemar Bo South Total 4 2 5 11 Halfdan (2 wells) Additional Potential VUC (1 well) Svend (2 wells) Total (net recoverable volumes, mmboe) Project being re - worked to long reach wells from Tyra South - East Project being re - evaluated to reduce cost Additional Potential
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To change the background image: Right - click the slide > Format Background > Picture or texture fill > Picture Source > Insert… b rowse to your chosen image, click Open. Our Results Financial Strength Maintained 17
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Q3 - 26: Financial Strength Maintained Strong profitability and cashflow generation driven by operational growth, supported by strategic hedge book Robust balance sheet maintained Revenue EBITDA $70 $212 Net Cashflow from Operating Activities $346 $220 Q3 - 25 Q3 - 26 Q3 - 26 Q3 - 25 $251 $131 $128 Q3 - 25 Q3 - 26 Liquidity and Leverage (end Q3 - 26) Liquidity Net Leverage 131 261 $392 (USD million) (USD million) (USD million) (USD million) 1.65x Cash Undrawn RBL Prior to working capital movements and tax
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Stable Realised Pricing through Market Volatility ▪ 66% of forecast oil volumes hedged to end 2026 ▪ 68% of forecast gas volumes hedged to end 2026 ▪ Downside protection on majority of unhedged volumes for 2026 entered in Q2 through put options priced at $75/bbl and €40/MWh 20 Oil | Realised Prices & Forward Hedges (1) Gas | Realised Prices & Forward Hedges (1) 74 71 79 80 81 73 73 74 71 66 86 101 97 114 95 81 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Q4 '26 2027 2028 66% 61% 42% % hedged (swaps and collars) 35 34 38 38 43 39 34 30 29 28 39 44 62 87 72 47 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Q4 '26 2027 2028 68% 59% 23% % hedged (swaps and collars) Market Price (Pre - Hedging) Realised Price (Post - Hedging) Average Hedge Price Average Forward Curve Market Price (Pre - Hedging) Realised Price (Post - Hedging) Average Hedge Price Average Forward Curve ($/bbl) ( €/MWh) (1) Forward curve as at 19 October 2026
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Underlying Unit Operating Costs around Target Level ▪ O perating costs returning towards target level with Tyra production stabilising post shut - in ▪ Lifting cost in Q3 - 26 of $16/boe and declining, supported by higher production and lower maintenance costs following successful completion of Q2 shut - in work 21 Total Operating Cost Unit Operating Cost 75 49 55 67 63 101 76 88 99 92 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 (USD/boe) 17 13 15 20 16 28 20 23 29 23 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Direct Field Opex Transportation Environmental Costs Production G&A Total Opex Lifting Cost (excluding workovers) (USD million)
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Growing Operational Cashflow ▪ Elevated commodity price levels continued throughout Q3 driving cashflow and working capital ▪ Tax payment in Q3 relating to settlement of prior years matters to be part offset by a tax receipt expected in Q4 ▪ Reduced forward capex requirements reiterated ▪ - 2026 range between $40 - 50mm ▪ - 2027 – 2030 capex $100 - 150mm p.a. 1) 22 Net Cashflow from Operating Activities Growing with Tyra Production (USD million) 132 184 186 139 141 212 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Prior to working capital movements and tax Net cashflow from operating activities (prior to working capital movements) 1) Includes maintenance and based on project pipeline that is subject to sanction
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23 Stable Balance Sheet ▪ Closing Q3 2026 liquidity of $392 million, including $261 million of undrawn RBL liquidity; impacted by working capital and tax payments in Q3 ▪ Leverage ratio of 1.65x at the end of Q3; maintaining a conservative balance sheet 210 131 336 261 546 70 10 36 174 392 Liquidity (Q2 - 26) Strong Liquidity Maintained in Q3 2026 Liquidity (Q3 - 26) Cash Undrawn RBL Cash Undrawn RBL Operating Cashflow Capital Investments Financing Cashflow (Ex. Distributions) Distributions (Q2 2026) (USD million) 800 261 131 1,061 400 1,069 300 1,369 RBL BNOR18 Cash Net Debt BNOR17 Total facilities Robust Capital Structure Undrawn RBL (USD million)
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To change the background image: Right - click the slide > Format Background > Picture or texture fill > Picture Source > Insert… b rowse to your chosen image, click Open. Our Future Making Sustainable, Long - Term Returns a Reality
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Positive Outlook 25 ▪ High - quality, diversified asset base with long production history ▪ Supporting European energy security at lower emissions intensity than alternatives Strategically Important Portfolio in the Heart of the EU ▪ Tyra stabilising with near - term growth expected in H2 2026 ▪ Cashflow outlook underpinned by low - opex and attractive hedge prices Strong Operational and Financial Delivery ▪ Monetisation of discovered resources, with focus on “value over volume” ▪ Drives outlook for sustained production at around current levels until 2030s Significant Value Still to Capture Strong Platform for Creating Long - Term Value and Sustainable Shareholder returns
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To change the background image: Right - click the slide > Format Background > Picture or texture fill > Picture Source > Insert… b rowse to your chosen image, click Open. Q&A
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To change the background image: Right - click the slide > Format Background > Picture or texture fill > Picture Source > Insert… b rowse to your chosen image, click Open. Appendix
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Strategic European Energy Partner BlueNord is an independent E&P, producing oil & gas from a portfolio of producing fields in Denmark ▪ 36.8% non - operated interest in the DUC, operated by TotalEnergies ▪ High - quality asset base with a long production history ▪ Portfolio diversified across four hubs, containing 14 fields ▪ Stable base production with growth delivered by Tyra (1) Based on 2025 Year - End Reserves Report; 2C resources reflect near - term projects only (2) Average daily production, net BN (mboepd) (3) Based on Tyra at peak production 28 37 c. 45 Resource Base (1) Net Production (2) Commodity Mix (3) 195 mmboe ~45% Gas 2025A 2026E 2P 2C Oil Gas
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Strategically Important Assets We hold a 36.8% non - operated working interest in the DUC, which is a key contributor to EU energy security with direct export routes to Europe Oil pipeline to Fredericia Gas pipeline to Nybro Gas pipeline to Den Helder Gas cross - border points 1 2 3 1 2 3 43.2% 36.8% 20.0% TotalEnergies BlueNord Nordsefonden DUC Ownership Net 2P and Near - Term 2C (1) Net Production 26.9 26.7 24.9 c. 35.0 > 55.0 2021 2022 2023 2024 2025 (mmboe) 186 27 2P Reserves 2C Resources (Near-Term) 213 mmboe (mboe/d) 1) Represents only a sub - set of the Company’s total 2C portfolio of future projects , includes the Adda and Halfdan North developments as well as the Svend Reinstatement infill wells Positioned at the Core of Europe’s Energy System 29 Producing Energy for Europe from within the EU With Tyra, Denmark is a net exporter of natural gas ▪ Directly strengthens European energy security ▪ Reduces reliance on Russian supply and LNG imports DUC DUC DUC represents c. 85% of Danish oil & gas production EU Denmark represents c. 10% of natural gas production in the EU Denmark With Tyra onstream, Denmark is a net exporter of natural gas Strategically Important Assets We hold a 36.8% non - operated working interest in the DUC, which is a key contributor to EU energy security with direct export routes to Europe Oil pipeline to Fredericia Gas pipeline to Nybro Gas pipeline to Den Helder Gas cross - border points 1 2 3 1 2 3 43.2% 36.8% 20.0% TotalEnergies BlueNord Nordsefonden DUC Ownership Net 2P and Near - Term 2C (1) Net Production 26.9 26.7 24.9 c. 35.0 > 55.0 2021 2022 2023 2024 2025 (mmboe) 186 27 2P Reserves 2C Resources (Near-Term) 213 mmboe (mboe/d) 1) Represents only a sub - set of the Company’s total 2C portfolio of future projects , includes the Adda and Halfdan North developments as well as the Svend Reinstatement infill wells Strategically Important Assets We hold a 36.8% non - operated working interest in the DUC, which is a key contributor to EU energy security with direct export routes to Europe Oil pipeline to Fredericia Gas pipeline to Nybro Gas pipeline to Den Helder Gas cross - border points 1 2 3 1 2 3 43.2% 36.8% 20.0% TotalEnergies BlueNord Nordsefonden DUC Ownership Net 2P and Near - Term 2C (1) Net Production 26.9 26.7 24.9 c. 35.0 > 55.0 2021 2022 2023 2024 2025 (mmboe) 186 27 2P Reserves 2C Resources (Near-Term) 213 mmboe (mboe/d) 1) Represents only a sub - set of the Company’s total 2C portfolio of future projects , includes the Adda and Halfdan North developments as well as the Svend Reinstatement infill wells Strategically Important Assets We hold a 36.8% non - operated working interest in the DUC, which is a key contributor to EU energy security with direct export routes to Europe Oil pipeline to Fredericia Gas pipeline to Nybro Gas pipeline to Den Helder Gas cross - border points 1 2 3 1 2 3 43.2% 36.8% 20.0% TotalEnergies BlueNord Nordsefonden DUC Ownership Net 2P and Near - Term 2C (1) Net Production 26.9 26.7 24.9 c. 35.0 > 55.0 2021 2022 2023 2024 2025 (mmboe) 186 27 2P Reserves 2C Resources (Near-Term) 213 mmboe (mboe/d) 1) Represents only a sub - set of the Company’s total 2C portfolio of future projects , includes the Adda and Halfdan North developments as well as the Svend Reinstatement infill wells Strategically Important Assets We hold a 36.8% non - operated working interest in the DUC, which is a key contributor to EU energy security with direct export routes to Europe Oil pipeline to Fredericia Gas pipeline to Nybro Gas pipeline to Den Helder Gas cross - border points 1 2 3 1 2 3 43.2% 36.8% 20.0% TotalEnergies BlueNord Nordsefonden DUC Ownership Net 2P and Near - Term 2C (1) Net Production 26.9 26.7 24.9 c. 35.0 > 55.0 2021 2022 2023 2024 2025 (mmboe) 186 27 2P Reserves 2C Resources (Near-Term) 213 mmboe (mboe/d) 1) Represents only a sub - set of the Company’s total 2C portfolio of future projects , includes the Adda and Halfdan North developments as well as the Svend Reinstatement infill wells Strategically Important Assets We hold a 36.8% non - operated working interest in the DUC, which is a key contributor to EU energy security with direct export routes to Europe Oil pipeline to Fredericia Gas pipeline to Nybro Gas pipeline to Den Helder Gas cross - border points 1 2 3 1 2 3 43.2% 36.8% 20.0% TotalEnergies BlueNord Nordsefonden DUC Ownership Net 2P and Near - Term 2C (1) Net Production 26.9 26.7 24.9 c. 35.0 > 55.0 2021 2022 2023 2024 2025 (mmboe) 186 27 2P Reserves 2C Resources (Near-Term) 213 mmboe (mboe/d) 1) Represents only a sub - set of the Company’s total 2C portfolio of future projects , includes the Adda and Halfdan North developments as well as the Svend Reinstatement infill wells Strategically Important Assets We hold a 36.8% non - operated working interest in the DUC, which is a key contributor to EU energy security with direct export routes to Europe Oil pipeline to Fredericia Gas pipeline to Nybro Gas pipeline to Den Helder Gas cross - border points 1 2 3 1 2 3 43.2% 36.8% 20.0% TotalEnergies BlueNord Nordsefonden DUC Ownership Net 2P and Near - Term 2C (1) Net Production 26.9 26.7 24.9 c. 35.0 > 55.0 2021 2022 2023 2024 2025 (mmboe) 186 27 2P Reserves 2C Resources (Near-Term) 213 mmboe (mboe/d) 1) Represents only a sub - set of the Company’s total 2C portfolio of future projects , includes the Adda and Halfdan North developments as well as the Svend Reinstatement infill wells Strategically Important Assets We hold a 36.8% non - operated working interest in the DUC, which is a key contributor to EU energy security with direct export routes to Europe Oil pipeline to Fredericia Gas pipeline to Nybro Gas pipeline to Den Helder Gas cross - border points 1 2 3 1 2 3 43.2% 36.8% 20.0% TotalEnergies BlueNord Nordsefonden DUC Ownership Net 2P and Near - Term 2C (1) Net Production 26.9 26.7 24.9 c. 35.0 > 55.0 2021 2022 2023 2024 2025 (mmboe) 186 27 2P Reserves 2C Resources (Near-Term) 213 mmboe (mboe/d) 1) Represents only a sub - set of the Company’s total 2C portfolio of future projects , includes the Adda and Halfdan North developments as well as the Svend Reinstatement infill wells Strategically Important Assets We hold a 36.8% non - operated working interest in the DUC, which is a key contributor to EU energy security with direct export routes to Europe Oil pipeline to Fredericia Gas pipeline to Nybro Gas pipeline to Den Helder Gas cross - border points 1 2 3 1 2 3 43.2% 36.8% 20.0% TotalEnergies BlueNord Nordsefonden DUC Ownership Net 2P and Near - Term 2C (1) Net Production 26.9 26.7 24.9 c. 35.0 > 55.0 2021 2022 2023 2024 2025 (mmboe) 186 27 2P Reserves 2C Resources (Near-Term) 213 mmboe (mboe/d) 1) Represents only a sub - set of the Company’s total 2C portfolio of future projects , includes the Adda and Halfdan North developments as well as the Svend Reinstatement infill wells Strategically Important Assets We hold a 36.8% non - operated working interest in the DUC, which is a key contributor to EU energy security with direct export routes to Europe Oil pipeline to Fredericia Gas pipeline to Nybro Gas pipeline to Den Helder Gas cross - border points 1 2 3 1 2 3 43.2% 36.8% 20.0% TotalEnergies BlueNord Nordsefonden DUC Ownership Net 2P and Near - Term 2C (1) Net Production 26.9 26.7 24.9 c. 35.0 > 55.0 2021 2022 2023 2024 2025 (mmboe) 186 27 2P Reserves 2C Resources (Near-Term) 213 mmboe (mboe/d) 1) Represents only a sub - set of the Company’s total 2C portfolio of future projects , includes the Adda and Halfdan North developments as well as the Svend Reinstatement infill wells Tyra Halfdan Dan Gorm Norway Sweden Germany Netherlands Denmark