BW Energy: First Hibiscus production well spudded

09 Jan 2023 07:30 CET

First Hibiscus production well spudded

BW Energy is pleased to announce the start of drilling of the first production
well on the Hibiscus / Ruche Phase 1 development in the Dussafu Block offshore
Gabon. Drilling operations commenced on schedule in the first week of January
and in line with the target of producing first oil in March 2023.

The Borr Norve jackup arrived on location in late December and immediately
started preparations for the drilling campaign. The first production well,
DHIBM-3H, targets the Gamba sandstone reservoir on the Hibiscus field and is
expected to take just over two months to drill and complete. Installation of
flexible pipelines and risers, completing the 20-kilometer connection between
the BW MaBoMo production facility and the FPSO BW Adolo, was also finalised last
week.

"We are on track for first oil towards the end of the first quarter. This will
be the first step of many on a path for successive production growth as we
complete the drilling Hibiscus / Ruche Phase 1 program and asset upgrades
through 2023 and into early 2024," said Carl Krogh Arnet, the CEO of BW Energy.

The initial Hibiscus / Ruche Phase 1 drilling campaign targets the Hibiscus and
Ruche fields which are expected to add approximately 30,000 barrels per day of
total oil production when all wells are completed in early 2024.

As previously guided, the new gas lift compressor to support production for the
six existing Tortue wells was lifted onboard the BW Adolo in December.
Installation work is ongoing. Commissioning and start-up of the compressor is
expected to commence immediately after first oil from Hibiscus / Ruche which has
priority during the current high-activity period onboard the FPSO.

ABOUT BW ENERGY:

BW Energy is a growth E&P company with a differentiated strategy targeting
proven offshore oil and gas reservoirs through low risk phased developments. The
Company has access to existing production facilities to reduce time to first oil
and cashflow with lower investments than traditional offshore developments. The
main assets are 73.5% of the producing Dussafu Marine Permit offshore Gabon and
a 95% interest in the Maromba field in Brazil, both operated by the Company.
Total net 2P+2C reserves were 240 million barrels at the start of 2022.

This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act

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