BW Energy: Substantial oil discovery made on the northern flank of the Hibiscus field

20 May 2024 17:30 CEST

BW Energy: Substantial oil discovery made on the northern flank of the Hibiscus
field

BW Energy is pleased to announce a substantial oil discovery with good reservoir
quality in the DHIBM-7P pilot well drilled to appraise the northern flank of the
Hibiscus field. The Company plans to complete the well as a production well
later in 2024.

The DHIBM-7P pilot was drilled from the MaBoMo production platform to a total
depth of 3,941 metres. The target area is located approximately 1.5 kilometres
north-northwest of the MaBoMo and was drilled by the Borr Norve jack-up rig.
Evaluation of logging data, sample examination and formation pressure
measurements confirm approximately 24 metres of pay in an overall hydrocarbon
column of 37 metres. Notably, the hydrocarbon column extends across the boundary
between the Gamba and the underlying Dentale formation. This is the first
example of a common Gamba-Dentale hydrocarbon accumulation in Hibiscus Field.

"This is yet another confirmation of the significant potential of the Dussafu
licence, which BW Energy is rapidly unlocking through low-cost and low-risk
development activity," said Carl K. Arnet, CEO of BW Energy.

Preliminary evaluation indicates a notable increase in both the volume of oil in
place and gross recoverable reserves. As final data becomes available, technical
personnel will be engaged in updating the analysis for publication of the uplift
at a future date.

The next operation will be to place a production well (DHBSM-2H) in the northern
flank of the Hibiscus South field that was recently successfully appraised.



For further information, please contact:

Knut R. Sæthre, CFO BW Energy, +47 91 11 78 76 or ir@bwenergy.no



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
Company's assets are 73.5% of the producing Dussafu Marine licence offshore
Gabon, 100% interest in the Golfinho and Camarupim fields, a 76.5% interest in
the BM-ES-23 block in, a 95% interest in the Maromba field in Brazil and a 95%
interest in the Kudu field in Namibia, all operated by BW Energy. Total net
2P+2C reserves and resources were 580 million barrels of oil equivalents at the
start of 2024.


This information is considered inside information pursuant to the EU Market
Abuse Regulation and is subject to the disclosure requirements pursuant to
Section 5-12 the Norwegian Securities Trading Act. This stock exchange release
was published by N. Saethre, 20 May 2024.

More information:
Access the news on Oslo Bors NewsWeb site