BW Energy: Q3 2024 trading update 

22 Oct 2024 07:30 CEST

BW Energy: Q3 2024 trading update

BW Energy will publish financial figures for Q3 2024 on Friday, 15 November
2024.

Net production to BW Energy was 2.4 million barrels of oil (bbls) in Q3 2024,
equal to 25,570 bbls per day, from the Dussafu licence in Gabon (73.5% working
interest) and the Golfinho field (100% working interest) in Brazil.


Volume (mmbbls)  Q3 2024  Q2 2024


Net production    2.4  2.1


Dussafu    1.9  1.4


Golfinho    0.5  0.7




Net volume sold    2.5  1.9


Dussafu*    2.0  0.9


Golfinho    0.5  1.0




Average realised price (USD/bbl)


Dussafu    82.0  76.3


Golfinho    81.7  86.4




*Includes State Profit Oil and DMO deliveries



DUSSAFU

* Highest quarterly production since inception

* Operating cost (excluding royalties) of USD 20.5/bbl

* The net volume sold (basis for revenue recognition), included 195,000 bbls
of DMO deliveries and 232,000 bbls of state profit oil, with an under-lift
position of 391,500 bbls at period-end

* The DHBSM-2H well on Hibiscus South was completed in July with the first
conventional ESP (Electrical Submersible Pump) system

* The DHIBM-3H well was worked over in early August with a conventional ESP

* The DHIBM-7H well, on the northern flank of Hibiscus Main, started
production utilizing a conventional ESP in early October and is performing
to expectation

* The DHBSM-1H ESP failed on 20 September, as the last of the defective
generation, with change-out to a conventional ESP completed and production
restarted mid-October

* The ESP replacement program on track for completion by year-end and to reach
gross production target of 40,000 bbls/day


GOLFINHO

* Inventory at period end of 340,700 bbls

* Production cost (excluding royalties) of USD 63.3/bbl primarily due to lower
production

* Production impacted by a planned maintenance shutdown on the FPSO Cidade de
Vitória. Production availability set to improve in Q4 following maintenance
completion on one gas lift compressor, with full compressor capacity
expected to be back in service in Q1 2025


HEDGING, LIQUIDITY AND DEBT

* Q3 expected gain from hedging of USD 8.6 million, all of which is
unrealised.

* Period-end cash balance of USD 209 million vs. USD 244 million end-June
2024, with the change reflecting cash flow from operations, debt repayment
and investments including acquisition of shares in ReconAfrica.

* Period-end gross debt of USD 556 includes MaBoMo lease, Dussafu RBL,
Golfinho prepayment facility and bond debt.


For further information, please contact:

Brice Morlot, CFO BW Energy, +33.7.81.11.41.16

ir@bwenergy.no (mailto: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, a 95% interest in the Maromba field in Brazil, a 95%
interest in the Kudu field in Namibia, all operated by BW Energy. In addition,
BW Energy holds approximately 6.6% of the common shares in Reconnaissance Energy
Africa Ltd. and a 20% non-operating interest in the onshore Petroleum
Exploration License 73 ("PEL 73") in Namibia. Total net 2P+2C reserves and
resources were 580 million barrels of oil equivalent at the start of 2024.

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

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