BW Energy: Final agreements signed for Niosi and Guduma Marin Exploration Blocks Offshore Gabon

31 Oct 2024 07:30 CET

BW Energy: Final agreements signed for Niosi and Guduma Marin Exploration Blocks
Offshore Gabon


BW Energy is pleased to announce its signing of production sharing contracts
(PSCs) for the exploration blocks Niosi Marin and Guduma Marin (formerly named
G12-13 and H12-13) with Gabon's Petroleum Minister and Minister of Economy. BW
Energy holds 37.5% working interest and is the operator of the blocks, which
significantly expands the resource base for infrastructure-led exploration in
Gabon.


The blocks are adjacent to BW Energy's Dussafu Marin licence offshore southern
Gabon, covering a combined area of 4,918 km2.


"Most of the Niosi Marin and Guduma Marin acreage is within tie-back distance to
existing infrastructure, enabling fast-track, low-cost development of future
discoveries. We have proven our ability to create significant value in the
Dussafu licence, where we are close to completing the first phase of Hibiscus /
Ruche to bring production to nameplate capacity of 40,000 barrels per day. These
licence awards further underpin BW Energy's commitment to Gabon and clear
ambition of growing production and cash flow generation," said Carl K. Arnet,
the CEO of BW Energy.


VAALCO Energy (37.5%) and Panoro Energy (25%) are non-operating joint venture
partners in the PSCs, which have an eight-year exploration period with option to
extend for two additional years. The partners have committed to drilling one
well on Niosi Marin during the exploration period and intend to carry out a 3D
seismic acquisition campaign.


The consortium is uniquely positioned with BW Energy and Panoro Energy as joint
venture partners in the Dussafu PSC, and with VAALCO Energy as the operator of
the adjacent Etame PSC. Together, the partners will jointly implement safe,
efficient, and cost-effective operations whilst leveraging subsurface and
production learnings from Dussafu and Etame to accelerate value creation.



For further information, please contact:

Brice Morlot, CFO BW Energy, +33.7.81.11.41.16

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 Licence 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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