BW Energy: Update on Kudu appraisal well

31 Oct 2025 07:30 CET

BW Energy: Update on Kudu appraisal well

BW Energy provides an update on the Kharas-1 appraisal well, which has reached
total depth and drilled multiple formations present across the Kudu license.

The well was strategically designed to intersect several targets within a single
borehole. While this approach did not allow for individual optimisation of each
formation, it provided valuable geological data across the broader petroleum
system.

Preliminary results are encouraging. Several intervals show indications of
hydrocarbon presence and reservoir potential, suggesting a working petroleum
system at Kharas. Early analysis indicates that the K1 interval may contain
hydrocarbons wetter than dry gas. A hydrocarbon migration front has been
observed, and wireline operations are underway to assess reservoir quality,
fluid type, and pressure characteristics.

A follow-up appraisal campaign will be required to evaluate the individual
targets in greater detail. The outcome of the wireline program will guide
decisions on the next well location and the future appraisal strategy.

For further information, please contact:
Martin Seland Simensen, VP Investor Relations

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 7% 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 599 million barrels of oil equivalent at the start of 2025.


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

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