BW Energy: Provides second update on Kudu appraisal well

19 Nov 2025 07:30 CET

BW Energy: Provides second update on Kudu appraisal well

BW Energy has completed drilling operations on the Kharas-1 appraisal well in
the Kudu license area, offshore Namibia. The well reached a total depth of
5,100m and intersected multiple reservoir intervals. The well will now be
plugged, and abandoned in line with the planned program.

Several shallow turbidite reservoirs with dry-gas shows were encountered, and
reservoir properties from these and the acquired whole core are now being
evaluated.

In the deeper section of the well, hydrocarbons were encountered in a fractured
volcaniclastic reservoir.  This confirms a working petroleum system with
condensate and/or light oil. Further analysis is ongoing to determine the extent
of the system and to characterise reservoir properties and appraisal options.

"Kharas-1 achieved its technical objective of testing multiple targets within a
single penetration and delivered valuable geological, geochemical and
petrophysical data. The results also confirm, for the first time, the presence
of liquid hydrocarbons within the Kudu block and contribute to our understanding
of the broader petroleum system. The reservoir complexity necessitates further
appraisal to assess its potential. Our forward programme will focus on further
high value targets based on the presence of liquid hydrocarbons, as well as gas
and the learnings from Kharas-1A", said CEO Carl Arnet.

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 Licence 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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