BW Energy: Q4 2025 operational update

16 Jan 2026 07:00 CET

BW Energy: Q4 2025 operational update

BW Energy will publish its financial results for the fourth quarter of 2025 on
5 February 2025. Today, the company provides preliminary operational figures.

Net production attributable to BW Energy was 2.3 million barrels of oil (mmbbls)
in the fourth quarter of 2025, equivalent to 25.2 thousand barrels of oil per
day (kbopd), from the Dussafu field in Gabon (73.5% working interest) and the
Golfinho field in Brazil (100% working interest). Production in the quarter was
impacted by a longer-than-expected maintenance period at Golfinho, which was
successfully completed in November. Volumes sold was affected by a late lifting
at Dussafu, occurring after end of quarter.

For the full year 2025, net production to BW Energy amounted to 10.9 mmbbls,
equivalent to 29.9 thousand barrels of oil per day (kbopd), near the lower end
of the guided range of 11-12 mmbbls (30-32 kbopd). Net operational costs for the
full year ended at 20 USD/bbl, in the middle of the guided range of 19-21
USD/bbl.

+--------------------------------------------+---------+---------+---------+
|   |   |   |   |
+--------------------------------------------+---------+---------+---------+
|   | Q4 2025 | Q3 2025 | Q4 2024 |
+--------------------------------------------+---------+---------+---------+
| Production (mmbbls) | 2.3 | 2.4 | 3.1 |
+--------------------------------------------+---------+---------+---------+
| Dussafu | 2.1 | 1.8 | 2.5 |
+--------------------------------------------+---------+---------+---------+
| Golfinho | 0.3 | 0.6 | 0.6 |
+--------------------------------------------+---------+---------+---------+
|   |   |   |   |
+--------------------------------------------+---------+---------+---------+
| Production (kbopd) | 25.2 | 26.3 | 33.6 |
+--------------------------------------------+---------+---------+---------+
| Dussafu | 22.4 | 20.0 | 27.3 |
+--------------------------------------------+---------+---------+---------+
| Golfinho | 2.7 | 6.3 | 6.4 |
+--------------------------------------------+---------+---------+---------+
|   |   |   |   |
+--------------------------------------------+---------+---------+---------+
| Net volume sold (mmbbls) | 1.8 | 2.9 | 3.2 |
+--------------------------------------------+---------+---------+---------+
| Dussafu(1) | 1.3 | 2.5 | 2.7 |
+--------------------------------------------+---------+---------+---------+
| Golfinho | 0.5 | 0.5 | 0.5 |
+--------------------------------------------+---------+---------+---------+
| (1)incl. Domestic market obligations (DMO) | 0.16 | 0.29 | 0.10 |
+--------------------------------------------+---------+---------+---------+
| (1)incl. State profit oil | 0.26 | 0.23 | 0.31 |
+--------------------------------------------+---------+---------+---------+
|   |   |   |   |
+--------------------------------------------+---------+---------+---------+
| End of quarter stock inventory (mmbbls) | 0.9 | 0.3 | 0.2 |
+--------------------------------------------+---------+---------+---------+
| Dussafu | 0.4 | -0.5 | -0.2 |
+--------------------------------------------+---------+---------+---------+
| Golfinho | 0.5 | 0.8 | 0.4 |
+--------------------------------------------+---------+---------+---------+
|   |   |   |   |
+--------------------------------------------+---------+---------+---------+
| Average realised price (USD/bbl) | 62.2 | 68.5 | 72.6 |
+--------------------------------------------+---------+---------+---------+
| Dussafu | 59.8 | 67.7 | 72.5 |
+--------------------------------------------+---------+---------+---------+
| Golfinho | 68.8 | 72.6 | 73.5 |
+--------------------------------------------+---------+---------+---------+
|   |   |   |   |
+--------------------------------------------+---------+---------+---------+
| Operational costs(2 )in (USD/bbl) | 21.3 | 22.7 | 18.1 |
+--------------------------------------------+---------+---------+---------+
| Dussafu | 12.5 | 15.7 | 11.7 |
+--------------------------------------------+---------+---------+---------+
| Golfinho | 93.8 | 44.8 | 45.3 |
+--------------------------------------------+---------+---------+---------+

Reporting
The fourth quarter financial results are scheduled to be published on 5 February
at 07:00 CET. Management will host a webcast presentation later the same day at
14:00 CET, followed by a live Q&A session. The webcast will be available at
www.bwenergy.no.

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

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

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