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IP - BW Energy: Company presentation Fearnley Securities Africa Focused E&P seminar - Attachment: BWE Africa E and P Seminar Madrid June 2025.pdf

Company: Bw Energy Ltd. Date: 2025-06-18 Language: English Register to download
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# **Fearnley Securities Africa Focused E&P Seminar**

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**Brice Morlot, CFO 18 June 2025**

## **Disclaimer**

This Presentation has been produced by BW Energy Limited exclusively for information purposes. This presentation may not be redistributed, in whole or in part, to any other person.

This document contains certain forward-looking statements relating to the business, financial performance and results of BW Energy and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of BW Energy or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of BW Energy or any of its parent or subsidiary undertakings or any such person's officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecas ted developments. BW Energy assumes no obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to our actual results.

No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, neither BW Energy nor any of its parent or subsidiary undertakings or any such person's officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document. Actual experience may differ, and those differences may be material.

By attending this Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of BW Energy and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the businesses of BW Energy. This presentation must be read in conjunction with the recent Financial Information and the disclosures therein.

This announcement is not an offer for sale or purchase of securities in the United States or any other country. The securities referred to herein have not been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be sold in the United States absent registration or pursuant to an exemption from registration under the U.S. Securities Act. BW Energy has not registered and does not intend to register its securities in the United States or to conduct a public offering of its securities in the United States. Any offer for sale or purchase of securities will be made by means of an offer document that may be obtained by certain qualified investors from BW Energy. Copies of this Presentation are not being made and may not be distributed or sent into the United States, Canada, Australia, Japan or any other jurisdiction in which such distribution would be unlawful or would require registration or other measures.

In any EEA Member State that has implemented Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market (together with any applicable implementing measures in any member State, the "Prospectus Regulation"), this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Regulation.

This Presentation is only directed at (a) persons who are outside the United Kingdom; or (b) investment professionals within the meaning of Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); or (c) persons falling within Article 49(2)(a) to (d) of the Order; or (d) persons to whom any invitation or inducement to engage in investment activity can be communicated in circumstances where Section 21(1) of the Financial Services and Markets Act 2000 does not apply.

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#### **Investment case**

#### **Fast-growing E&P company**

with differentiated strategy

#### **Diversified operated asset base**

Material reserves and resource potential in Gabon, Namibia and Brazil

#### **Industry-leading organic growth**

On track to produce net ~90 kbbls/day by end-2028

#### **Financial flexibility**

Robust capital structure supporting growth strategy

3 1) Net 2P reserves at 31 December 2024 (excluding Bourdon discovery) divided by 2024 net production to BW Energy

2) Per NSAI as of 31 December 2024 (gross) and market capitalisation 11 June 2025

3) Based on share price 11 June and recent analyst reports

#### **Q1 2025 production 36,000 bbls/day**

**R/P<sup>1</sup> ~23 years**

**EV / 2P reserves<sup>2</sup> \$5/bbl**

**P / NAV (analyst consensus)<sup>3</sup> ~0.65x**

# **Diversified asset base with material reserves**

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1) Annual Statement of Reserves 2024, excluding Bourdon discovery in March 2025 in Dussafu licence 4

2) Per NSAI as of 31 April 2022 (gross) based on 6 wells, management estimate based on new development concept with 12 wells is 123 mmboe

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# **Consistent growth, improving cost base**

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# **Strong Q1 2025 financial results**

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**Net Profit** USD million

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**EBITDA**

#### **Operating Cash Flow** USD million

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### **Accretive 2025 to date**

# **Bourdon discovery**

7

~7x growth in Dussafu reserves since inception

# **Golfinho Boost FID**

Incremental production, increased uptime and reduced OPEX

**Maromba FID**

Transformative project unlocking material value

# **Set to deliver industry-leading growth**

**Production outlook (net)** kbbls/day

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## **Dussafu - cornerstone asset with growing production and reserves**

#### **Q1 2025 net production<sup>1</sup> 28.7 kbbls/day**

10 10 1) BW Energy 73.5% working interest 2) Net 3) Management estimates, 56 mmboe in place **2P reserves + 2C resources<sup>2</sup> 123 mmboe**

**Net production since 2018 >28 mmboe**

**Working interest 73.5%**

# **Substantial Bourdon discovery in a prolific license**

- Adds ~2 years of reserve replacement
- Set to materially extend plateau production
- Good reservoir and fluid quality confirmed by two penetrations
- Planned deployment of *MaBoMo* sister-rig *Jasmine* with four initial producing wells
- Opening for further appraisal of nearby prospects

#### **Estimated recoverable reserves southeast of** *MaBoMo* **facility <sup>1</sup>**

**~25 mmbo**

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**Discovery located ~13 km west of FPSO** *BW Adolo* **and 9 km** 

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# **Continued strong development on Dussafu**

**~40,000 bbls/d gross production** Achieved FPSO nameplate capacity **USD 1 billion invested** Net CAPEX investment by BW Energy in Dussafu through Q1 2025 **11 of 12 wells** Successful exploration and appraisal wells drilled to date incl. recent discoveries of Hibiscus South and Bourdon **Deliveries to date Consistently growing reserves Next steps** 100 150 200 **Tortue** 4 wells **Tortue** 6 wells **+Ruche & Ruche NE +Hibiscus +Hibiscus South +Greater Hibiscus Appraisal +Bourdon discovery ~7x BW** *Adolo* **operation handover Hibiscus/Ruche Phase 2 Million barrels gross 2P reserves**

#### **Q1'25 OPEX ~USD 9.9/bbl<sup>1</sup>**

Halved from 2022 level pre-Hibiscus/Ruche Phase 1

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Synergies with Dussafu hub and local organization

- Short-cycle, low-cost wells to maintain plateau
- 4 producers tied-back to *MaBoMo*
- First oil Q3 2026 with ~3-month payback per well

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# **Significant potential remaining in Gabon**

- Multiple prospects in the Dussafu license
	- ‒ 6 of 7 appraisal/pilot wells to date confirming oil
- Recently awarded operatorships of adjacent Niosi Marin and Guduma Marin exploration blocks<sup>1</sup>
	- ‒ Large potential close to existing infrastructure enabling lowcost and low-risk developments
- Seismic campaign planned for Niosi Marin will include Northeast corner of Dussafu licence to improve imaging

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13 1) BW Energy operator with 37.5% working interest and VAALCO Energy (37.5%) and Panoro Energy (25%) are non-operating JV partners

# **Namibia**

# **Appraising Kudu potential**

- Shallow-water license in in the attractive Orange Basin
	- ‒ Proven gas field, 8 wells drilled
	- ‒ Recent 3D seismic indicates significant resource potential, also for oil
- Multiple major oil discoveries in adjacent licences highlights the potential
	- ‒ Water depths ranging from 1,200 to 3,000 meters
- Preparing to spud the Kharas appraisal well in H2 2025 in northwest corner of Kudu
	- ‒ Up-dip from nearby discoveries, ~650 meters water depth

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#### **Brazil**

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# **Golfinho projects to boost production, increase uptime and reduce OPEX**

#### **2024 net production ~2.6 mmboe**

## **2P+2C Reserves<sup>1</sup> 61 mmboe**

**Working interest 100%**

**Golfinho boost +3 kboepd from 2027**

17 1) Golfinho cluster also includes Camarupim, BM-ES-23, and Canapu fields with total net 2C resources of 85 mmboe

### **Transformative Maromba project unlocking material value**

#### **2P reserves<sup>1</sup> 123 mmboe**

**Plateau production target 60 kbbls/day**

**Targeted first oil End-2027** **IRR at USD 60/bbl >30%**

# **Summary**

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# **Balance sheet supporting execution of growth strategy**

| Total assets        | NIBD1                        |
|---------------------|------------------------------|
| \$2.1BN             | \$296M                       |
| Equity ratio<br>46% | NIBD1<br>/EBITDALTM<br>0.56x |

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20 1) NIBD (*MaBoMo* lease, Dussafu RBL, Golfinho prepayment facility and bond debt, less cash) / LTM EBITDA at 31 March 2025

# **Investment highlights**

#### **Fast-growing E&P company**

with differentiated strategy

#### **Diversified operated asset base**

Material reserves and resource potential

**Industry-leading organic growth** On track to produce net ~90 kbbls/day by end-2028

# **Robust capital structure and financial flexibility**

Balance sheet to execute growth strategy

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ir@bwenergy.no **www.bwenergy.no**

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