Bw Energy Ltd. — Capital/Financing Update 2025

Apr 14, 2025

BW Energy: Makes Final Investment Decision for the Golfinho Boost project in Brazil

BW Energy: Makes Final Investment Decision for the Golfinho Boost project in Brazil

BW Energy makes Final Investment Decision for the Golfinho Boost project in

Brazil

BW Energy is pleased to announce final investment decision (FID) for the

Golfinho Boost project, aiming to increase uptime, reduce operating expenses and

add approximately 3,000 barrels per day of incremental oil production from 2027

at the Golfinho field offshore Brazil.

The project includes multiple measures aimed at boosting production efficiency

and increasing recoverable reserves by approximately 12 million barrels. The

measures include upgrades to the subsea boosting system by replacing gas lift

with Electrical Submersible Pumps (ESPs) at the seabed, reopening of shut-in

wells, umbilicals replacement, improved field logistics and FPSO capacity

enhancements. The total investment budget is USD 107 million.

"BW Energy continues to strengthen its position in Brazil through targeted

measures on the Golfinho field to increase production, uptime and operational

independence. The planned low-risk enhancements to field assets and operations

offer very attractive returns and are expected to help unlock material long-term

value creation for the company and its stakeholders," said Carl K. Arnet, the

CEO of BW Energy.

The Golfinho field is in the Espírito Santo Basin with water depths between 800

and 1,700 metres. BW Energy is the operator with 100% working interest in the

Golfinho licence following the August 2023 acquisition of the Golfinho and

Camarupim Clusters. Hydrocarbons are produced to the FPSO Cidade de Vitória,

which BW Energy acquired and has operated since November 2023. The field has

been producing since 2007.

More information on the Golfinho Boost project will be shared in connection with

the first quarter 2025 earnings release and presentation to be held at Hotel

Continental in Oslo, Norway, on 5 May.

For further information, please contact:

Brice Morlot, CFO BW Energy, +33.7.81.11.41.16

ir@bwenergy.com (mailto:ir@bwenergy.com)

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 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 of the Norwegian Securities Trading Act.