Bw Energy Ltd. — Earnings Release 2025

Apr 15, 2025

BW Energy: Q1 2025 operational update

BW Energy: Q1 2025 operational update

Q1 2025 operational update

BW Energy will publish financial figures for Q1 2025 and host a presentation at

Hotel Continental, Oslo, on Monday, 5 May 2025.

Net production to BW Energy was 3.2 million barrels of oil (mmbbls) in Q1 2025,

equal to 36,000 bbls per day, from the Dussafu licence in Gabon (73.5% working

interest) and the Golfinho field (100% working interest) in Brazil.

Volume (mmbbls) Q1 2025 Q4 2024

Net Production 3.2 3.1

Dussafu 2.6 2.5

Golfinho 0.7 0.6

Net volume sold 3.7 3.2

Dussafu* 3.2 2.7

Golfinho 0.5 0.5

Average realised price (USD/bbl)

Dussafu 74.8 72.5

Golfinho 75.0 83.5

*Includes State Profit Oil and DMO deliveries

DUSSAFU

* Record quarterly production since inception

* Eight producing Hibiscus / Ruche wells, and all Tortue wells on-line

* Q1 production availability ~93% on FPSO BW Adolo, and ~99% on MaBoMo

* 3 liftings to BW Energy, 1 lifting to GOC / State according to plan

* Operating cost1 of USD 9.9/bbl

* Net volume sold (basis for revenue recognition), included 65,000 bbls of DMO

deliveries and 320,889 bbls of state profit oil, with an over-lift position

of 350,893 bbls at period-end

* Takeover of BW Adolo FPSO operations ongoing with planned completion of

transition period in Q2 2025

* Substantial oil discovery with good reservoir quality made on the Bourdon

prospect with initial data indicating the potential for establishing a new

development cluster with a production facility

GOLFINHO

* Inventory at period end of 597,750 bbls

* Operating cost1 of USD 42.2/bbl primarily due to increased production

* Production positively impacted by resumed gaslift after completion of

Petrobras maintenance

* Q1 production availability ~84% on FPSO Cidade de Vitória

* Final investment decision (FID) made 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

MAROMBA

* BW Energy expects to announce FID on the Maromba development project within

the next few weeks

HEDGING, LIQUIDITY AND DEBT

* Oil hedging: Q1 net loss of USD 0.9 million from oil derivatives (USD 2.1

million unrealised loss and USD 1.2 million realised gain)

* Period-end cash balance of USD 286 million vs. USD 221 million end-December

2024, with the change reflecting cash flow from operations, debt repayment

and investments

* Entered into a new and increased Dussafu RBL facility

Period-end gross debt of USD 583 million includes MaBoMo lease, Dussafu RBL,

Golfinho prepayment facility and bond debt

For further information, please contact:

Brice Morlot, CFO BW Energy

+33.7.81.11.41.16

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 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.

1) Operational costs exclude royalties, tariffs, workovers, domestic market

obligation purchases, production sharing costs in Gabon, and incorporates the

impact of IFRS 16 adjustments