Bw Energy Ltd. — Earnings Release 2025

Aug 1, 2025

BW Energy: Second quarter and first half 2025 results 

BW Energy: Second quarter and first half 2025 results

BW Energy delivered strong operational performance in the first half of 2025,

driven by high production uptime, competitive cost levels, and a solid safety

record with zero lost time incidents. The Company's project portfolio continues

to advance, with final investment decisions taken on both the Maromba

development and the Golfinho Boost project. In addition, a substantial oil

discovery was made at the Bourdon prospect in the Dussafu area, further

expanding BW Energy's resource base. Backed by strong cash generation and a

resilient financial structure, BW Energy is well placed to drive growth and

create long-term shareholder value.

HIGHLIGHTS

Strong operational performance

* H1 2025 net production of 6.2 (4.6) million barrels, equal to 34.2 (25.4)

kbopd

* Operating cost1 of USD 18.3 (26.2) per barrel and zero lost time incidents

* Assumed operatorship of the BW Adolo FPSO

Successfully developing and increasing the resource base

* Final investment decision made on Maromba and Golfinho Boost projects

* Substantial oil discovery of 25 mmbbls in the Bourdon prospect

Robust financial results

* H1 2025 EBITDA of USD 281.1 (185.8) million and net profit of USD 109.7

(61.9) million

* Q2 2025 EBITDA of USD 99.0 million and net profit of USD 26.7 million

* Operating cash flow of USD 162.0 (85.1) million

* Cash position of USD 192.9 (244.2) million at 30 June

* New and upsized RBL facility up to USD 500 million

2025 guidance unchanged

* Production: 11-12 mmbbls (30-32 kbopd)

* Operating cost1: USD 18-22 per barrel

* CAPEX: USD 650-700 million

* G&A: USD 19-22 million

(Numbers in parenthesis refer to H1 2024)

1) Operating costs exclude royalties, tariffs, workovers, crude oil purchases

for domestic market obligations, production sharing costs in Gabon, and

incorporates the impact of IFRS 16 adjustments

Comment from the CEO of BW Energy, Carl Arnet:

"BW Energy delivered a strong first half of 2025, with production above the

upper end of our guidance range and operating costs at significantly more

competitive levels than in 2024. This reflects continued focus on safe,

efficient operations and disciplined cost management across the portfolio.

During the period, we moved key development projects into execution, marking an

important step forward in our growth strategy. The Maromba development in Brazil

is now underway and will be transformative for BW Energy, increasing production

to more than 90,000 barrels per day in 2028.

Furthermore, we strengthened our portfolio, confirming new resources at the

Bourdon prospect in the Dussafu licence. These are highly profitable barrels

that highlight our strategy of leveraging existing infrastructure and pursuing

fast?track developments to accelerate value creation.

Our financial foundation remains robust, with low leverage and strong underlying

cash generation. This gives us the resilience to navigate market volatility

while continuing to deliver growth and long?term value for our shareholders."

Please find attached the report for the first half of 2025 and the second

quarter presentation.

The report, presentation, excel data book and webcast will be available on:

www.bwenergy.no/investors/reports-and-presentations

(https://www.bwenergy.no/investors/reports-and-presentations)

CONFERENCE CALL/WEBCAST?

BW Energy will today hold a conference call followed by a Q&A hosted by CEO Carl

K. Arnet and CFO Brice Morlot at 14:00 CEST.?

The presentation may also be followed via webcast on:

https://events.webcast.no/viewer-registration/qQC1bQEB/register

Please note, that if you follow the webcast via the above URL, you will

experience a 30 second delay compared to the main conference call. The web page

works best in an updated browser - Chrome is recommended.

Conference call information:

To dial in to the conference call where the second quarter results and Q&A will

be hosted, please dial in to one of the following numbers:

Participants dial in numbers:

DK: +45 7876 8490

SE: +46 8 1241 0952

NO: +47 2195 6342

UK: +44 203 769 6819

US: +1 646-787-0157

Singapore: 65-3-1591097

France: 33-1-81221259

Conference code:?980877

For further information, please contact:

Martin Seland Simensen, VP Investor Relations

+47 416 92 087

Martin.simensen@bwenergy.no (mailto:Martin.simensen@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 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.