Bw Energy Ltd. — Earnings Release 2025

Jan 16, 2026

BW Energy: Q4 2025 operational update

BW Energy: Q4 2025 operational update

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.