Energy SpA — Earnings Release 2020

Aug 26, 2020

BW Energy: Second Quarter and First-Half 2020 Results

BW Energy: Second Quarter and First-Half 2020 Results

HIGHLIGHTS SECOND QUARTER

* EBITDA of USD 21.8 million for the second quarter and USD 36.5 million for

the first-half 2020

* Safeguarding people, operations and assets amid COVID-19 pandemic

* Deferred completion of Tortue Phase 2 wells DTM-6H and DTM-7H due to COVID-

19 restrictions to performance of work

* Q2 2020 gross production of 1.455 million barrels or ~16,000 bbls/day gross

* Strong cash position of USD 127.6 million

EBITDA for the second quarter of 2020 was USD 21.8 million, up from USD 14.8

million in the first quarter of 2020 due to increased oil sales and realised oil

price.

Dussafu daily operations continue to perform in line with expectations with four

wells (DTM-2H, DTM-3H, DTM-4H and DTM-5H) producing at a current rate of

approximately 18,000 bbls/day (gross) of oil to the FPSO BW Adolo.

Gross production from Tortue averaged 15,991 bbls/day for the second quarter of

2020 and total gross production was 1,455,230 bbls of oil. One lifting was

completed by BW Energy in the quarter realising an average price of about USD

41 per barrel. Production cost (excluding royalty) was USD 17 per barrel. The

Company sold 532,357 barrels of oil net in Q2 2020 compared to 427,647 barrels

net in Q1 2020.

"Our priorities are to keep people safe, maintain stable operations and ensure

financial robustness to pursue value-accretive growth opportunities," says Carl

K. Arnet, CEO of BW Energy. "We have responded decisively to changing market

conditions and challenges posed by the COVID-19 pandemic. At the same time, we

stand ready to resume activity on the Dussafu license as we further mature and

optimise development plans."

Total Dussafu production for 2020 is projected to be 15,000 - 16,000 barrels per

day (gross) based on four producing wells, compared to 11,800 barrels per day on

average in 2019. OPEX per barrel is expected to decrease to approximately USD

17-18 per barrel, compared to USD 21 per barrel on average for 2019. The

connection and completion of the last two Tortue wells (DTM-6H and DTM-7H) have

been deferred to early 2021 with first oil expected in Q2 2021. The Ruche

project will be reactivated as current COVID-19 challenges are resolved.

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

K. Arnet, CFO Knut R. Sæthre and COO Lin G. Espey at 14:00 CEST.

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:

Norway: +47 23 96 39 38

France: +33 170 750 737

Singapore: +65 64 08 57 68

United Kingdom: +44 333 3009 030

United States: +1 833 526 8397

You can also follow the presentation via webcast with supporting slides,

available on: https://bwe.eventcdn.net/2020q2/

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.

For further information, please contact:

Knut R. Sæthre, CFO BW Energy, +47 91 11 78 76

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 FPSOs to reduce time to first oil and cashflow

with lower investments than traditional offshore developments. The main assets

are 73.5% of the producing Dussafu Marine Permit offshore Gabon and a 95%

interest in the Maromba field in Brazil, both operated by the Company. Total net

2P+2C reserves are 247 million barrels at the start of 2020 and gross average

production from Dussafu was 11.8 kbopd in 2019.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.