Energy SpA - Earnings Release 2021

BW Energy: Oil discovery at Hibiscus North in the Dussafu licence offshore Gabon

BW Energy makes oil discovery at Hibiscus North in the Dussafu licence offshore

Gabon

BW Energy Limited is pleased to announce an oil discovery in the Hibiscus North

exploration well (DHBNM-1) in the Dussafu Block offshore Gabon. The well is

located approximately 6 km north-northeast of the Hibiscus discovery well DHIBM-

1 in approximately 115 metres of water depth. The well will be drilled to a

planned total depth of approximately 3500m.

It is expected that the discovery will add to the previously announced gross

discovered recoverable resource estimate for the block, which is currently

estimated to be approximately 105 million barrels gross. The Company announced

the spudding of the well on 28 July 2021.

During the drilling operations at Hibiscus North, the Gamba was encountered at a

depth of 2794m meters and encountered approximately 13.5m of oil-bearing

reservoir in the Upper Gamba sandstone. Determination of the overall hydrocarbon

column is pending open hole wireline logging operations which will be conducted

after drilling the well to the planned total depth.

The Borr Norve Jack-up is continuing drilling operations to intersect the

secondary targets for the exploration well in the deeper Dentale Formation.

After reaching total depth, logging operations and evaluation of the oil

discovery will be undertaken , which will be followed by the drilling of a side-

track to delineate the field.

The Dussafu Block is 850 square km. BW Energy is operator and holds 73.5%

interest in the Block. Panoro Energy holds 17.5% interest and the Gabonese Oil

Company holds 9%.

For further information, please contact:

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

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 were 242 million barrels at the start of 2021.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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