Energy SpA — Earnings Release 2021

Apr 30, 2021

BW Energy: Q1 2021 trading update

BW Energy: Q1 2021 trading update

Q1 2021 trading update

BW Energy today provides an update on the operation and development of the

Dussafu Marin license in Gabon. The Company will publish its financial report

for the first quarter on Thursday, 20 May 2021.

Gross production from the Tortue field averaged approximately 13,600 barrels of

oil per day in the first quarter of 2021, amounting to a total gross production

of 1.22 million barrels of oil for the period.

BW Energy completed one lifting in the quarter and realised an average price

of USD 66.7 per barrel. Production cost (excluding royalties) was approximately

USD 23 per barrel. This includes approximately USD 1.0 million of additional

costs related to the continued handling of the COVID-19 pandemic through the

period.

BW Energy's share of gross production was approximately 900,000 barrels of oil.

Net sold volume, which is the basis for revenue recognition in the financial

statement, was 650,000 barrels including approximately 97,000 barrels of

quarterly Domestic Market Obligation (DMO) deliveries, resulting in an under-

lift position of around 156,000 barrels at the end of the period.

BW Energy had a cash balance of USD 185 million at 31 March 2021, compared to

USD 120 million at 31 December 2020. The increase is mainly due to the capital

raise of USD 75 million in January 2021. The company is well capitalised for the

upcoming investment activities with a robust balance sheet and no external debt.

In April, one subsequent lifting of 666,000 barrels was completed to BW Energy

and JV partners. The next lifting is scheduled to take place in June.

The drilling of the Hibiscus Extension appraisal well (DHIBM-2) started about

two weeks ago. Drilling activities are progressing as planned. The vertical well

is designed to test the northern extension of the Gamba reservoir of the

Hibiscus field, discovered in 2019. The Company will give a more detailed

presentation of the ongoing drilling campaign at the upcoming Q1 2021

presentation.

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 were 242 million barrels at the start of 2021.