Energy SpA — Earnings Release 2023

Aug 23, 2023

BW Energy: Second quarter and first-half 2023 results

BW Energy: Second quarter and first-half 2023 results

SECOND QUARTER AND FIRST-HALF 2023 RESULTS

HIGHLIGHTS

* H1 2023 EBITDA of USD 57.8 million and net profit of USD 0.3 million

* H1 2023 gross production of 2.0 million barrels with 1.5 million barrels net

to the Company

* Operating cash flow of USD 71.3 million and cash position of USD 233 million

on 30 June

* Executed USD 100 million accordion on the existing Reserve Based Lending

(RBL) facility bringing the total to USD 300 million

* First oil from the Hibiscus / Ruche development achieved in early April 2023

* New gas lift compressor (GLC) on the FPSO BW Adolo which is now fully

operational following start-up in July.

"Dussafu gross production more than doubled in the second quarter vs. the

previous three months as we met key milestones on Hibiscus / Ruche development

with two wells producing at the end of the period. The positive momentum

continues into the second half with a third well in production and start-up of

the additional gas lift capacity to support out from the Tortue field in July.

We expect to deliver further growth in production and cash generation capacity

in the coming quarters as we complete the Dussafu drilling program and finalise

the field acquisitions in Brazil," said Carl K. Arnet, the CEO of BW Energy.

Total revenues for the first half-year of 2023 amounted to USD 169.8 million, an

increase of USD 46.6 million (H1 2022: USD 123.2 million). Net sold volumes in

the period were 1,700,000 barrels compared to 950,000 barrels in the first half

of 2022. Operating expenses were USD 112 million, an increase of USD 59.8

million (USD 52.2 million).

EBITDA for the period was USD 57.8 million (USD 71.0 million). The decrease in

EBITDA was largely due to lower realised oil price compared to the same period

in 2022, MaBoMo operations, and additional costs of approximately USD 15 million

related to the acquisition of the Golfinho and Camarupim clusters.

Total equity on 30 June 2023 was USD 616.2 million, an increase of USD 27.3

million (USD 588.9 million).  Total available liquidity as of 30 June 2023

amounted to USD 233.5 million of which USD 43.5 million was reserved for debt

service.

Dussafu uptime was 85% in the first half of 2023 with gross production averaging

11,200 barrels of oil per day, equal to 2.0 million barrels. Production was

impacted by planned annual maintenance of FPSO BW Adolo in February, as well as

field development activities in association with Hibiscus / Ruche first oil. In

the first half of 2023, the Tortue field reached the milestone of 20 million

barrels produced since first oil in 2018. The new gas lift compressor

commissioning work continued through June with start-up in July.

The MaBoMo production facility received first hydrocarbons from the Hibiscus

field in early April. Well performance has been in line with expectations.

Dussafu combined production temporarily reached up to 30,000 barrels of oil per

day after the third Hibiscus well was brought online in July.

First half production cost (excluding royalties) was approximately USD 43 per

barrel. The higher production costs during the period were primarily due to

planned shutdowns and the Hibiscus / Ruche development activities that resulted

in lower production in the first quarter.

Please find attached the report for the first half of 2023 and the second-

quarter presentation.

CONFERENCE CALL/WEBCAST

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 first quarter results and Q&A will

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

DK: +45 7876 8490

NO: +47 2195 6342

UK: +44 203 769 6819

US: +1 646-787-0157

SG: +65 3-1591097

FR: +33 1-81221259

Pin code for all countries: 980877

The presentation may also be followed via webcast on:

https://events.webcast.no/viewer-registration/f626PpPM/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.

For further information, please contact:

Knut R. Sæthre, CFO BW Energy, +47 91 11 78 76, ir@bwenergy.no

(mailto: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

main assets are 73.5% of the producing Dussafu Marine Permit offshore Gabon, a

95% interest in the Maromba field in Brazil and a 95% interest in the Kudu field

in Namibia, all operated by BW Energy. Total net 2P+2C reserves and resources

were 428 million barrels of oil equivelants at the start of 2023.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.