Energy SpA

Earnings Release • Aug 29, 2024

BW Energy: Second Quarter and First-Half 2024 Results

BW Energy: Second Quarter and First-Half 2024 Results

BW ENERGY: SECOND QUARTER AND FIRST-HALF 2024 RESULTS

HIGHLIGHTS

* Q2 2024 EBITDA of USD 75.9 million and net profit of USD 14.5 million

* H1 2024 EBITDA of USD 185.6 million and net profit of USD 61.9 million

* H1 2024 gross production of 5.7 million barrels with 4.6 million barrels net

to the Company

* Operating cash flow of USD 85.1 million and cash position of USD 244.2

million at 30 June

* First oil from Hibiscus South in early March, five months after initial

discovery

* Second Hibiscus South well confirms northern extension with good reservoir

quality

* 23 million additional barrels of reserves after successful drilling on

Hibiscus / Hibiscus South

* Signed USD 150 million gross sale and leaseback for MaBoMo production

facility

* Successfully issued USD 100 million of five-year senior unsecured bonds

* Golfinho prepayment facility extended and increased

"We continue to successfully add significant reserves in Gabon and fast-track

these to production through low-cost, low-risk developments, proving the

robustness of our phased development model and the significant potential in the

Dussafu licence. We are underway with the ESP replacement program, and the

production from the two first wells with conventional ESPs installed is highly

encouraging," said Carl K. Arnet, the CEO of BW Energy.?"In Brazil, we have

decided to postpone the Golfinho infill campaign due to increased subsea costs

and instead focus on maximising value creation potential in the existing asset

base."

BW Energy, operator of the Dussafu Marin licence in Gabon and the Golfinho

cluster offshore Brazil, reported EBITDA for the second quarter of 2024 of USD

75.9 million.

Total revenues for the first half-year of 2024 amounted to USD 346.2 million, an

increase of USD 176.4 million (H1 2023: USD 169.8 million). Net sold volumes in

the period were 3.7 million barrels (including 130,000 barrels of DMO

deliveries) compared to 1.7 million barrels in the first half of 2023. Operating

expenses were USD 160.6 million, an increase of USD 48.6 million (USD 112

million), primarily due to higher sales volumes.

EBITDA for the period was USD 185.6 million (USD 57.8 million). The increase in

EBITDA was largely due to increased production from the Tortue, Hibiscus and

Hibiscus South fields in the Dussafu licence (73.5% working interest), and the

Golfinho field (100% working interest) after assuming ownership in late August

Total equity at 30 June 2024 was USD 759.8 million (USD 616.2 million) and

equity ratio decreased to 38.4% (45.0%) due to an increase in total assets and

debt. Total available liquidity at 30 June 2024 amounted to USD 244.2 million

(USD 233.5 million) of which USD 30.3 million was reserved for debt service.

At Dussafu, FPSO BW Adolo uptime was 80.4% and MaBoMo uptime was 87.7% in the

first half of 2024, with net production averaging 16,900 barrels of oil per day,

equal to approximately 3.1 million barrels. Production was impacted by planned

annual maintenance of the FPSO BW Adolo and the MaBoMo production facility of

approximately 21 days in May and June (uptime was 97.3% for BW Adolo and 98.6%

for MaBoMo, when adjusting for the planned maintenance period), as well as the

continued issues with the ESPs (electrical submersible pumps) on the wells

producing to MaBoMo.

Total production net to BW Energy from Gabon and Brazil for 2024 is projected to

be between 10 and 11 million barrels, based on the current Hibiscus / Ruche

development plan and ESP work-over schedule. Full-year production cost

(excluding royalties) is expected to be USD 30 to 35 per barrel. Net capital

expenditures are expected to be approximately USD 350 million, factoring in the

investment in Dussufu following recent drilling success in Hibiscus,

investment in ReconAfrica and additional pre-FID studies on Maromba.

Please find attached the report for the first half of 2024 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 Brice Morlot 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:

Call-in information

Participants dial in numbers:

DK: +45 7876 8490

SE: +46 8 1241 0952

NO: +47 2195 6342

UK: +44 203 769 6819

US: +1 646-787-0157

Singapore: 65-3-1591097

France: 33-1-81221259

Pin code for all countries: 980877

The presentation may also be followed via webcast on:

https://events.webcast.no/viewer-registration/G1jDKWP1/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:

Brice Morlot, CFO BW Energy, +33.7.81.11.41.16

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 License 73 ("PEL 73") in Namibia. Total net 2P+2C reserves and

resources were 580 million barrels of oil equivalent at the start of 2024.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.