Energy SpA

Earnings Release • Jan 17, 2025

BW Energy: Q4 2024 operational update

BW Energy: Q4 2024 operational update

Q4 2024 operational update

BW Energy will publish financial figures for Q4 2024 on Friday, 31 January

2025. The full audited annual report will be published on 26 February 2025.

Net production to BW Energy was 3.1 million barrels of oil (bbls) in Q4 2024,

equal to 33,600 bbls per day, from the Dussafu licence in Gabon (73.5% working

interest) and the Golfinho field (100% working interest) in Brazil. For the full

year, net production to BW Energy amounted to 10.0 mmbbls, in line with

guidance.

Volume (mmbbls) Q4 2024 Q3 2024

Net production 3.1 2.4

Dussafu 2.5 1.9

Golfinho 0.6 0.5

Net volume sold 3.2 2.5

Dussafu* 2.7 2.0

Golfinho 0.5 0.5

Average realised price (USD/bbl)

Dussafu 72.5 82.0

Golfinho 73.5 81.7

*Includes State Profit Oil and DMO deliveries

DUSSAFU

* Record quarterly production since inception

* Three liftings to BW Energy according to plan

* Operating cost (excluding royalties) of USD 18.5/bbl

* Net volume sold (basis for revenue recognition), included 97,500 bbls of DMO

deliveries and 311,429 bbls of state profit oil, with an under-lift position

of 248,700 bbls at period-end

* ESP replacement program completed as planned with eight producing Hibiscus /

Ruche wells from 2 January 2025 and gross production target of 40,000

bbls/day

* Two new wells brought online in Q4 (DHIBM-7H and DRM-3H), 3 workovers

completed (DHIBM-1H, DHIBM-4H, DHIBM-5H), and DHIBM-6H workover completed in

early January

* Takeover of BW Adolo FPSO operations ongoing with planned completion of

transition period in 1H 2025

GOLFINHO

* Inventory at period end of 440,500 bbls

* Operating cost (excluding royalties) of USD 56.4/bbl primarily due to lower

production

* Production impacted by planned shutdown of Petrobras gas plant restricting

gaslift capacity for ~40 days, with only ESP wells producing (~60% of full

potential)

* Full-year production availability of ~70% and ~81% excluding planned Q4

shutdown

HEDGING, LIQUIDITY AND DEBT

* Q4 net loss of USD 3.8 million from oil derivatives (USD 4.9 million

unrealised loss and USD 1.1 million realised gain)

* Period-end cash balance of USD 221 million vs. USD 209 million end-September

2024, with the change reflecting cash flow from operations, debt repayment,

and investments

* Period-end gross debt of USD 563 million includes MaBoMo lease, Dussafu RBL,

Golfinho prepayment facility, and bond debt

For further information, please contact:

Brice Morlot, CFO BW Energy, +33.7.81.11.41.16

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

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.