Energy SpA - Investor Presentation 2020

BW Energy: Presentation material and update on Hibiscus/Ruche development plan

BW Energy is presenting at the Pareto Securities' Energy Conference today.

Please see the attached presentation.

The presentation references the progression of an alternative development plan

for Hibiscus/Ruche, utilising a converted jack-up instead of constructing and

installing a new wellhead platform. The conversion concept is expected to reduce

development capex, time to first oil and enable a substantial reduction to

field-development related climate gas emissions by re-using already existing

energy infrastructure.

The alternative development plan has the potential to lower the estimated cash-

break even oil price for the Hibiscus/Ruche (phase 1 and 2) development to

approximately USD 25 per barrel Brent. A final decision to restart the

Hibiscus/Ruche development is subject to lifting of COVID-19 restrictions to

allow for efficient project execution, currently expected towards year-end 2020.

The presentation also refers to the expected impact from completion of the

remaining two wells of the Tortue phase 2 development. These are currently

expected to be completed at end of Q2 2021, adding 8-9,000 gross bbls/day at

peak.

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 are 247 million barrels at the start of 2020 and gross average

production from Dussafu was 11.8 kbopd in 2019.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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