Energy SpA

Investor Presentation • Nov 15, 2024

Third quarter 2024 Presentation

Carl K. Arnet, CEO Brice Morlot, CFO Lin Espey, COO

15 November 2024

Disclaimer

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This document contains certain forward-looking statements relating to the business, financial performance and results of BW Energy and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of BW Energy or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of BW Energy or any of its parent or subsidiary undertakings or any such person's officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. BW Energy assumes no obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to our actual results.

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Q3 Highlights

• Net production of 25,570 barrels per day, including planned Golfinho maintenance shutdown
• Dussafu gross quarterly production of 2.5 mmbbls highest since inception
• Currently producing over 40,000 bbls/day gross at Dussafu
• Operator of Niosi Marin and Guduma Marin Exploration Blocks offshore Gabon following PSC signature
• Q3 2024 EBITDA of USD 130.0 million with a net profit of USD 48.0 million
• 3 liftings totalling 2.5 mmbbls¹ net at average price of ~USD 82/bbl
• Record quarterly operational cash-flow of USD 144.9 million
• USD 209.8 million cash position

Third Quarter 2024 key figures

New wells and ESP change-outs positively impacting production

Zero-harm objective for people and environment

Minimising impact to environment

Working for local society

Strong governance framework

• One LTI recorded to date in 2024
• No environmental incidents to date in 2024
• Carrying out ESRS Double Materiality Assessment

Gabon

Dussafu production

• Q3 net production ~1.9 mmbbls, equal to ~20,150 bbls/day
  • ‒ High operational uptime on BW Adolo and MaBoMo following completion of planned maintenance in Q2
  • ‒ Two new wells started producing in Q3
• OPEX at USD ~20.5/bbl due to increased production
  • ‒ In line with year-end 2024 OPEX target

Dussafu net production kbbls/day

Nearing completion of the Hibiscus / Ruche phase 1 drilling campaign

• Two new wells on stream with conventional ESPs
  • ‒ DHBSM-2H on Hibiscus South in July
  • ‒ DHIBM-7H on northern flank of Hibiscus Main in early October
• ESP replacement program on track
  • ‒ DHIBM-3H (August), DHBSM-1H ESP (October) and DHIBM-4H (November)
  • ‒ 2 remaining Hibiscus wells to be completed by end of Q4
• Ruche well set for first oil in Q4
• Bourdon appraisal well with risked gross recoverable reserves of ~30 mmboe¹in early 2025

Expanding resource potential offshore Gabon

• PSCs signed for Niosi Marin and Guduma Marin exploration blocks
• BW Energy holds 37.5% WI and is operator¹
• Significant potential for infrastructure-led exploration
• Adjacent to BW Energy's Dussafu Marin licence, covering a combined area of 4,918 km2

Brazil

Golfinho production

• Production 498,900 bbls, equal to ~5,400 bbls / day due to annual FPSO maintenance
• Production cost (excluding royalties) averaged USD 63.3/bbl
• Production availability to improve in Q4 with maintenance completed on one gas-lift compressor
• Focus on optimisation of current production capacity and operating costs

Maromba development

• Accessing low-risk barrels in an oil rich area with multiple producing assets
• Progressing towards FID in early 2025, targeting first oil 36 months after FID. and short pay-back time
• Highly efficient concept with sustainable re-use of FPSO and a platform with dry trees and drilling capabilities
• Initial program of six wells with expected production of 50,000 bbls

Namibia

Kudu appraisal program progressing to plan

• Kharas first appraisal well location defined
• Long-lead items secured for H2 2025 drilling program
• Rig bids received, selection in progress
• Working closely with other operators in the Orange Basin to explore common use of available resources
• Kudu PSDM 3D seismic processing completed
• Progressing Kudu Gas to Power Field Development Plan

Q3 2024 financials

Income statement

USD million
Income Statement	Q3 2024	Q2 2024
Operating revenue	206.8	165.9
Gain/(Loss) from oil derivatives	8.6	(1.5)
Operating expenses	(85.4)	(88.5)
EBITDA	130.0	75.9
Depreciation and amortisation	(51.6)	(35.3)
Operating profit (EBIT)	78.4	40.5
Interest income	4.8	2.4
Interest expense	(10.8)	(5.6)
Other financial items	(7.2)	(6.5)
Profit before tax	65.3	30.9
Income tax expense	(17.3)	(16.4)
Net profit	48.0	14.5

Balance sheet

USD million
Assets	Q3 2024	Q2 2024
Property, plant and equipment	1,093.9	1,119.4
Right-of-use assets	111.3	95.8
Intangible assets	279.6	269.5
Other non-current assets	91.3	86.5
Inventories	55.4	58.3
Trade receivables and other current assets	78.3	105.2
Cash and cash equivalents	209.8	244.2
Total Assets	1,919.5	1,978.7

Equity and liabilities	Q3 2024	Q2 2024
Equity	805.4	759.8
Interest-bearing debt	556.0	589.2
Deferred tax liabilities	12.7	12.3
Asset retirement obligations	171.0	229.6
Lease liabilities	142.3	130.0
Trade and other payables	200.1	205.8
Tax liabilities	0.4	3.7
Other liabilities	31.6	48.4
Total Equity and liabilities	1,919.5	1,978.7

Cash flow overview Q3 2024

Net lifting schedule and hedging

Dussafu

• ‒ Q3: 2 liftings
  • Jul: 796,000 bbls at USD 83/bbl
  • Aug: 779,700 bbls at USD 80/bbl
• ‒ Q4: 3 planned liftings
  • Oct Dec: ~767,000 bbls each

Golfinho

• ‒ Q3: 1 lifting
  • Aug: 487,000 bbls at USD 81/bbl
• ‒ Q4: 1 planned lifting
  • Nov: ~500,000 bbls

Hedging

• ‒ 4.9 mmbls hedged for 2024, 2025 and 2026
  • Combination of puts, zero cost collars and swaps

Quarterly liftings schedule to BW Energy

Summary

2024 guidance

Net production1	Total 10 – 11 million barrels	On track
Production cost	USD 30 – 32 per barrel	Lower Opex / bbl primarily due to higher production
Net Capex	USD ~350 million	On track
G&A	USD ~25 million	On track

Increased diversification and step-change in production

Production	Complete ESP program on Dussafu • Optimising Golfinho production from existing wells •
Exploration & Appraisal	Drill Bourdon appraisal well • Kudu drilling program sanctioned • Prepare for Niosi / Guduma well and planned 3D seismic •
Development	Completing Maromba development plan • Progress Kudu gas-to-power Field Development Plan •
Corporate	Boosting operational cash flow • Complete Maromba financing •

Q&A

ir@bwenergy.no www.bwenergy.no

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