Fourth quarter 2024 Presentation

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

31 January 2025

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Q4 Highlights

Record quarterly EBITDA

32% increase in net production

Dussafu net quarterly production at all-time-high 2.5 mmbbls,

Currently producing over 40,000 bbls/day gross at Dussafu

Q4 Key figures1

Net Production 33.6k bopd		Revenue \$233.4M		OPEX / BBL \$25.6
Up 32% from Q3 24	Up 107% from Q4 23	Up 8% from Q3 24	Down 6% from Q4 23	Down 13% from Q3 24	Down 28% from Q4 23
EBITDA \$141.6M		Net Profit \$56.8M		Operating Cash Flow \$117.7M
Up 9% from Q3 24	Up 6% from Q4 23	Up 18% from Q3 24	Down 29% from Q4 23	Down 19% from Q3 24	Up 18% from Q4 23
1) Preliminary and unaudited figures.

Full-year Key figures1

Net Production	Revenue	OPEX / BBL
10.1M bbls	\$795.2M	\$30.1
Up 69%	Up 57%	Down 16%
from 2023	from 2023	from 2023

EBITDA	Net Profit	Operating Cash Flow
\$457.4M	\$165.9M	\$347.6M

New wells and ESP change-outs positively impacting production

2025 guidance

Net production1

Total 11–12 mmbbls

Operating cost2

USD 18–22 per barrel

Net Capex3

USD 260–285 million

G&A4

USD 19–22 million

1) Reflects net production from Dussafu (73.5% Working Interest) and Golfinho (100% WI)
2) Operating costs exclude Royalties, Tariffs, Workovers, Domestic Market Obligation purchases, Production Sharing costs in Gabon, and incorporates the impact of IFRS 16 adjustments.

3) Excluding Non-FID spend: Maromba and Golfinho Boosting 4) Incorporates the impact of IFRS 16 adjustments

Operations

Production update Net production

Dussafu net production ~2.5 mmbbls, up 36% from Q3 2024
- ‒ High operational uptime
- ‒ Two new wells brought online and production restart from three wells after workovers
- ‒ Operating cost1 reduced to USD ~18.5/bbl, below year-end 2024 target
Golfinho production of ~585,000 bbls, up 17% from Q3 2024
- ‒ Operating cost1 of USD 56.4/bbl
- ‒ Production impacted by Petrobras gas import pipeline maintenance shutdown resulting in only ESP wells producing
- ‒ Focus on optimisation of current production capacity and operating costs

kbbls/day

Zero-harm objective for people and environment

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

Field development

Maromba FID planned for Q1 2025

Wellhead platform design near completion
- ‒ Dry-tree concept
- ‒ Geotech campaign ongoing on site
FPSO refurbishment commenced
Long lead items will be ordered by end March 2025
Planned field delivery in Q3 2027
- ‒ Investment budget USD 1.2 bn
- ‒ Phase 1 targeting low-risk Maastrichtian barrels
- ‒ Target production of 50,000 bbls/day
Financing close to completion

Appraisal and exploration

Bourdon appraisal in Gabon – Q1 25

Drilling commenced in early 2025
Targeting risked gross recoverable reserves of ~30 mmboe1
Results expected during Q1

Kharas appraisal well in Namibia – Q3 25

Well located in northern portion of Kudu licence
Drilling program on track with 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

Seismic campaign over new Gabon acreage

Planning 3D seismic over Niosi Marin and Guduma Marin exploration blocks
BW Energy is operator1, holding 37.5% WI
Significant potential for infrastructure-led exploration
Adjacent to Dussafu Marin licence, covering a combined area of 4,918 km2

Financials

Income statement1

USD million
Income Statement	Q4 2024	Q3 2024	FY 2024	FY 2023
Operating revenue	237.2	206.8	795.2	500.3
Gain/(loss) from oil derivatives	(3.8)	8.6	0.0	7.0
Operating expenses	(91.8)	(85.4)	(337.8)	(266.3)
EBITDA	141.6	130.0	457.4	241.0
Depreciation and amortisation	(57.1)	(51.6)	(180.9)	(99.5)
Operating profit (EBIT)	84.5	78.4	276.5	141.1
Interest income	4.3	4.8	13.1	8.2
Interest expense	(16.4)	(10.8)	(35.7)	(8.3)
Other financial items	1.1	(7.2)	(23.9)	(18.5)
Profit before tax	73.6	65.3	230.1	122.5
Income tax expense	(16.7)	(17.3)	(64.2)	(41.5)
Net profit	56.8	48.0	165.9	81.0