Energy SpA - Regulatory Filings 2021

BW Energy: Result from Hibiscus North

Result from Hibiscus North

Reference is made to the stock exchange notice by BW Energy Limited on 24 August

2021 announcing an oil discovery at Hibiscus North in the Dussafu block offshore

Gabon.

BW Energy has now concluded the drilling and the logging of the exploration

well, Hibiscus North (DHBNM-1). The well is located in a separate structure,

approximately 6 km north-northeast of the Hibiscus discovery in 115 metres of

water depth. The well was drilled to a total depth of 3336 metres. During the

drilling operations at Hibiscus North, oil-bearing reservoir was encountered in

the Upper Gamba sandstone and in the deeper Dentale formation. Wireline logging

operations and fluid samplings showed lower volumes of hydrocarbons than

expected. Pending further analysis, the preliminary results indicate that the

field could be incorporated into future development planning with a possible tie

back to the Hibiscus Ruche development but with reserves below the lower end of

the pre-drill resource estimate of potential 10 to 40 million barrels of oil.

The existing Hibiscus 2P gross recoverable reserves of 46.1 million barrels

established by the Hibiscus well (DHIBM-1) and its appraisal sidetrack, drilled

in 2019, remain unaffected and will form the core of the upcoming Hibiscus/Ruche

development project. Planning for this next phase remains on track.

The Borr Norve Jack-up is now continuing to finalise drilling operations and the

well will then be plugged and abandoned.

The Dussafu Block is 850 square km. BW Energy is operator and holds 73.5%

interest in the Block. Panoro Energy holds 17.5% interest and the Gabonese Oil

Company holds 9%.

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 were 242 million barrels at the start of 2021.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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