Energy SpA

Regulatory Filings • Oct 31, 2024

BW Energy: Final agreements signed for Niosi and Guduma Marin Exploration Blocks Offshore Gabon

BW Energy: Final agreements signed for Niosi and Guduma Marin Exploration Blocks Offshore Gabon

BW Energy: Final agreements signed for Niosi and Guduma Marin Exploration Blocks

Offshore Gabon

BW Energy is pleased to announce its signing of production sharing contracts

(PSCs) for the exploration blocks Niosi Marin and Guduma Marin (formerly named

G12-13 and H12-13) with Gabon's Petroleum Minister and Minister of Economy. BW

Energy holds 37.5% working interest and is the operator of the blocks, which

significantly expands the resource base for infrastructure-led exploration in

Gabon.

The blocks are adjacent to BW Energy's Dussafu Marin licence offshore southern

Gabon, covering a combined area of 4,918 km2.

"Most of the Niosi Marin and Guduma Marin acreage is within tie-back distance to

existing infrastructure, enabling fast-track, low-cost development of future

discoveries. We have proven our ability to create significant value in the

Dussafu licence, where we are close to completing the first phase of Hibiscus /

Ruche to bring production to nameplate capacity of 40,000 barrels per day. These

licence awards further underpin BW Energy's commitment to Gabon and clear

ambition of growing production and cash flow generation," said Carl K. Arnet,

the CEO of BW Energy.

VAALCO Energy (37.5%) and Panoro Energy (25%) are non-operating joint venture

partners in the PSCs, which have an eight-year exploration period with option to

extend for two additional years. The partners have committed to drilling one

well on Niosi Marin during the exploration period and intend to carry out a 3D

seismic acquisition campaign.

The consortium is uniquely positioned with BW Energy and Panoro Energy as joint

venture partners in the Dussafu PSC, and with VAALCO Energy as the operator of

the adjacent Etame PSC. Together, the partners will jointly implement safe,

efficient, and cost-effective operations whilst leveraging subsurface and

production learnings from Dussafu and Etame to accelerate value creation.

For further information, please contact:

Brice Morlot, CFO BW Energy, +33.7.81.11.41.16

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 Licence 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.