Energy SpA

Regulatory Filings • May 20, 2024

BW Energy: Substantial oil discovery made on the northern flank of the Hibiscus field

BW Energy: Substantial oil discovery made on the northern flank of the Hibiscus field

BW Energy: Substantial oil discovery made on the northern flank of the Hibiscus

field

BW Energy is pleased to announce a substantial oil discovery with good reservoir

quality in the DHIBM-7P pilot well drilled to appraise the northern flank of the

Hibiscus field. The Company plans to complete the well as a production well

later in 2024.

The DHIBM-7P pilot was drilled from the MaBoMo production platform to a total

depth of 3,941 metres. The target area is located approximately 1.5 kilometres

north-northwest of the MaBoMo and was drilled by the Borr Norve jack-up rig.

Evaluation of logging data, sample examination and formation pressure

measurements confirm approximately 24 metres of pay in an overall hydrocarbon

column of 37 metres. Notably, the hydrocarbon column extends across the boundary

between the Gamba and the underlying Dentale formation. This is the first

example of a common Gamba-Dentale hydrocarbon accumulation in Hibiscus Field.

"This is yet another confirmation of the significant potential of the Dussafu

licence, which BW Energy is rapidly unlocking through low-cost and low-risk

development activity," said Carl K. Arnet, CEO of BW Energy.

Preliminary evaluation indicates a notable increase in both the volume of oil in

place and gross recoverable reserves. As final data becomes available, technical

personnel will be engaged in updating the analysis for publication of the uplift

at a future date.

The next operation will be to place a production well (DHBSM-2H) in the northern

flank of the Hibiscus South field that was recently successfully appraised.

For further information, please contact:

Knut R. Sæthre, CFO BW Energy, +47 91 11 78 76 or 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 in, a 95% interest in the Maromba field in Brazil and a 95%

interest in the Kudu field in Namibia, all operated by BW Energy. Total net

2P+2C reserves and resources were 580 million barrels of oil equivalents at the

start of 2024.

This information is considered inside information pursuant to the EU Market

Abuse Regulation and is subject to the disclosure requirements pursuant to

Section 5-12 the Norwegian Securities Trading Act. This stock exchange release

was published by N. Saethre, 20 May 2024.