Energy SpA

BW Energy: Hibiscus South pilot well confirms hydrocarbons

BW Energy is pleased to announce that the DHBSM-2P pilot well confirms that the

Hibiscus South deposit extends into the northern part of the field with good

reservoir quality, increasing reserve estimates. The Company plans to complete

the well as a production well later in 2024.

The DHBSM-2P pilot was drilled from the MaBoMo production platform to a total

depth of 5,130 metres. The target area is located approximately 3.2 kilometres

west-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 25 metres of pay in an overall hydrocarbon

column of 35 metres in the Gamba formation.

The well data provides additional confirmation that the Hibiscus South structure

is a separate accumulation with a deeper oil-water contact than the nearby

Hibiscus Field. This will enable the Company to book additional reserves not

currently included in its annual statement of reserves and provide the

opportunity to drill one or more additional production wells from the MaBoMo

facility.

"We continue to increase the production and reserve base through low-cost and

low-risk development activity in line with BW Energy's strategy," said Carl K.

Arnet CEO of BW Energy. "The Hibiscus South pilot well is another confirmation

of the significant potential of the Dussafu licence which holds multiple

additional prospects."

Preliminary evaluation indicates gross recoverable reserves of 5 to 6 million

barrels of oil and approximately 14 million barrels of oil in place.

For further information, please contact:

Knut R. Sæthre, CFO BW Energy, +47 91 11 78 76 or [email protected]

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 subject to the disclosure requirements pursuant to Section

5-12 of the Norwegian Securities Trading Act.

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