Energy SpA

Report Publication Announcement • Oct 22, 2024

BW Energy: Q3 2024 trading update 

BW Energy: Q3 2024 trading update

BW Energy: Q3 2024 trading update

BW Energy will publish financial figures for Q3 2024 on Friday, 15 November

Net production to BW Energy was 2.4 million barrels of oil (bbls) in Q3 2024,

equal to 25,570 bbls per day, from the Dussafu licence in Gabon (73.5% working

interest) and the Golfinho field (100% working interest) in Brazil.

Volume (mmbbls)  Q3 2024  Q2 2024

Net production    2.4  2.1

Dussafu    1.9  1.4

Golfinho    0.5  0.7

Net volume sold    2.5  1.9

Dussafu*    2.0  0.9

Golfinho    0.5  1.0

Average realised price (USD/bbl)

Dussafu    82.0  76.3

Golfinho    81.7  86.4

*Includes State Profit Oil and DMO deliveries

DUSSAFU

* Highest quarterly production since inception

* Operating cost (excluding royalties) of USD 20.5/bbl

* The net volume sold (basis for revenue recognition), included 195,000 bbls

of DMO deliveries and 232,000 bbls of state profit oil, with an under-lift

position of 391,500 bbls at period-end

* The DHBSM-2H well on Hibiscus South was completed in July with the first

conventional ESP (Electrical Submersible Pump) system

* The DHIBM-3H well was worked over in early August with a conventional ESP

* The DHIBM-7H well, on the northern flank of Hibiscus Main, started

production utilizing a conventional ESP in early October and is performing

to expectation

* The DHBSM-1H ESP failed on 20 September, as the last of the defective

generation, with change-out to a conventional ESP completed and production

restarted mid-October

* The ESP replacement program on track for completion by year-end and to reach

gross production target of 40,000 bbls/day

GOLFINHO

* Inventory at period end of 340,700 bbls

* Production cost (excluding royalties) of USD 63.3/bbl primarily due to lower

production

* Production impacted by a planned maintenance shutdown on the FPSO Cidade de

Vitória. Production availability set to improve in Q4 following maintenance

completion on one gas lift compressor, with full compressor capacity

expected to be back in service in Q1 2025

HEDGING, LIQUIDITY AND DEBT

* Q3 expected gain from hedging of USD 8.6 million, all of which is

unrealised.

* Period-end cash balance of USD 209 million vs. USD 244 million end-June

2024, with the change reflecting cash flow from operations, debt repayment

and investments including acquisition of shares in ReconAfrica.

* Period-end gross debt of USD 556 includes MaBoMo lease, Dussafu RBL,

Golfinho prepayment facility and bond debt.

For further information, please contact:

Brice Morlot, CFO BW Energy, +33.7.81.11.41.16

ir@bwenergy.no (mailto: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 License 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.