BW Energy: Golfinho transactions proceeds towards closing

Golfinho transactions proceeds towards closing

With reference to the stock exchange announcement published on 2 March 2023, BW Energy has today been informed that the work related to the Golfinho transactions can be restarted.

BW Energy will now continue to prepare for the closing of its acquisition of a 100% operated working interest (WI) in the Golfinho and Camarupim Clusters and 65% WI in the BM-ES-23 block from Petrobras, as well as taking over the FPSO Cidade de Vitoria from Saipem. This preparation work includes progressing relevant approvals from the Brazilian authorities, operational preparedness, field development planning and build-up of the local BW Energy organization. Closing the field transaction and FPSO takeover is subject to fulfilment or waiver of conditions precedent and the restart of the FPSO after upgrades required by ANP. The transactions are expected to close in the second quarter of 2023.

For further information, please contact:
Knut R. Sæthre, CFO BW Energy, +47 91 11 78 76 ir@bwenergy.no

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 main assets are 73.5% of the producing Dussafu Marine Permit offshore Gabon, 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 428 million barrels at the start of 2023.

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 Regine Andersen, Brand & Communication Specialist 16 March 2023.