BW Energy: Starts production from Hibiscus South field five months after discovery

BW Energy: Starts production from Hibiscus South field five months after discovery

BW Energy is pleased to announce that production has safely started from the DHBSM-1H well in the Hibiscus South field on the Dussafu Licence offshore Gabon five months after the initial discovery was made in November 2023. Production performance from the well has been in line with expectations and is currently stabilised at approximately 5,000-6,000 barrels of oil per day.

The DHBSM-1H well was drilled as a horizontal well from the BW MaBoMo production facility to a total depth of 5,960 metres into Gamba sandstone reservoir. The well is located approximately 5 kilometres southwest of the MaBoMo in a separate accumulation with a deeper oil-water contact than the nearby Hibiscus Field. Following completion, the Borr Norve jackup has commenced drilling operations on the Ruche sidetrack well (DRM-3H ST1).

"We are very pleased with the safe and efficient execution of Hibiscus South fast-track development within a few months after making the initial discovery,” said Carl K. Arnet CEO of BW Energy. "This represents a material, low-cost and low-risk expansion of the Dussafu production and reserve base, demonstrating how our phased development strategy provides the flexibility to rapidly unlock significant value.”

The DHBSM-1H well is expected to recover 6.6 mmbbls from approximately 22 mmbbls oil in place, based on third party 2P estimates.

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 subject to the disclosure requirements pursuant to section5-12 of the Norwegian Securities Trading Act.