BW Energy: Hibiscus South pilot well confirms hydrocarbons

8 May 2024 – 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.