BW Energy – Mandatory Notifications of Trade and Disclosure of Shareholding

BW Energy – mandatory notifications of trade and disclosure of shareholding

Reference is made to the announcement published by BW Offshore Limited (“BW Offshore”) on 22 January 2024 regarding the sale of all of BW Offshore’s shares in BW Energy Limited (“BW Energy”) to BW Group Limited (“BW Group”).

As further described in the abovementioned announcement, BW Offshore has today, 22 January 2024, agreed to sell 58,111,461 BW Energy shares to BW Group at a price of NOK 32 per share. Completion of the transaction is expected to occur on or about 25 January 2024.

BW Group and BW Offshore are close associates to a primary insider in BW Energy and are therefore pursuant to the disclosure requirements in article 19 of the Regulation EU 596/2014 (the EU Market Abuse Regulation) and section 5-12 of the Norwegian Securities Trading Act required to disclose transactions made in securities in BW Energy. The primary insider is the chairman of the board of directors of BW Energy.

Please refer to the attached notification of trading for further details.

Disclosure of shareholding:

Following the purchase of 58,111,461 shares in BW Energy, BW Group’s shareholding in BW Energy has increased to 191,903,110 shares, representing an increase from approx. 51.86% to approx. 74.38% of the issued share capital and voting rights in BW Energy.

Following the sale of all its 58,111,461 shares in BW Energy, BW Offshore will reduce its shareholding from 22.52% to zero and will no longer own any shares or hold any voting rights in BW Energy. BW Offshore has indirect exposure to 353,425 shares in BW Energy through a total return swap agreement with expiry date 5 April 2024.

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 546 million barrels of oil equivalents at the start of 2023, when including the Golfinho Clusters.

This information is published in accordance with the disclosure requirements in Regulation EU 596/2014 (MAR) article 19, section 5-12 of the Norwegian Securities Trading Act, and the Oslo Rule Book II, as well as in accordance with Section 4-2 of the Norwegian Securities Trading Act.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

Attachments

• PDMR Appendix – Notification of trade by close associate – BW Offshore 19507839-1
• PDMR Appendix – Notification of trade by close associate – BW Energy 19507817-1