BW Energy: Appraisal confirms material Hibiscus field reserve increase

BW Energy: Appraisal confirms material Hibiscus field reserve increase

Reference is made to the stock exchange notice by BW Energy on 20 May 2024 announcing a substantial oil discovery on the northern flank of the Hibiscus field.

BW Energy has now concluded the drilling and the logging of the DHIBM-7P pilot well, confirming a substantial oil discovery with good reservoir quality and a material uplift to the Hibiscus area.

The Company’s preliminary evaluation indicates an increase in Hibiscus gross recoverable reserves (mid-case) of approximately 8 million barrels of oil to 12 million barrels of oil. The Company plans to complete the well as a development well later in 2024.

The DHIBM-7P pilot was drilled from the MaBoMo production platform to a total depth of 3,941 metres. The target area is located approximately 1.5 kilometres north-northwest of the MaBoMo and was drilled by the Borr Norve jack-up rig. Notably, the hydrocarbon column extends across the boundary between the Gamba and the underlying Dentale formation. This is the first example of a common Gamba-Dentale hydrocarbon accumulation in Hibiscus Field.

The current operation in Dussafu is to complete the development well (DHBSM-2H) in the northern flank of the Hibiscus South field that was recently successfully appraised.

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 Brazil, 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.