BW Energy: Mandatory Notification of Trade - Exercise of existing Restricted Share Units (RSUs)

Mandatory Notification of Trade - Exercise of existing Restricted Share Units (RSUs)

Under BW Energy Limited's ("BW Energy" or the "Company") Long Term Incentive Program (LTIP), 71,721 RSUs from the prior years' grants have been vested and exercised. In accordance with the terms and conditions of the RSUs, the Board of Directors has decided to settle the RSUs by issuing shares to the RSU holders. Each RSU gives a right to acquire one share in the Company at a subscription price equal to the nominal value of the shares, being USD 0.01.

The settlement of RSUs and the total number of RSUs, options and shares held by the relevant primary insiders following the exercise are as set out below:

• Carl K. Arnet, Chief Executive Officer has exercised 43,167 RSUs and received 43,167 shares. Following this, Mr. Arnet controls 3,959,177 shares in the Company and holds 0 RSUs and 2,800,000 options.
• Thomas Kolanski, Chief Commercial Officer has exercised 14,277 RSUs and received 14,277 shares. Following this, Mr. Kolanski controls 15,150 shares in the Company and holds 0 RSUs and 596,500 options.
• Thomas Young, Chief Strategy Officer has exercised 14,277 RSUs and received 14,277 shares. Following this, Mr. Young controls 52,162 shares in the Company and holds 0 RSUs and 596,500 options.

Following this settlement, BW Energy has a total of 0 outstanding RSUs and 5,820,400 options.

For further information, please contact:

Brice Morlot, CFO BW Energy,

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, a 95% interest in the Maromba field in Brazil, and a 95% interest in the Kudu field in Namibia, all operated by BW Energy. In addition, BW Energy holds approximately 6.6% of the common shares in Reconnaissance Energy Africa Ltd. and a 20% non-operating interest in the onshore Petroleum Exploration License 73 ("PEL 73") in Namibia. Total net 2P+2C reserves and resources were 580 million barrels of oil equivalent at the start of 2024.

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

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