BW Energy: Q3 2024 trading update 

BW Energy: Q3 2024 trading update

BW Energy will publish financial figures for Q3 2024 on Friday, 15 November 2024. 

Net production to BW Energy was 2.4 million barrels of oil (bbls) in Q3 2024, equal to 25,570 bbls per day, from the Dussafu licence in Gabon (73.5% working interest) and the Golfinho field (100% working interest) in Brazil.    

DUSSAFU 

• Highest quarterly production since inception 

• Operating cost (excluding royalties) of USD 20.5/bbl 

• The net volume sold (basis for revenue recognition), included 195,000 bbls of DMO deliveries and 232,000 bbls of state profit oil, with an under-lift position of 391,500 bbls at period-end 

• The DHBSM-2H well on Hibiscus South was completed in July with the first conventional ESP (Electrical Submersible Pump) system 

• The DHIBM-3H well was worked over in early August with a conventional ESP 

• The DHIBM-7H well, on the northern flank of Hibiscus Main, started production utilizing a conventional ESP in early October and is performing to expectation 

• The DHBSM-1H ESP failed on 20 September, as the last of the defective generation, with change-out to a conventional ESP completed and production restarted mid-October  

• The ESP replacement program on track for completion by year-end and to reach gross production target of 40,000 bbls/day  

GOLFINHO 

• Inventory at period end of 340,700 bbls  

• Production cost (excluding royalties) of USD 63.3/bbl primarily due to lower production 

• Production impacted by a planned maintenance shutdown on the FPSO Cidade de Vitória. Production availability set to improve in Q4 following maintenance completion on one gas lift compressor, with full compressor capacity expected to be back in service in Q1 2025 

HEDGING, LIQUIDITY AND DEBT 

• Q3 expected gain from hedging of USD 8.6 million, all of which is unrealised.  

• Period-end cash balance of USD 209 million vs. USD 244 million end-June 2024, with the change reflecting cash flow from operations, debt repayment and investments including acquisition of shares in ReconAfrica. 

• Period-end gross debt of USD 556 includes MaBoMo lease, Dussafu RBL, Golfinho prepayment facility and bond debt. 

For further information, please contact:

Brice Morlot, CFO BW Energy, +33.7.81.11.41.16 

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, 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.