BW Energy: Substantial oil discovery made on the northern flank of the Hibiscus field

BW Energy: Substantial oil discovery made on the northern flank of the Hibiscus field

BW Energy is pleased to announce a substantial oil discovery with good reservoir quality in the DHIBM-7P pilot well drilled to appraise the northern flank of the Hibiscus field. The Company plans to complete the well as a production 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. Evaluation of logging data, sample examination and formation pressure measurements confirm approximately 24 metres of pay in an overall hydrocarbon column of 37 metres. 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.

"This is yet another confirmation of the significant potential of the Dussafu licence, which BW Energy is rapidly unlocking through low-cost and low-risk development activity,” said Carl K. Arnet, CEO of BW Energy.

Preliminary evaluation indicates a notable increase in both the volume of oil in place and gross recoverable reserves. As final data becomes available, technical personnel will be engaged in updating the analysis for publication of the uplift at a future date.

The next operation will be to place a production 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, 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 considered inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This stock exchange release was published by N. Saethre, 20 May 2024.