BW Energy: Q4 2024 operational update

Operational Update - BW Energy will publish Q4 2024 financial figures on 31 January 2025 and the full audited annual report on 26 February 2025 [1] - Net production in Q4 2024 was 3.1 million barrels (33,600 bbls/day), with full-year production reaching 10.0 million barrels, in line with guidance [1] - Production came from the Dussafu licence in Gabon (73.5% working interest) and the Golfinho field in Brazil (100% working interest) [1] Production and Sales - Q4 2024 net production increased to 3.1 million barrels from 2.4 million barrels in Q3 2024 [2] - Dussafu production rose to 2.5 million barrels in Q4 from 1.9 million barrels in Q3, while Golfinho production increased to 0.6 million barrels from 0.5 million barrels [2] - Net volume sold in Q4 was 3.2 million barrels, up from 2.5 million barrels in Q3, with Dussafu accounting for 2.7 million barrels and Golfinho for 0.5 million barrels [2] - Average realised prices for Dussafu and Golfinho were USD 72.5/bbl and USD 73.5/bbl respectively, down from USD 82.0/bbl and USD 81.7/bbl in Q3 [2] Operational Highlights - Record quarterly production since inception, with three liftings completed as planned [5] - Operating cost (excluding royalties) was USD 18.5/bbl [5] - Net volume sold included 97,500 bbls of DMO deliveries and 311,429 bbls of state profit oil, with an under-lift position of 248,700 bbls at period-end [5] - ESP replacement program completed, with eight producing Hibiscus/Ruche wells from 2 January 2025 and a gross production target of 40,000 bbls/day [5] - Two new wells brought online in Q4, three workovers completed, and one workover completed in early January [5] - BW Adolo FPSO operations transition ongoing, with completion planned for 1H 2025 [5] - Inventory at period-end was 440,500 bbls [5] Financials and Liquidity - Q4 net loss from oil derivatives was USD 3.8 million, comprising a USD 4.9 million unrealised loss and a USD 1.1 million realised gain [8] - Period-end cash balance increased to USD 221 million from USD 209 million at end-September 2024, reflecting cash flow from operations, debt repayment, and investments [8] - Period-end gross debt stood at USD 563 million, including MaBoMo lease, Dussafu RBL, Golfinho prepayment facility, and bond debt [8] Company Overview - BW Energy is a growth E&P company with a strategy targeting proven offshore oil and gas reservoirs through low-risk phased developments [6] - The company has interests in multiple fields, including Dussafu (73.5%), Golfinho (100%), BM-ES-23 (76.5%), Maromba (95%), and Kudu (95%) [6] - Total net 2P+2C reserves and resources were 580 million barrels of oil equivalent at the start of 2024 [6]