Core Insights - BW Energy is presenting at the Fearnley Securities Africa Focused E&P seminar in Madrid, Spain, highlighting its growth strategy in the oil and gas sector [1] Company Overview - BW Energy is a growth exploration and production (E&P) company with a strategy focused on low-risk phased developments targeting proven offshore oil and gas reservoirs [2] - The company has access to existing production facilities, which allows for reduced time to first oil and cash flow with lower investments compared to traditional offshore developments [2] Asset Portfolio - BW Energy holds a 73.5% interest in the producing Dussafu Marine licence offshore Gabon, a 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 [2] - The company also owns 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 [2] Reserves and Resources - Total net 2P+2C reserves and resources for BW Energy were reported at 599 million barrels of oil equivalent at the start of 2025 [2]

Group 1 - BW Energy has engaged Pareto Securities and Arctic Securities to arrange fixed income investor meetings for a potential new senior unsecured bond issue of USD 300 million with a five-year tenor [1] - The bond issue aims for general corporate purposes, and existing BWE01 bondholders will have the option to roll over their bonds into the new issue [1] - BW Group intends to subscribe USD 100 million in the new bond, including a rollover of USD 38.5 million from existing BWE01 bonds [2] Group 2 - CEO Carl Arnet plans to subscribe USD 2.5 million in the new bond, which includes a rollover of USD 2 million from his existing BWE01 bonds [2] - BW Energy is a growth exploration and production company focusing on proven offshore oil and gas reservoirs through low-risk phased developments [3] - The company holds significant interests in various offshore fields, including a 73.5% stake in the Dussafu Marine licence in Gabon and a 95% interest in the Maromba field in Brazil, with total net 2P+2C reserves and resources of 599 million barrels of oil equivalent at the start of 2025 [3]

BW Energy First quarter results 2025 HIGHLIGHTS Record Q1 EBITDA of USD 182.1 million, net profit of USD 83 million Operational cash-flow of USD 154.7 million in the quarter Q1 gross production of 4.2 mmbbls with 3.2 mmbbls net to BW Energy Highest quarterly production since inception from the Dussafu licence Maintained a strong balance sheet with cash position of USD 286.9 million Substantial oil discovery in the Bourdon prospect Maromba development FID unlocking path to more than doubling produc ...

Core Viewpoint - BW Energy has made a final investment decision (FID) for the Maromba field development offshore Brazil, targeting 500 million barrels of oil in place with first oil expected by the end of 2027 and a plateau production of 60,000 barrels per day, which will more than double the company's total net production by 2028 [1][3][9] Project Highlights - The Maromba development plan is optimized for cost efficiency, utilizing a repurposed jack-up platform and FPSO, similar to successful strategies applied in Gabon [3] - The project is expected to unlock significant shareholder value across various oil price scenarios [3] Development Concept - The development includes six initial horizontal production wells with dry-trees and artificial lift using downhole Electric Submersible Pumps (ESPs) [4] - The WHP will be installed in approximately 150 meters of water depth, facilitating future low-cost infill wells and additional drilling campaigns [4] FPSO and Infrastructure - The FPSO Maromba is currently undergoing refurbishment in China, with a storage capacity of 1 million barrels and a total liquid capacity of 100,000 barrels per day [5] - BW Energy has agreed to acquire a jack-up rig for USD 107.5 million, which will be converted for use as an integrated drilling and wellhead platform [6] Investment and Economics - Total investment for the Maromba project is expected to be around USD 1.5 billion, with USD 1 billion before first oil and an additional USD 500 million for subsequent drilling campaigns [7][8] - The project anticipates a competitive production cost of less than USD 10 per barrel over the first five years, with an estimated internal rate of return (IRR) exceeding 30% at an oil price of USD 60 per barrel [9] Financing - The development will be financed through existing cash, cash flow from operations, and various financing alternatives, including a USD 250 million shareholder loan facility from BW Group [10] Field Overview - The Maromba field is located 100 km off the Brazilian coast, with previous drilling indicating oil in eight out of nine wells drilled between 1980 and 2006 [11] - BW Energy acquired 100% ownership of Maromba in 2019 for USD 115 million, with a remaining payment of USD 85 million contingent on predefined milestones [11] Regulatory Process - BW Energy is following the approval process with Brazilian regulators and will proceed with contracting long-lead items and finalizing financing agreements [12]

Group 1 - BW Energy will release its Q1 2025 results on May 5 at 07:30 CEST, followed by a presentation at 09:30 CEST in Oslo, Norway [1] - The presentation will cover optimization and development projects in Brazil and will be hosted by key executives including the CEO and CFO [1] - BW Energy is a growth E&P company focusing on proven offshore oil and gas reservoirs with a strategy of low-risk phased developments [2] Group 2 - The company has significant interests in various fields, including 73.5% in the Dussafu Marine licence offshore Gabon and 95% in the Maromba field in Brazil [2] - Total net 2P+2C reserves and resources were reported at 599 million barrels of oil equivalent at the start of 2025 [2]

Core Viewpoint - BW Energy reported a net production of 3.2 million barrels of oil (mmbbls) in Q1 2025, reflecting a daily production rate of 36,000 bbls, with contributions from the Dussafu licence in Gabon and the Golfinho field in Brazil [1][2]. Production and Sales - Net production increased from 3.1 mmbbls in Q4 2024 to 3.2 mmbbls in Q1 2025, with Dussafu contributing 2.6 mmbbls and Golfinho contributing 0.7 mmbbls [2]. - Net volume sold rose to 3.7 mmbbls in Q1 2025 from 3.2 mmbbls in Q4 2024, with Dussafu sales at 3.2 mmbbls and Golfinho sales remaining steady at 0.5 mmbbls [2]. Financial Performance - The average realized price for Dussafu was USD 74.8 per barrel, up from USD 72.5 in Q4 2024, while Golfinho's price decreased from USD 83.5 to USD 75.0 per barrel [2]. - Operating costs were reported at USD 9.9 per barrel for Q1 2025, with a significant increase in production costs leading to an operating cost of USD 42.2 per barrel for another project [6]. Development Projects - BW Energy anticipates announcing the Final Investment Decision (FID) for the Maromba development project in the coming weeks [4]. - The FID for the Golfinho Boost project has been made, aiming to enhance uptime and add approximately 3,000 barrels per day of incremental oil production starting in 2027 [6]. Operational Highlights - The company achieved record quarterly production since inception, with production availability at approximately 93% on FPSO BW Adolo and 99% on MaBoMo [6]. - The company has a period-end cash balance of USD 286 million, an increase from USD 221 million at the end of December 2024, reflecting positive cash flow from operations and debt repayment [6]. Debt and Liquidity - BW Energy entered into a new and increased Dussafu Reserve-Based Lending (RBL) facility, with gross debt at USD 583 million, which includes various financing arrangements [7].

Core Viewpoint - BW Energy has made a final investment decision for the Golfinho Boost project in Brazil, which aims to enhance oil production and operational efficiency starting in 2027 [1][3]. Group 1: Project Details - The Golfinho Boost project is expected to add approximately 3,000 barrels per day of incremental oil production and increase recoverable reserves by about 12 million barrels [1][2]. - The total investment budget for the project is USD 107 million, which will be allocated to various efficiency-boosting measures including upgrades to subsea systems and reopening of shut-in wells [2]. Group 2: Strategic Importance - The project is part of BW Energy's strategy to strengthen its position in Brazil by enhancing production and operational independence, which is anticipated to unlock long-term value for the company and its stakeholders [3]. - The Golfinho field, located in the Espírito Santo Basin, has been producing since 2007 and is operated by BW Energy, which holds a 100% working interest following a recent acquisition [4]. Group 3: Future Communication - Further information regarding the Golfinho Boost project will be disclosed during the first quarter 2025 earnings release and presentation scheduled for May 5, 2025, in Oslo, Norway [5].