Presentation

BW Energy is an E&P company with assets in Gabon, Brazil and Namibia. The company was spun out of BW Offshore and listed as a separate entity on the Oslo Stock Exchange in February 2020. BW Offshore currently owns 38.8% of the outstanding shares while BW Group holds a direct 35.1% stake in the company. BW Energy currently has 83 mill bbl net of 2P reserves and 164 mill bbl net of 2C resources. The company has a market capitalization of USD 520m and cash position of USD 127m.

BW Energy holds a 73.5% working interest in the Dussafu block offshore Gabon. The block was acquired in April 2017, with no clear path to an FID. Only, 18 months later, BW Energy achieved first oil on the Tortue block, on time and budget. In addition, the company acquired the Maromba field in March 2019, where it holds a 95% interest and is the operator.

BW Energy will bring two additional wells on Tortue online in the first half of 2021, increasing production to >20,000 bpd in 2021. In addition, BW Energy is expected to drill another exploration well adjacent to the Hibiscus discovery, potentially increasing the est. oil in place by 3x and doubling BW Energy's reserves.