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HIGHLIGHTS
- H1 2023 EBITDA of USD 57.8 million and net profit of USD 0.3 million
- H1 2023 gross production of 2.0 million barrels with 1.5 million barrels net
to the Company
- Operating cash flow of USD 71.3 million and cash position of USD 233 million
on 30 June
- Executed USD 100 million accordion on the existing Reserve Based Lending
(RBL) facility bringing the total to USD 300 million
- First oil from the Hibiscus / Ruche development achieved in early April 2023
- New gas lift compressor (GLC) on the FPSO BW Adolo which is now fully
operational following start-up in July.
“Dussafu gross production more than doubled in the second quarter vs. the
previous three months as we met key milestones on Hibiscus / Ruche development
with two wells producing at the end of the period. The positive momentum
continues into the second half with a third well in production and start-up of
the additional gas lift capacity to support out from the Tortue field in July.
We expect to deliver further growth in production and cash generation capacity
in the coming quarters as we complete the Dussafu drilling program and finalise
the field acquisitions in Brazil,” said Carl K. Arnet, the CEO of BW Energy.
Total revenues for the first half-year of 2023 amounted to USD 169.8 million, an
increase of USD 46.6 million (H1 2022: USD 123.2 million). Net sold volumes in
the period were 1,700,000 barrels compared to 950,000 barrels in the first half
of 2022. Operating expenses were USD 112 million, an increase of USD 59.8
million (USD 52.2 million).
EBITDA for the period was USD 57.8 million (USD 71.0 million). The decrease in
EBITDA was largely due to lower realised oil price compared to the same period
in 2022, MaBoMo operations, and additional costs of approximately USD 15 million
related to the acquisition of the Golfinho and Camarupim clusters.
Total equity on 30 June 2023 was USD 616.2 million, an increase of USD 27.3
million (USD 588.9 million). Total available liquidity as of 30 June 2023
amounted to USD 233.5 million of which USD 43.5 million was reserved for debt
service.
Dussafu uptime was 85% in the first half of 2023 with gross production averaging
11,200 barrels of oil per day, equal to 2.0 million barrels. Production was
impacted by planned annual maintenance of FPSO BW Adolo in February, as well as
field development activities in association with Hibiscus / Ruche first oil. In
the first half of 2023, the Tortue field reached the milestone of 20 million
barrels produced since first oil in 2018. The new gas lift compressor
commissioning work continued through June with start-up in July.
The MaBoMo production facility received first hydrocarbons from the Hibiscus
field in early April. Well performance has been in line with expectations.
Dussafu combined production temporarily reached up to 30,000 barrels of oil per
day after the third Hibiscus well was brought online in July.
First half production cost (excluding royalties) was approximately USD 43 per
barrel. The higher production costs during the period were primarily due to
planned shutdowns and the Hibiscus / Ruche development activities that resulted
in lower production in the first quarter.
Please find attached the report for the first half of 2023 and the second-
quarter presentation.
CONFERENCE CALL/WEBCAST
BW Energy will today hold a conference call followed by a Q&A hosted by CEO Carl
K. Arnet, CFO Knut R. Sæthre and COO Lin G. Espey at 14:00 CEST.
Conference call information:
To dial in to the conference call where the first quarter results and Q&A will
be hosted, please dial in to one of the following numbers:
DK: +45 7876 8490
NO: +47 2195 6342
UK: +44 203 769 6819
US: +1 646-787-0157
SG: +65 3-1591097
FR: +33 1-81221259
Pin code for all countries: 980877
The presentation may also be followed via webcast on:
Viewer Registration • Q2 2023
Please note, that if you follow the webcast via the above URL, you will
experience a 30 second delay compared to the main conference call. The web page
works best in an updated browser - Chrome is recommended.
For further information, please contact:
Knut R. Sæthre, CFO BW Energy, +47 91 11 78 76, ir@bwenergy.no
(mailto: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
main assets are 73.5% of the producing Dussafu Marine Permit offshore Gabon, 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 428 million barrels of oil equivelants at the start of 2023.
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
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