BW Energy

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BW Energy: No subsequent offering

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES OF ANERICA (INCLUDING ITS TERRITORIES
AND POSSESSIONS, ANY STATE OF THE UNITED STATES OF AMERICA AND THE DISTRICT OF
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COLUMBIA) (THE “UNITED STATES”), AUSTRALIA, CANADA, THE HONG KONG SPECIAL
ADMINISTRATIVE REGION OF THE PEOPLE’S REPUBLIC OF CHINA OR JAPAN, OR ANY OTHER
JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE
UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE
SECURITIES DESCRIBED HEREIN.

Reference is made to the stock exchange notice by BW Energy Limited (“BW Energy”
or the “Company”) on 21 January 2021 announcing the successful completion of a
private placement or 23,690,000 new shares at a subscription price of NOK 27 per
share (the “Private Placement”), raising gross proceeds NOK 639,630,000 (app.
USD 75 million), and that the Company would consider to carry out a subsequent
offering of new shares (the “Subsequent Offering”), depending inter alia on the
development of the price development for the Company’s shares following the
Private Placement.

Following announcement of completion of the Private Placement, the Company’s
shares have traded on the Oslo Stock Exchange with significant trading volumes
at prices below the subscription price in the Private Placement. Accordingly,
any shareholder wishing to reduce the dilutive effect of the Private Placement
have had the opportunity to purchase shares in the Company in the market at
prices below what would have been the subscription price in the Subsequent
Offering. Hence, the Company has resolved not to proceed with the Subsequent
Offering.

For further information, please contact:

Knut R. Sæthre, CFO BW Energy, +47 91 11 78 76
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 FPSOs 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 and a 95%
interest in the Maromba field in Brazil, both operated by the Company. Total net
2P+2C reserves were 247 million barrels at the start of 2020.

Important Notices

This announcement is not and does not form a part of any offer to sell, or a
solicitation of an offer to purchase, any securities of the Company. The
distribution of this announcement and other information may be restricted by law
in certain jurisdictions. Copies of this announcement are not being made and may
not be distributed or sent into any jurisdiction in which such distribution
would be unlawful or would require registration or other measures. Persons into
whose possession this announcement or such other information should come are
required to inform themselves about and to observe any such restrictions.

The securities referred to in this announcement have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (the “Securities
Act”), and accordingly may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirements of
the Securities Act and in accordance with applicable U.S. state securities laws.
The Company does not intend to register any part of the offering or its
securities in the United States or to conduct a public offering of securities in
the United States. Any sale in the United States of the securities mentioned in
this announcement will be made solely to “qualified institutional buyers” as
defined in Rule 144A under the Securities Act.

In any EEA Member State, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the
Prospectus Regulation, i.e., only to investors who can receive the offer without
an approved prospectus in such EEA Member State. The expression “Prospectus
Regulation” means Regulation 2017/1129 as amended together with any applicable
implementing measures in any Member State.

This communication is only being distributed to and is only directed at persons
in the United Kingdom that are (i) investment professionals falling within
Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005, as amended (the “Order”) or (ii) high net worth entities,
and other persons to whom this announcement may lawfully be communicated,
falling within Article 49(2)(a) to (d) of the Order (all such persons together
being referred to as “relevant persons”). This communication must not be acted
on or relied on by persons who are not relevant persons. Any investment or
investment activity to which this communication relates is available only for
relevant persons and will be engaged in only with relevant persons. Persons
distributing this communication must satisfy themselves that it is lawful to do
so.

Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as “believe”, “expect”, “anticipate”,
“strategy”, “intends”, “estimate”, “will”, “may”, “continue”, “should” and
similar expressions. The forward-looking statements in this release are based
upon various assumptions, many of which are based, in turn, upon further
assumptions. Although the Company believes that these assumptions were
reasonable when made, these assumptions are inherently subject to significant
known and unknown risks, uncertainties, contingencies and other important
factors which are difficult or impossible to predict and are beyond its control.

Actual events may differ significantly from any anticipated development due to a
number of factors, including without limitation, changes in investment levels
and need for the Company’s services, changes in the general economic, political
and market conditions in the markets in which the Company operates, the
Company’s ability to attract, retain and motivate qualified personnel, changes
in the Company’s ability to engage in commercially acceptable acquisitions and
strategic investments, and changes in laws and regulation and the potential
impact of legal proceedings and actions. Such risks, uncertainties,
contingencies and other important factors could cause actual events to differ
materially from the expectations expressed or implied in this release by such
forward-looking statements. The Company does not provide any guarantees that the
assumptions underlying the forward-looking statements in this announcement are
free from errors nor does it accept any responsibility for the future accuracy
of the opinions expressed in this announcement or any obligation to update or
revise the statements in this announcement to reflect subsequent events. You
should not place undue reliance on the forward-looking statements in this
document.

The information, opinions and forward-looking statements contained in this
announcement speak only as at its date, and are subject to change without
notice. The Company does not undertake any obligation to review, update,
confirm, or to release publicly any revisions to any forward-looking statements
to reflect events that occur or circumstances that arise in relation to the
content of this announcement.

Neither of the Managers nor any of their respective affiliates makes any
representation as to the accuracy or completeness of this announcement and none
of them accepts any responsibility for the contents of this announcement or any
matters referred to herein.

This announcement is for information purposes only and is not to be relied upon
in substitution for the exercise of independent judgment. It is not intended as
investment advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy any securities or a
recommendation to buy or sell any securities in the Company. Neither the
Managers nor any of their respective affiliates accepts any liability arising
from the use of this announcement.

This information is subject of the disclosure requirements of section 5-12 of
the Norwegian Securities Trading Act.

Kilde

[TekBot]

BW Energy: Fourth Quarter and Full Year Results 2020

BW ENERGY FOURTH QUARTER AND FULL YEAR RESULTS 2020

HIGHLIGHTS
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• Q4 EBITDA of USD 28.3 million and year-end cash position of USD 120.6
  million
• Q4 gross production of 1.24 million barrels with 0.8 million barrels net to
  the Company
• Completed two liftings of 1.1 million barrels (net BWE) at a price of USD
  ~46.1 per barrel
• Preparing for drilling Hibiscus extension exploration and completion of
  Tortue phase 2 wells
• Progressing preparations for Hibiscus and Ruche development
• Full-year EBITDA of USD 87 million and gross production of 5.2 million
  barrels
• Successfully completed USD 75 million private placement in January 2021
• Managing and closely monitoring the COVID-19 pandemic and impact on
  operations

EBITDA for the fourth quarter of 2020 was USD 28.3 million, up from USD 22.2
million in the third quarter.

Dussafu production averaged approximately 13,500 barrels of oil per day from
four wells, amounting to a total gross production of 1.24 million barrels of
oil in the quarter. Two liftings were completed to BW Energy in the quarter,
realising an average price of approximately USD 46.15 per barrel. The latter
lifting was paid to the Company in January 2021. The Company sold 1.26 million
barrels of oil net in the quarter including approximately 162,.000 barrels of
fourth quarter DMO deliveries and an over-lift position of around 41,000 barrels
at period-end.

“We have resumed value-enhancing development activities on the Dussafu license
with preparations underway for an initial exploration well in the Hibiscus
Extension in the second quarter followed by completion of the remaining Tortue
Phase 2 wells,” says Carl K. Arnet, CEO of BW Energy. “At the same time, we are
progressing the Hibiscus/Ruche project and jack-up conversion which will reduce
investments, time to first oil and environmental footprint.”

Fourth quarter production cost (excluding royalties) was USD 22.7 per barrel,
including approximately USD 2.2 million of additional COVID-19 related costs. BW
Adolo had scheduled downtime of 11 days for annual maintenance and to comply
with Gabonese production allocations under OPEC quotas.

Total Dussafu production for 2021 is projected to be approximately 14,800 to
15,900 barrels per day gross, or between 5.2 to 5.8 million barrels in total for
the year, based on first oil from the remaining Tortue phase 2 at end of the
third or early in the fourth quarter. Full year production cost (excluding
royalties) is expected between USD 19 to 22 per barrel.

Full-year 2020 production averaged approximately 14,100 barrels of oil per day,
equalling a gross production of approximately 5.2 million barrels of oil. Full-
year EBITDA was USD 87 million.

Cash balance was USD 120.6 million at 31 December 2020, compared to USD 145
million at 30 September 2020. On 20 January 2021, BW Energy completed a private
placement raising gross proceeds of approximately USD 75 million, ensuring that
BW Energy has capital to deploy towards accretive projects and capture
significant value creation going forward. Free float after completion of the
private placement is approximately 71%. Following the private placement, BW
Offshore holds 35.2% and BW Group Limited 35.1% of BW Energy, respectively.

DEVELOPMENT PLANS
Execution of the Dussafu development plan is progressing with the recent award
of a drilling contract for one exploration well and one development well (DTM-
7H). Additionally, BW Energy holds an option for another exploration well
subject to the results of the drilling campaign. In November 2020, BW Energy
concluded on an alternative development plan for the Hibiscus/Ruche satellite
field reducing the capital investments by around USD 100 million by utilising a
converted jack-up as the offshore installation. The conversion project is
progressing with focus on structural engineering and yard selection.

The Maromba project continues to progress towards the environmental approval and
optimisation of the field development plan with respect to investment,
operational costs, and schedule. A final investment decision is planned by the
first quarter of 2022.

In January 2021, BW Energy announced a Farm-In and Carry Agreement with NAMCOR
to increase its working interest in the Kudu gas field to 95% line with
previously disclose intentions. BW Energy is continuing its efforts to develop
this resource commercially.

OUTLOOK
Key macro drivers have developed positively through the course of 2020 and into
2021 as societies have started vaccination programs and gain increased control
of the COVID-19 pandemic. Disciplined OPEC production cuts has supported the oil
price in the short-term, while oil demand is recovering with improvements in the
global economy. The exact degree of demand growth will rely on the pace of
global vaccine rollouts, easing of lockdowns and government economic stimuli
through 2021.

BW Energy expects to generate significant positive cash flow at current oil
price levels. With no debt, a solid capital base following the 2020 IPO and the
January 2021 capital raise, and access to a number of accretive investment
projects, the Company expects to create significant value for its stakeholders
going forward.

BW Energy remains focused on realising long-term value creation via its phased
development strategy targeting investments in high-return assets. The flexible
investment strategy has proven robust for a range of market scenarios and
positions the Company to address both short- and long-term opportunities to
drive cash flow and earnings.

BW Energy today published its annual report, comprising the sustainability
report, for the financial year ended 31 December 2020. BW Energy has also today
published the Board approved report on payments to governments and the annual
statement of reserves for the financial year 2020. Please find all reports and
the fourth-quarter earnings presentation attached. The reports are also
available at www.bwenergy.no/investors/reports-and-presentations
(http://www.bwenergy.no/investors/reports-and-presentations).

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 CET.

Conference call information:

To dial in to the conference call where the fourth quarter results and Q&A will
be hosted, please dial in to one of the following numbers:

Norway: +47 2350 0236
France: +33 170 750 735
Singapore: +65 6408 5767
UK: +44 3333 009 265
US: +1 833 8230 590

You can also follow the presentation via webcast with supporting slides,
available on:

https://streams.eventcdn.net/bwe/bw-energy-q4-2020-presentation/

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)

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

Kilde

[Bigblu]

Ja, nå 11 mnd etter sitter vi med fasiten som er nesten 70 dollar fatet allerede. Hvem skulle trodd det? Kan ikke skjønne annet enn at denne aksjen kan bli ganske spennende de neste 2-3 årene.

[TekBot]

Financial calendar

Financial calendar for BW Energy Limited

FINANCIAL YEAR 2021
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20.08.2021 - Half-yearly Report
14.05.2021 - Annual General Meeting

20.05.2021 - Quarterly Report - Q1
23.11.2021 - Quarterly Report - Q3
24.02.2022 - Quarterly Report - Q4

This information is published pursuant to the requirements set out in the Continuing obligations.

Kilde

[TekBot]

BW Energy: Re-start of Dussafu license drilling campaign offshore Gabon

Re-start of Dussafu license drilling campaign offshore Gabon

BW Energy Limited is pleased to announce the re-start of a three-well drilling
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campaign on the Dussafu license offshore Gabon consisting of two exploration
wells in the Hibiscus area and one production well on the Tortue field. The Borr
Norve jack-up rig has been contracted for the campaign.

The current campaign will start with the Hibiscus Extension appraisal well
(DHIBM-2) which is located about 56 km from the coast in 119 m water depth. The
well is planned as a vertical well to test the northern extension of the Gamba
reservoir of the already discovered Hibiscus field. If the well is found to be
hydrocarbon-bearing, one or two appraisal side-tracks may be drilled to further
delineate the field.

The appraisal well will provide new input to the ongoing Hibiscus/Ruche
development project, which is currently based on the already discovered 46.1
million barrels gross 2P reserve at Hibiscus and the 24.1 million barrels
discovered at Ruche and Ruche North East. The development project is planned to
consist of a converted jack-up rig tied back to the FPSO with 12 development
wells drilled in two phases, with first oil expected in Q1 2023. The additional
reserves at Hibiscus, if proven by DHIBM-2, may lead to relocation of the first
converted jack-up and the potential deployment of a second converted jack-up to
fully exploit the resources in this prolific area of Dussafu. The timing of the
first oil from the area would not be affected.

“We are excited to begin the next phase of exploration drilling on the Hibiscus
field. The Hibiscus Extension is our largest current prospect and has already
been de-risked by the nearby discovery from 2019 and subsequent 3D seismic work.
Working closely with the Government of Gabon and our license partners, we are
looking forward to unlocking the full potential from Hibiscus and continue our
development of the successful Tortue field through this drilling programme. The
company expects to generate material cash flow over the next decade from the
continued development of Dussafu and to deliver significant value to Gabon and
the license partnership” says Carl K. Arnet, the CEO of BW Energy.

Following the DHIBM-2 well, the rig will move to drill the horizontal production
well, DTM-7H, at the Tortue field. Once DTM-7H is completed and hooked up along
with the previously drilled DTM-6H well, this will complete the phase 2
development of Tortue and will bring the total number of producing wells at
Tortue to six wells.

The rig will subsequently move to drill the Hibiscus North prospect, located
approximately 6 km north-northeast of the DHIBM-1 well. Hibiscus North is a
separate prospect with estimated potential reserves of 10 to 40 million barrels
of oil which could further enhance the resource base of the Hibiscus/Ruche area.

For further information, please contact:
Knut R. Sæthre, CFO BW Energy, +47 91 11 78 76
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 FPSOs 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 and a 95%
interest in the Maromba field in Brazil, both operated by the Company. Total net
2P+2C reserves were 242 million barrels at the start of 2021.

This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act. This stock exchange announcement was
published by Una Holmen, Manager IR, BW Offshore on 19 April at 07.30 CET.

Kilde

[TekBot]

BW Energy: 2021 Annual General Meeting - Notice

2021 Annual General Meeting - Notice

Notice is hereby given that the 2021 Annual General Meeting of BW Energy Limited
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will be held at Washington Mall Phase 2, 4th Floor, Suite 400, 22 Church Street,
HM 1189, Hamilton HM EX, Bermuda, on 14 May 2021 at 5:00 p.m. (Bermuda time).

Please see the attached documents in relation to the Annual General Meeting:

1. Chairman’s Letter
2. Notice of the 2021 AGM, together with Appendix I of the Notice - Dividend
   Policy
3. Form of Proxy
4. Recommendations from the Nomination Committee

For further information, please contact:
Knut R. Sæthre, CFO, +47 91 11 78 76
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 FPSOs 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 and a 95%
interest in the Maromba field in Brazil, both operated by the Company. Total net
2P+2C reserves were 242 million barrels at the start of 2021.

This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act.

Kilde

[Dilli]

Børsmeldinger

07:30 Skjul BW Energy: Q1 2021 trading update

INNSIDEINFORMASJON

Q1 2021 trading updateBW Energy today provides an update on the operation and development of the Dussafu Marin license in Gabon. The Company will publish its financial report for the first quarter on Thursday, 20 May 2021.Gross production from the Tortue field averaged approximately 13,600 barrels of oil per day in the first quarter of 2021, amounting to a total gross production of 1.22 million barrels of oil for the period.BW Energy completed one lifting in the quarter and realised an average price of USD 66.7 per barrel. Production cost (excluding royalties) was approximately USD 23 per barrel. This includes approximately USD 1.0 million of additional costs related to the continued handling of the COVID-19 pandemic through the period.BW Energys share of gross production was approximately 900,000 barrels of oil. Net sold volume, which is the basis for revenue recognition in the financial statement, was 650,000 barrels including approximately 97,000 barrels of quarterly Domestic Market Obligation (DMO) deliveries, resulting in an under-lift position of around 156,000 barrels at the end of the period.BW Energy had a cash balance of USD 185 million at 31 March 2021, compared to USD 120 million at 31 December 2020. The increase is mainly due to the capital raise of USD 75 million in January 2021. The company is well capitalised for the upcoming investment activities with a robust balance sheet and no external debt.In April, one subsequent lifting of 666,000 barrels was completed to BW Energy and JV partners. The next lifting is scheduled to take place in June.The drilling of the Hibiscus Extension appraisal well (DHIBM-2) started about two weeks ago. Drilling activities are progressing as planned. The vertical well is designed to test the northern extension of the Gamba reservoir of the Hibiscus field, discovered in 2019. The Company will give a more detailed presentation of the ongoing drilling campaign at the upcoming Q1 2021 presentation.For further information, please contact:Knut R. Sæthre, CFO BW Energy, +47 91 11 78 76ir@bwenergy.noAbout 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 FPSOs 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 and a 95% interest in the Maromba field in Brazil, both operated by the Company. Total net 2P+2C reserves were 242 million barrels at the start of 2021.

[Bigblu]

Mulig kjempefunn på trappene

[TekBot]

BW Energy: Hibiscus Extension appraisal well encountered water in Gamba reservoir

Hibiscus Extension appraisal well encountered water in Gamba reservoir

BW Energy today provides an update on the drilling of the Hibiscus Extension
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appraisal well (DHIBM-2) in the Dussafu Marin license in Gabon.

The primary objective of the well was to test the northern extension of the
Gamba Sandstone reservoir of the Hibiscus field, discovered in 2019. Initial
findings indicate that the Gamba is water-bearing, instead of containing
hydrocarbons.

The Borr Norve Jack-up continues drilling operations to intersect the secondary
targets for the appraisal well in the deeper Dentale Formation. The data
acquired from the DHIBM-2 well will later be analysed and integrated into the
larger Dussafu model to further refine the extensive exploration prospect
inventory.

The existing Hibiscus 2P gross recoverable reserves of 46.1 million barrels
established by the DHIBM-1 well and its appraisal side-track, drilled in 2019,
remain unaffected and will form the core of the upcoming Hibiscus/Ruche
development project. Planning for this next phase remains on track.

Following the DHIBM-2 well, the rig will move to drill the horizontal production
well, DTM-7H, at the Tortue field. The rig will subsequently move to drill the
Hibiscus North prospect, located approximately 6 km north-northeast of the
DHIBM-1 well.

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 FPSOs 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 and a 95%
interest in the Maromba field in Brazil, both operated by the Company. Total net
2P+2C reserves were 242 million barrels at the start of 2021.

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 Una Holmen, Man IR, BW Offshore on 5 May at 20.00 CEST.

Kilde

[Bigblu]

Oh my god!
Mulig kjempefunn? (Av vann)
Hinter om oppdatering i løpet av uken.
Håper de fikk solgt seg ut på oppturen.

[Johan07]

sittet og sett BWE løpe fra meg de siste ukene, så stod valget mellom mer AKBP eller BWE idag, tok heldigvis AKBP. Ikke bra den haussingen av BWE i FA for noen dager siden.

[Kaisovski]

Nei det ser ekstremt pinlig ut nå.

[Johan07]

Triste greier, liker selskapet godt og tror det på lenger sikt blir en god investering.

[Hoven]

Tatt på sengen av oljesmell i Afrika: BW Energy-aksjen fortsatt tungt ned...

"Oljeaksjen ble sendt ned nær 20 prosent etter brønn-meldingen. Analytikerkorpset ventet et fall, men flere påpekte senere at raset var for stort basert på fundamentale forhold.

«Klar overreaksjon», skrev Sparebank 1 Markets-analytiker Teodor Sveen-Nilsen i en oppdatering.

Siden har ikke oljeaksjen hentet seg inn, men i stedet falt nye fem prosent. I underkant av to milliarder kroner i aksjonærverdier er barbert bort." Sitat slutt.

"Aksjonær Mølsæter omtaler aksjen som «billig».

– Selskapet sitter med netto cash og er i ferd med å øke produksjonen sin betraktelig de neste årene. I 2023 vil de ha en P/E på 4-5x med en oljepris på 60 dollar. Analytikerne har en NAV (verdijustert egenkapital, journ.anm.) på 35-55 kroner per aksje uten denne brønnen. Hvis BW Energy øker produksjonen sin som ventet, vil NAV øke siden analytikerne har risket reservene som ikke er i produksjon. Det vil si at når selskapet annonserer produksjonsøkning så blir det automatisk kurstrigger, skriver forvalteren."

[TekBot]

BW Energy: Annual General meeting 2021 - Minutes

Annual General meeting 2021 - Minutes

The Annual General Meeting 2021 of BW Energy Limited was held today. Please see
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the attached document for the minutes of the meeting.

For further information, please contact:
Knut R. Sæthre, CFO BW Energy, +47 91 11 78 76
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 FPSOs 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 and a 95%
interest in the Maromba field in Brazil, both operated by the Company. Total net
2P+2C reserves were 242 million barrels at the start of 2021.

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

Kilde

[TekBot]

BW Energy: First Quarter Results 2021

HIGHLIGHTS

• Q1 EBITDA of USD 33.2 million and net profit of USD 7.8 million
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• Maintained a strong balance sheet with no debt and cash position of USD
  184.8 million
• Q1 gross production of 1.22 million barrels with 0.8 million barrels sold to
  the Company
• Completed one lifting of 0.65 million barrels (net BWE) at a price of USD
  66.7 per barrel
• Jack-up rig soon on location to drill the DTM-7H horizontal production well
  at the Tortue field
• Progressing preparations for Hibiscus/Ruche development with reduced CAPEX
  and time to first oil
• Managing and monitoring the COVID-19 pandemic and its impact on operations

EBITDA FOR THE FIRST QUARTER OF 2021 WAS 33.2 USD MILLION, UP FROM USD 28.3
MILLION IN THE FOURTH QUARTER 2020, MAINLY DUE TO A HIGHER REALISED OIL PRICE.

DUSSAFU PRODUCTION AVERAGED APPROXIMATELY 13,600 BARRELS OF OIL PER DAY FROM
FOUR WELLS, AMOUNTING TO A TOTAL GROSS PRODUCTION OF 1.22 MILLION BARRELS OF OIL
IN THE QUARTER. ONE LIFTING WAS COMPLETED TO BW ENERGY IN THE QUARTER, REALISING
AN AVERAGE PRICE OF USD 66.7 PER BARREL. PAYMENT FOR THE LIFTING WAS RECEIVED IN
APRIL 2021. THE COMPANY SOLD 0.8 MILLION BARRELS OF OIL NET IN THE QUARTER
INCLUDING APPROXIMATELY 97,000 BARRELS OF FIRST QUARTER DMO DELIVERIES AND AN
UNDER-LIFT POSITION OF AROUND 156,000 BARRELS AT PERIOD-END.

“WE ARE FULLY FOCUSED ON OUR VALUE-ENHANCING ACTIVITIES ON THE DUSSAFU MARIN
LICENSE LED NEAR TERM BY THE COMPLETION OF THE TORTUE PHASE 2 DEVELOPMENT WELLS
AND THE PROGRESSION OF THE HIBISCUS-RUCHE DEVELOPMENT PROJECT INCLUDING THE
SIGNIFICANT COST REDUCTIONS ENABLED BY THE JACK-UP RIG CONVERSION”, COMMENTED
CARL K. ARNET, CEO OF BW ENERGY. “WE ARE DISAPPOINTED THAT THE HIBISCUS
EXTENSION APPRAISAL WELL WAS UNSUCCESSFUL, BUT WE HAVE GATHERED VALUABLE DATA TO
REFINE OUR SUBSURFACE MODELS. THE KNOWLEDGE GAINED ALLOWS US TO FURTHER HIGH-
GRADE OUR EXTENSIVE INVENTORY OF ATTRACTIVE EXPLORATION PROSPECTS WITH HIBISCUS
NORTH BEING THE FIRST IN LINE FOR DRILLING LATER THIS YEAR.”

FIRST QUARTER PRODUCTION COST (EXCLUDING ROYALTIES) WAS USD 23 PER BARREL,
INCLUDING APPROXIMATELY USD 1.0 MILLION OF ADDITIONAL COVID-19 RELATED COSTS. BW
ADOLO HAD A SIX-DAY SCHEDULED MAINTENANCE SHUTDOWN IN MAY, WHICH WILL IMPACT THE
SECOND QUARTER PRODUCTION.

TOTAL DUSSAFU PRODUCTION FOR 2021 IS PROJECTED TO BE APPROXIMATELY 12,900 TO
15,600 BARRELS PER DAY GROSS, OR BETWEEN 4.7 TO 5.7 MILLION BARRELS IN TOTAL FOR
THE YEAR, BASED ON FIRST OIL FROM THE REMAINING TORTUE PHASE 2 AT END OF THE
THIRD OR EARLY IN THE FOURTH QUARTER. FULL YEAR PRODUCTION COST (EXCLUDING
ROYALTIES) IS EXPECTED BETWEEN USD 21 TO 24 PER BARREL. THE CONTINUING COVID-19
PANDEMIC HAS SO FAR NOT IMPACTED DAY TO DAY OPERATIONS BUT IT IS AFFECTING
PLANNED MODIFICATION WORK TO AMONG OTHERS THE GAS LIFT SYSTEM, AND COULD
POTENTIALLY ALSO INFLUENCE THE HOOK-UP OF THE LAST TWO TORTUE PHASE 2 WELLS. AS
A CONSEQUENCE, THE UNCERTAINTY IN OUR PRODUCTION FORECAST HAS INCREASED.

CASH BALANCE WAS USD 184.8 MILLION AT 31 MARCH 2021, COMPARED TO USD 120 MILLION
AT 31 DECEMBER 2020. ON 20 JANUARY 2021, BW ENERGY COMPLETED A PRIVATE PLACEMENT
RAISING GROSS PROCEEDS OF APPROXIMATELY USD 75 MILLION, ENSURING THAT BW ENERGY
HAS CAPITAL TO DEPLOY TOWARDS ACCRETIVE PROJECTS AND CAPTURE SIGNIFICANT VALUE
CREATION GOING FORWARD.

DEVELOPMENT PLANS
THE HIBISCUS EXTENSION APPRAISAL WELL, DHIBM-2, HAD THE PRIMARY OBJECTIVE OF
TESTING THE NORTH-WESTERN EXTENSION OF THE GAMBA SANDSTONE RESERVOIR OF THE
HIBISCUS FIELD, DISCOVERED IN 2019. THE WELL RESULTS PROVED TO BE MORE
REPRESENTATIVE OF AN EARLIER SEISMIC INTERPRETATION REFERRED TO AS THE MUPALE
PROSPECT, WITH THE OUTCOME DEMONSTRATING A STRUCTURAL SEPARATION BETWEEN THE TWO
AREAS WITH NO INDICATIONS OF HYDROCARBONS IN THE GAMBA OR IN THE SECONDARY
TARGETS IN THE DEEPER DENTALE FORMATION. THE DATA ACQUIRED FROM THE DHIBM-2 WELL
WILL NOW BE ANALYSED AND INTEGRATED INTO THE LARGER DUSSAFU MARIN MODEL. THE
WELL WAS DRILLED TO A TOTAL DEPTH OF 3,536M AND WAS THEN PLUGGED AND ABANDONED.

THE EXISTING HIBISCUS 2P GROSS RECOVERABLE RESERVES OF 46.1 MILLION BARRELS
ESTABLISHED BY THE DHIBM-1 WELL, AND ITS APPRAISAL SIDE-TRACK DRILLED IN 2019,
ARE NOT AFFECTED AND REMAIN THE BASIS FOR THE ONGOING HIBISCUS/RUCHE DEVELOPMENT
PROJECT.

FOLLOWING THE DHIBM-2 WELL, THE RIG MOVED TO DRILL THE HORIZONTAL PRODUCTION
WELL, DTM-7H, AT THE TORTUE FIELD, WHERE SPUDDING WILL SOON COMMENCE. THE RIG
WILL SUBSEQUENTLY MOVE TO DRILL THE HIBISCUS NORTH PROSPECT, LOCATED
APPROXIMATELY 6 KM NORTH-NORTHEAST OF THE DHIBM-1 WELL. THE HIBISCUS ALPHA
CONVERSION PROJECT IS PROGRESSING AHEAD OF PLAN WITH PLACEMENT UNDERWAY FOR ALL
MAJOR CONTRACTS AND FIRST OIL TARGET IN Q4 2022, COMPARED TO PREVIOUSLY Q1 2023.

THE MAROMBA PROJECT CONTINUES TO PROGRESS TOWARDS THE ENVIRONMENTAL APPROVAL AND
OPTIMISATION OF THE FIELD DEVELOPMENT PLAN WITH RESPECT TO INVESTMENT,
OPERATIONAL COSTS, AND SCHEDULE. THE ENVIRONMENTAL BASE-LINE STUDY WAS COMPLETED
EARLIER THIS YEAR. A FINAL INVESTMENT DECISION IS PLANNED BY THE FIRST QUARTER
OF 2022.

IN JANUARY 2021, BW ENERGY ANNOUNCED A FARM-IN AND CARRY AGREEMENT WITH NAMCOR
TO INCREASE ITS WORKING INTEREST IN THE KUDU GAS FIELD TO 95%, IN LINE WITH
PREVIOUSLY DISCLOSED INTENTIONS. THE AGREEMENT HAS NOW BEEN APPROVED BY THE
NAMIBIAN COMPETITION COMMISSION WITH GOVERNMENT APPROVAL STILL PENDING. BW
ENERGY IS CONTINUING ITS EFFORTS TO DEVELOP THIS RESOURCE COMMERCIALLY.

PLEASE SEE THE ATTACHED Q1 PRESENTATION. THE EARNINGS TABLES ARE AVAILABLE AT:

WWW.BWENERGY.NO/INVESTORS/REPORTS-AND-PRESENTATIONS
(http://www.bwenergy.no/investors/reports-and-presentations).

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 SECOND QUARTER RESULTS AND Q&A WILL
BE HOSTED, PLEASE DIAL IN TO ONE OF THE FOLLOWING NUMBERS:

NORWAY: +47 2350 0236
FRANCE: +33 170 750 775
SINGAPORE: +65 6408 5768
UK: +44 3333 009 266
US: +1 833 5268 395

YOU CAN ALSO FOLLOW THE PRESENTATION VIA WEBCAST WITH SUPPORTING SLIDES,
AVAILABLE ON:

HTTPS://STREAMS.EVENTCDN.NET/BWE/BW-ENERGY-Q1-2021-PRESENTATION/
(https://streams.eventcdn.net/bwe/bw-energy-q1-2021-presentation/)

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 FPSOS 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 AND A 95%
INTEREST IN THE MAROMBA FIELD IN BRAZIL, BOTH OPERATED BY THE COMPANY. TOTAL NET
2P+2C RESERVES WERE 242 MILLION BARRELS AT THE START OF 2021.

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 ERIC STOUSLAND, CORPORATE FINANCE, BW OFFSHORE, ON 20 MAY AT
07.30 CEST.

Kilde

[Hoven]

HIGHLIGHTSQ1 EBITDA of USD 33.2 million and net profit of USD 7.8 millionMaintained a strong balance sheet with no debt and cash position of USD 184.8 millionQ1 gross production of 1.22 million barrels with 0.8 million barrels sold to the CompanyCompleted one lifting of 0.65 million barrels (net BWE) at a price of USD 66.7 per barrelJack-up rig soon on location to drill the DTM-7H horizontal production well at the Tortue field

[Hoven]

BW Energys resultat för första kvartalet 2021 låg något under marknadens förväntningar, men över våra prognoser på de flesta områden. Företaget har guidat om volymer och kostnader inför kvartalet, vilket innebär att överraskningselementet är mindre för aktien. Fokus för bolaget är utvecklingen av Dussafu-licensen. Vi upprepar Köp med riktkurs 55 NOK. Produktionsprognosen för 2021 sänktes med 5 procent eftersom att pandemin fortsätter att påverka den dagliga verksamheten. Marknadens förväntningar kommer att minska för 2021. Utsikterna för 2022 lämnades mer eller mindre oförändrade. Vi spår att aktien utvecklas sidledes eller något negativt jämfört med sina kollegor idag. Framöver måste BWE leverera rörande utvecklingen av sin resursbas i Gabon.

https://www.swedbank-aktiellt.se/analyser/2021/05/20/bw_energy.csp

55 Nok.

[TekBot]

BW Energy: Q2 2021 trading update

Q2 2021 trading update

BW Energy today provides an update on the operation and development of the
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Dussafu Marin license in Gabon. The Company will publish its financial report
for the first half of 2021 on Friday, 20 August.
Gross production from the Tortue field averaged approximately 10,500 barrels of
oil per day in the second quarter of 2021, amounting to a total gross production
of 0.95 million barrels of oil for the period. The decrease in production
compared to the first quarter of 2021 was mainly due to a planned maintenance
shutdown.

BW Energy completed two liftings in the quarter and realised an average price
of USD 69.8 per barrel. Production cost (excluding royalties) was approximately
USD 31 per barrel. The increase in production cost per barrel has been impacted
by the lower quarterly production. The overall production cost includes
approximately USD 1.5 million of costs related to the continued handling of the
COVID-19 pandemic through the period.

BW Energy’s share of gross production was approximately 700,000 barrels of oil.
Net sold volume, which is the basis for revenue recognition in the financial
statement, was 1,140,000 barrels including approximately 97,000 barrels of
quarterly Domestic Market Obligation (DMO) deliveries, resulting in an over-
lift position of around 300,000 barrels at the end of the period.
BW Energy had a cash balance of USD 216 million at 30 June 2021, compared to USD
185 million at 31 March 2021. The increase is mainly due to a strong operating
cash flow reflecting a higher realised oil price. The company is well
capitalised for the upcoming investment activities with a robust balance sheet
and no external debt.

At the Tortue field, the drilling of the final horizontal production well, DTM-
7H, was successfully completed according to plan. High-quality oil-bearing sands
were encountered in line with prognosis. The work will now proceed with the
completion and tie-in of the two wells (DTM-6H and DTM-7H) with first oil
expected in early Q4 2021.

The Hibiscus North exploration well (DHBNM-1) was spudded earlier this week and
drilling activities are progressing as planned. The well has a geological
analogue to the Ruche Field, where the Gamba structure is the primary target.

The Company will give a more detailed presentation of the ongoing drilling
campaign at the upcoming Q2 2021 presentation scheduled for 20 August 2021.

For further information, please contact:
Knut R. Sæthre, CFO BW Energy, +47 91 11 78 76
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 FPSOs 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 and a 95%
interest in the Maromba field in Brazil, both operated by the Company. Total net
2P+2C reserves were 242 million barrels at the start of 2021.

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act…

Kilde

[TekBot]

Major Shareholder Disclosure Notification - BW Energy Ltd

In the name and on behalf of FIL Limited, Pembroke Hall, 42 Crow Lane, Pembroke, HM19 Bermuda, (the “Investment Manager”) we hereby notify you pursuant to STA Chapter 4, Section 4-1 the following:

On 13 August 2021 the shares and rights to shares in BW Energy Ltd (the “Company”)
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attributable to the Investment Manager crossed above the threshold of 5%.

The threshold was crossed by means of a Purchase of 260,755 shares.

Therefore, the total shareholding deemed to be held is 13,085,981 which represent 5.07% of the shares outstanding and voting rights of the Company.

The shares and rights to shares are owned by the funds listed on Schedule A and are managed by the designated management companies which are undertakings controlled by the Investment Manager.

If you have any questions with respect to this notification, please contact James Todd, Regulatory Reporting Manager, at 00 44 77 62 159 231 or via email fil-regreporting@fil.com.

Please see attachement at www.newsweb.no

Kilde