BW Energy

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BW Energy: Invitation to Q4 2021 Presentation 24 February

Invitation to Q4 2021 Presentation 24 February

BW Energy will release its fourth quarter 2021 results on Thursday 24 February
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at 07:30 CET.

A conference call followed by Q&A will be hosted by CEO Carl K. Arnet, CFO Knut
R. Sæthre and COO Lin G. Espey the same day at 14:00 CET.

Conference call information:

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

Norway: +47 2396 3938
Singapore: +65 6408 5768
UK: +44 3333 009 032
US: +1 631 913 1422 - PIN: 22822691#
France: +33 170 750 735

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

https://streams.eventcdn.net/bwe/q4-2021/
(Kennisgeving voor omleiding
2021%2F&sa=D&ust=1644946229531000&usg=AOvVaw1PvCkQDTTNfaorFJGzf1nh)

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

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

[Bigblu]

Den skyhøye oljeprisen burde mer enn kompensere for litt produksjonsproblemer og forsinkelser for BWE.

[TekBot]

BW Energy: Fourth Quarter and Full Year Results 2021

BW ENERGY FOURTH QUARTER AND FULL YEAR RESULTS 2021

HIGHLIGHTS
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• Q4 EBITDA of USD 58.8 million and net profit of USD 38.9 million
• Q4 gross production of 1.13 million barrels with 0.83 million net the
  Company
• Completed two liftings of 1.17 million barrels (net BWE) at a price of USD
  ~79 per barrel
• Maintained a strong balance sheet with no debt and cash position of USD 150
  million
• Successful completion of Tortue Phase 2 with final two wells on stream in
  October
• Currently five wells in operation, one supported by interim nitrogen gas
  lift
• Hibiscus/Ruche development activities on track with first oil planned in
  late Q4 2022
• Completed acquisition of semi-submersible rig for the Kudu development in
  Namibia
• Full-year EBITDA of USD 147 million and net profit of USD 52 million

EBITDA for the fourth quarter of 2021 was USD 58.8 million, up from USD 8.3
million in the third quarter of 2021, due to two liftings to the Company in the
quarter compared to zero liftings in the third quarter. One lifting to BW Energy
is scheduled in the first quarter of 2022.

“The combination of increased production from the final two Tortue Phase 2 wells
and rising energy prices led to a strong fourth quarter and provides a positive
backdrop going into 2022. This will be an active year for BW Energy with the
Hibiscus / Ruche development on track for first oil late in the year and a
successive increase to production volumes as the drilling program continues into
2023. We will also progress the Maromba development in Brazil towards final
investment decision and seek a long-term solution to unlock the Kudu gas-to-
power project in Namibia,” said Carl K. Arnet, the CEO of BW Energy.

BW Energy completed two liftings in the quarter and realised an average price of
USD 79 per barrel. BW Energy’s share of gross production was approximately
830,000 barrels of oil. The net sold volume, which is the basis for revenue
recognition in the financial statement, was 1,170,000 barrels including 130,000
barrels of quarterly Domestic Market Obligation (DMO) deliveries with an over-
lift position of 107,000 barrels at the end of the period.

Gross production from the Tortue field averaged approximately 12,250 barrels of
oil per day in the fourth quarter of 2021, amounting to a total gross production
of approximately 1.1 million barrels of oil for the period. The increase in
production compared to the third quarter of 2021 was mainly due to the start of
production from the two new Tortue Phase-2 wells in October. The Phase 2
development was completed with zero Health, Safety, Security & Environment
(HSSE) incidents and USD 45 million below budget with USD 230 million invested.
The previously communicated shortage of gas lifting capacity continued to impact
operations during the quarter, with stable production from four of the six
Tortue wells.

Fourth quarter production cost (excluding royalties) was approximately USD 27
per barrel. The overall production cost includes approximately USD 1.0 million
of costs related to the continued handling of the COVID-19 pandemic in the
period.

Full-year 2021 production averaged approximately 11,300 barrels of oil per day
(gross), or approximately 4.1 million barrels of oil. Full-year EBITDA was USD
147.2 million.

Cash balance was USD 150 million at 31 December 2021, compared to USD 170
million at 30 September 2021. The decrease was mainly due to investments related
to the Hibiscus / Ruche project activities. The payment for the second lifting,
which was completed in late December, was not received by year-end.

Total Dussafu production for 2022 is projected to be between 4.2 to 5.2 million
barrels gross, based on first oil from the Hibiscus / Ruche development late in
the fourth quarter. Full-year production cost (excluding royalties) is expected
at approximately USD 26 per barrel. In early February, BW Adolo completed a 12-
day planned annual maintenance shutdown, which impacts production in the first
quarter of 2022. As part of this shutdown, the company improved the nitrogen
lift capacity as an interim measure to well performance until the installation
of a permanent compressor, which is expected in the fourth quarter 2022.

The Company has entered into commodity price hedges for a total volume of 1.5
million barrels for 2022 and 2023, of which 57% is for 2022. These are a
combination of swaps and zero-cost collars, and will assist future funding for
ongoing development projects.

DEVELOPMENT PLANS
The year-end reserve update assessed 2C+2P reserves of 101.7 million barrels net
to the Company in the Dussafu license, reflecting adjustment for gross annual
production of 4.1 million barrels partly offset by a reserve revision. This
includes the 2019 Hibiscus discovery with 2P gross recoverable reserves of 46.1
million barrels which combined with the previous Ruche and Ruche Northeast
discoveries provide a solid foundation for the current Hibiscus / Ruche
development. Project execution is on track with the Hibiscus Alpha conversion
progressing according plan and budget and a first oil-target in late 2022.

In October, the Company was provisionally awarded operatorship of two blocks in
the 12th Offshore Licensing Round in Gabon. The award is subject to finalising
the production sharing contracts (PSC) with the Direction Generale des
Hydrocarbures (DGH) in Gabon. The blocks G12-13 and H12-13 are adjacent to BW
Energy`s Dussafu licence. They will be held by a consortium with BW Energy as
operator (37.5%) and VAALCO Energy (37.5%) and Panoro Energy (25%) as non-
operating joint venture partners.

The Maromba project continues to progress towards the environmental approval
with focus on optimisation of the field development with respect to investment,
operational costs and schedule. The Field Development Plan was approved by the
regulator (ANP) in August 2020 and final investment decision is expected in
2022 with first oil planned in 2025.

In July BW Energy completed the farm-in of a 95% working interest in the Kudu
gas field offshore Namibia. The Company has since progressed a significantly
revised development plan for the field development and gas-to-power project
based on repurposing a semi-submersible drilling rig as a Floating Production
Unit. The rig was acquired in October 2021 for USD 14 million. Repurposing will
enable optimisation of the project timeline and significantly reduce capital
investments compared to previous development concepts. Reusing existing energy
infrastructure will also reduce the project’s environmental footprint. The
timing of the final project sanctioning is subject to realising a project
financing solution for the Kudu gas to power project.

OUTLOOK
BW Energy prioritises safety first with zero harm as an overriding objective for
people and environment. The Company is substantially reducing the carbon
footprint by developing discovered oil and gas resources through large-scale
repurposing of existing production infrastructure.

Several key macro-economic drivers developed positively through the course of
2021 as societies started to resume more normalised levels of activity supported
by vaccinations and the new strains of COVID-19 virus leading to less severe
infections. Disciplined OPEC production cuts supported the oil price and oil
energy demand is recovering with increased global economic activity.

BW Energy expects to generate significant positive cash flow at current oil
price levels. With 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 flows and earnings.

REPORTS AND PRESENTATION
BW Energy today published its annual report and a separate sustainability report
for the financial year ended 31 December 2021. BW Energy has also today
published the Board-approved report on payments to governments and the annual
statement of reserves for the financial year 2021. 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 quarterly results and Q&A will be
hosted, please dial in to one of the following numbers:

Norway: +47 2396 3938
Singapore: +65 6408 5768
UK: +44 3333 009 032
US: +1 631 913 1422 - PIN: 22822691#
France: +33 170 750 735

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

https://streams.eventcdn.net/bwe/q4-2021/

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 and
a 95% interest in the Maromba field in Brazil, both operated by the Company.
Total net 2P+2C reserves were 241 million barrels at the start of 2022.

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

Kilde

[TekBot]

BW Energy: Mandatory notification of trade

Mandatory notification of trade

Marco Beenen, member of the Board of Directors in BW Energy, has settled a Total
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Return Swap (“TRS”) agreement underlying 10,202 shares in BW Energy Limited
(“BWE”) expiring 25 February 2022. Mr Beenen has subsequently entered into a new
TRS agreement with exposure to the same number of underlying shares in BWE with
expiry date 1 September 2022 and TRS price NOK 24.42 per underlying share. In
addition, Mr. Beenen owns 28,950 shares in BWE.

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 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 and
a 95% interest in the Maromba field in Brazil, both operated by the Company.
Total net 2P+2C reserves were 241 million barrels at the start of 2022.

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

Kilde

[TekBot]

BW Energy: Notification of trade

Notification of trade

With reference to BW Offshore’s stock exchange release dated 7 April 2022,
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please observe the following.

BW Offshore has entered into a Total Return Swap (“TRS”) agreement with
financial exposure to 353 425 shares in BW Energy Limited (“BWE”). The TRS
agreement relates to BW Offshore’s Long-Term Incentive Programme (LTIP) adopted
in 2019. Expiry date for the TRS agreement is 30 March 2023, and the TRS price
is NOK 28.34 per share.

Please see BW Offshore’s stock exchange release for more information.

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 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 and
a 95% interest in the Maromba field in Brazil, both operated by the Company.
Total net 2P+2C reserves were 241 million barrels at the start of 2022.

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

Kilde

[T.5]

Nå har BWE virkelig våknet. Den burde jo ha litt å ta igjen, ville jeg tro!
Andre syn på saken…?
God Påske!

[T.5]

Nå har 50dagers- krysset opp over 200dagers snitt, det er jo et hyggelig TA signal!

[TekBot]

BW Energy: Proceeds with phased Maromba development and agreement to purchase FPSO

Proceeds with phased Maromba development and agreement to purchase FPSO

BW Energy has decided to proceed with the Maromba development project offshore
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Brazil and signed an agreement to purchase the FPSO Polvo from BW Offshore. The
FPSO will be upgraded and redeployed on the field. The development plan is based
on an initial drilling campaign of three wells with planned first oil in 2025
and a second campaign with a further three wells in 2027. The investment
decision is subject to certain conditions precedent, including completion of the
project financing.

Highlights:

• Phased subsea development with six production wells and tied back to a
  redeployed FPSO
• First oil from Phase 1 planned in 2025
• Expected peak oil production of 30-40,000 barrels per day
• Agreement to purchase FPSO Polvo for a total consideration of USD 50 million
• Plan for efficient FPSO refurbishment and life extension established

Unlocking material production

“We have worked to optimise the Maromba development plan since the acquisition
in 2019 and during the Covid-19 pandemic. This includes technical evaluations,
full-spectrum analysis of geological, seismic and well data, as well as
extensive reservoir modelling and simulations. Based on our findings, we have
decided to proceed with a development with six horizontal production wells
connected to a FPSO to unlock significant oil production and long-term value
generation for our stakeholders,” said Carl K. Arnet, the CEO of BW Energy.

A development in stages enables improved reservoir monitoring and optimisation
of the second drilling campaign. Total oil production at peak is expected
between 30-40,000 barrels per day. The technical evaluation revealed that water
injection is not required for the first three wells and is a contingency for the
second drilling campaign. Extensive work has also confirmed that Dual Electric
Submersible Pumps offer the best artificial lift solution with extended life and
reduced workover frequency. The subsea layout has also been enhanced to reduce
costs and facilitate future expansions.

FPSO Polvo - “A near perfect fit”

FPSO Polvo recently ended its charter on the Polvo field in Brazil, which is
located close to the Maromba field and has similar oil and reservoir
characteristics. An assessment of refurbishment costs has been completed and
discussions with relevant shipyards are well underway. The FPSO will be designed
for up to 10 production wells with 1.2 million barrels of storage capacity. The
total liquid capacity will be 85,000 barrels per day with oil production
capacity of 65,000 barrels per day and water treatment capacity of 75,000
barrels per day.

BW Energy has signed an agreement to purchase the FPSO from BW Offshore
effective no later than July 24, 2023, for a total consideration of USD 50
million. The valuation of the FPSO has been confirmed by an independent third
party. The agreement to purchase the FPSO, instead of entering a traditional
lease and operate contract, is a consequence of related- and associated-party
tax legislation in Brazil.

Final Investment Decision (FID)

“The FPSO Polvo is a near perfect fit for Maromba. We know the vessel well and
have extensive in-house competencies and capabilities in planning and executing
such a repair and life extension project. Re-using existing energy
infrastructure enables reduced investments, shorter time to first oil and
significantly reduced CO2 emissions in the development phase as compared to
installing new production assets,” said Carl K. Arnet.

“We are also mindful of the inflationary pressures affecting our industry as we
progress contract discussions with the shipyards and for other long-lead items.
We are also evaluating financing alternatives for the field development plan and
see strong interest from various sources,” Arnet continued.

The FID is subject to completion of the financing for the project. The Brazilian
regulator, ANP, has approved the development plan and the Company expects to
receive full IBAMA environmental approval in due course.

Maromba Field

Maromba is located off the Brazilian coast in the Campos Basin in approximately
160 metres of water depth. Nine wells were drilled in the license between 1980
and 2006, and oil was found in eight of these across various reservoirs. Gross
2C reserves in place are estimated at 467 million barrels with approximately
100 million barrels estimated as recoverable volumes. BW Energy acquired 100%
ownership in Maromba in 2019 for a total of USD 115 million, of which USD 85
million remains to be paid to the sellers at predefined milestones.

The Company will provide further information on the Maromba development plan in
connection with the first quarter 2022 earnings release on 27 May.

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 ain 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 241 million barrels at
the start of 2022.

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 Regine Andersen, IT & Communication support, BW Energy, on
22 April at 07.30 CEST.

Kilde

[TekBot]

BW Energy: Q1 2022 trading and financial update

Q1 2022 trading and financial update

BW Energy today provides an update on the operations and development of the
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Dussafu Marin license in Gabon. The Company will publish financial figures for
the first quarter of 2022 on Friday, 27 May.

Gross production from the Tortue field averaged approximately 11,600 barrels of
oil per day in the first quarter of 2022, amounting to a total gross production
of approximately 1 million barrels of oil for the period. The reduction in
production compared to the fourth quarter of 2021 was due to the 12-day planned
annual maintenance shutdown of the BW Adolo in February, which more than offset
the positive impact of a full quarter of production from the two new Tortue
phase-2 wells and the use of interim nitrogen gas lift.

BW Energy completed one lifting in the quarter at a price of USD 120 per barrel.
Production cost (excluding royalties) was approximately USD 33 per barrel. The
overall production cost includes approximately USD 1 million related handling of
the COVID-19 pandemic in the period.

BW Energy’s share of gross production was approximately 765,000 barrels of oil.
The net sold volume, which is the basis for revenue recognition in the financial
statement, was 1,015,000 barrels including 65,000 barrels of quarterly Domestic
Market Obligation (DMO) deliveries with an over- lift position of 384,000
barrels at the end of the period.

BW Energy had a cash balance of USD 111 million at 31 March 2022, compared to
USD 150 million at 31 December 2021. The decrease was mainly due to high
investment activities related to the Hibiscus/Ruche project. Payment for the
March 2022 lifting is expected to be received by end of April.

At the beginning of period, the Company had entered into commodity price hedges
for a total volume of 1.6 million barrels for 2022 and 2023, of which 59% is for
2022. These were a combination of swaps and zero-cost collars that will allow
for future cash flow stability for ongoing development projects.

BW Energy has recognized crude oil hedge losses in the amount of USD 22.2
million for the first quarter, of which approximately 50% were realised in the
period.

BW Energy has scheduled a webcast for 27 May 2022 where the company will provide
a review of operations and ongoing development projects.

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 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 and
a 95% interest in the Maromba field in Brazil, both operated by the Company.
Total net 2P+2C reserves were 240 million barrels at the start of 2022.

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

Kilde

[Kaisovski]

Enda et krakk idag igjen da tenker jeg?

[TekBot]

BW Energy: Company presentation

Company presentation

BW Energy is presenting at Pareto Securities’ E&P Independents Conference in
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London today. Please see the attached presentation.
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 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 and
a 95% interest in the Maromba field in Brazil, both operated by the Company.

Total net 2P+2C reserves were 240 million barrels at the start of 2022.

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

Kilde

[TekBot]

Bw Energy: 2022 Annual General Meeting - Notice

2022 Annual General Meeting - Notice

Notice is hereby given that the 2022 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 26 May 2022 at 09:00 a.m. (Bermuda time).

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

1. Chairman’s Letter
2. Notice of the 2022 AGM
3. Form of Proxy
4. Recommendation 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 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 and
a 95% interest in the Maromba field in Brazil, both operated by the Company.

Total net 2P+2C reserves were 240 million barrels at the start of 2022.

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

Kilde

[TekBot]

BW Energy: Invitation to Q1 2022 Presentation 27 May

Invitation to Q1 2022 Presentation 27 May

BW Energy will release its fourth quarter 2021 results on Friday 27 May at
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07:30 CEST.

A conference call followed by Q&A will be hosted by CEO Carl K. Arnet, CFO Knut
R. Sæthre and COO Lin G. Espey the same day at 14:00 CEST.

Conference call information:

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

Norway: +47 2350 0236

Singapore: +65 6408 5767

UK: +44 3333 009 270

US: +1 646 722 4902

France: +33 170 750?737

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

https://streams.eventcdn.net/bwe/q1-2022
(Kennisgeving voor omleiding
2022&sa=D&source=calendar&usd=2&usg=AOvVaw38bHShPBgLoobVVpJ12c2A)

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 and
a 95% interest in the Maromba field in Brazil, both operated by the Company.
Total net 2P+2C reserves were 241 million barrels at the start of 2022.

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

Kilde

[TekBot]

BW Energy: Annual General Meeting 2022 - Minutes

Annual General Meeting 2022 - Minutes
The Annual General Meeting 2022 of BW Energy Limited was held today. Please see
the attached document for the minutes of the meeting.
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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 production facilities to reduce time to first oil
and cashflow with lower investment 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 241 million barrels at the start of 2022.

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

Kilde

[TekBot]

BW Energy: First Quarter Results 2022

FIRST QUARTER RESULTS 2022

HIGHLIGHTS
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· Q1 EBITDA of USD 65.5 million and net profit of USD 35.6 million
· Q1 gross production of ~1 million barrels with 0.77 million net to the Company
· Completed one lifting with 1.015 million barrels sold (net BWE) at a price of
USD ~120 per barrel
· Decision to proceed with Maromba development and agreement to purchase FPSO
Polvo
· Hibiscus / Ruche development on track for first oil in late 2022
· Maintained a strong balance sheet with no debt and a cash position of USD 111
million
· In principle commitments received for a Reserve Based Lending (RBL) facility
from an international consortium of banks

EBITDA for the first quarter of 2022 was USD 65.5 million, up from USD 58.8
million in the fourth quarter of 2021, following one full lifting to the Company
at a price of USD 120 per barrel. There are no scheduled liftings to BW Energy
in the second quarter of 2022.

“We experienced high energy prices and strong cash generation which confirms our
attractive position in Gabon and the high-value potential of our ongoing
development projects. Hibiscus / Ruche is still on track for first oil later
this year, we have concluded the development plan for Maromba and see increased
upside for our Kudu asset in Namibia,” said Carl K. Arnet, the CEO of BW Energy.
“At the same time, we are very mindful of industry-wide supply chain disruptions
and the lingering COVID-19 pandemic which continue to pose challenges to project
execution.”

BW Energy’s share of gross production was approximately 765,000 barrels of oil.
The net sold volume, which is the basis for revenue recognition in the financial
statement, was 1,015,000 barrels including 65,000 barrels of quarterly Domestic
Market Obligation (DMO) deliveries with an over-lift position of 384,000 barrels
at the end of the period.

Gross production from the Tortue field averaged approximately 11,600 barrels of
oil per day in the first quarter of 2022, amounting to a total gross production
of approximately 1 million barrels of oil for the period. The reduction in
production compared to the fourth quarter of 2021 was due to the 12-day planned
annual maintenance shutdown of the BW Adolo in February, which offset the
positive impact of a full quarter of production from the two Tortue phase-2
wells and the use of interim nitrogen gas lift.

The shortage of gas lifting capacity will continue to impact operations until a
new compressor is installed. This is expected towards the end of the fourth
quarter of 2022. COVID-19 and the war in Ukraine is still affecting the supply
chain which impacts all project execution in particular FPSO operation and
offshore modification work. The Company is focused on managing industry-wide
supply chain disruptions and related inflationary pressure on services and
materials.

First quarter production cost (excluding royalties) was approximately USD 33 per
barrel. The overall production cost includes approximately USD 1.0 million of
costs related to COVID-19 in the period.

Cash balance was USD 111 million at 31 March 2022, compared to USD 150 million
at 30 December 2021. The decrease was mainly due to high investment activities
related to the Hibiscus / Ruche development. Payment for the March 2022 lifting
in the amount of USD 114 million was received by end of April, further
strengthening Company’s cash position.

BW Energy has made good progress on its RBL facility with in principle
commitments received from an international consortium of banks for a facility of
up to USD 300 million The RBL is expected to close in the third quarter of 2022.

At the beginning of the year, the Company entered into commodity price hedges
for a total volume of 1.6 million barrels for 2022 and 2023, of which 59% is for
2022. These were a combination of swaps and zero-cost collars that will allow
for future cash flow stability for ongoing development projects. BW Energy has
recognised crude oil hedge losses in the amount of USD 22.2 million for the
first quarter, of which approximately 50% were realised in the first quarter.

Total Dussafu production for 2022 is expected to be from 4.0 to 4.4 million
barrels gross, based on first oil from the Hibiscus / Ruche development at the
end of the fourth quarter and the supply chain issues affecting the delivery and
installation of equipment to increase gas injection capacity. Full-year
production cost (excluding royalties) is expected at approximately USD 32 per
barrel.

DEVELOPMENT PLANS

Execution of Hibiscus Alpha conversion has been impacted by delays to certain
equipment deliveries. The Company is focused on managing the ongoing challenges
and the related price inflation on services and materials. Currently, the
project remains on track for first oil at the end of 2022 with a gross CAPEX of
approximately USD 425 million. There is however an increased risk of delays into
the first quarter of 2023 in line with the original development plan.
Mobilisation for the drilling program is expected to start in September this
year.

In April, the Company decided to proceed with the Maromba development project
offshore Brazil. This included the signing of an agreement to purchase the FPSO
Polvo from BW Offshore for a total consideration of USD 50 million, effective no
later than July 24, 2023. The FPSO will be upgraded and redeployed on the field.

The Maromba development plan is based on an initial drilling campaign of three
wells with planned first oil in 2025 and a second campaign for an additional
three wells in 2027. The staged development enables improved reservoir
monitoring and optimisation of the second drilling campaign. Total oil
production at peak annual average is expected between 30-40,000 barrels per day.
The final investment decision is subject to completion of the project financing.

In Namibia, BW Energy continued work to optimise the revised plan for the Kudu
field development and gas-to-power project based on repurposing a semi-
submersible drilling rig as a Floating Production Unit. The rig acquisition was
completed in the first quarter at USD 14 million as planned. The Company notes
that major energy companies have announced significant oil and gas discoveries
in neighbouring licenses, confirming the high potential offshore Namibia. In
light of these developments, BW Energy has acquired additional 2D seismic data
and is currently reviewing all geophysical and well data from previous
exploration activities to further develop the Kudu reservoir model and identify
potential exploration targets.

Please see the attached Q1 presentation. The earnings tables are available at:

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
Singapore: +65 6408 5767
UK: +44 3333 009 270
US: +1 646 722 4902
France: +33 170 750 737

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

https://streams.eventcdn.net/bwe/q1-2022/

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

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 and
a 95% interest in the Maromba field in Brazil, both operated by the Company.
Total net 2P+2C reserves were 241 million barrels at the start of 2022.

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

Kilde

[TekBot]

BW Energy: Speculation related to the acquisition of Golfinho

Speculation related to the acquisition of Golfinho

BW Energy notes the continued press speculation regarding a potential of
…

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acquisition by the Group of the Golfinho field in Brazil, which Petrobras has in
their divestment program. BW Energy confirms having discussions with Petrobras
for a potential purchase of the Golfinho Cluster offshore Brazil. This is part
of the Group’s continuous consideration of opportunities to acquire assets in
line with the stated strategy. The Group can neither confirm nor deny that a
transaction will take place at this time.

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 and
a 95% interest in the Maromba field in Brazil, both operated by the Company.
Total net 2P+2C reserves were 241 million barrels at the start of 2022.

Information included in this announcement is considered to be inside information
pursuant to the EU Market Abuse Regulation article 7 and is subject to the
disclosure requirements pursuant to section 5-12 of the Norwegian Securities
Trading Act. This announcement was published by Regine Andersen, IT &
Communication Support, on 14 June 2022 at the time set out above.

Kilde

[TekBot]

BW Energy: Mandatory notifications of trade by primary insiders and close associates

Mandatory notifications of trade by primary insiders and close associates

Reference is made to the stock exchange announcements published by BW Offshore
…

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Limited on 27 May 2022 and 10 June 2022 regarding the payment of a dividend in-
kind of 0.00890114228042 shares in BW Energy Limited (“BW Energy”) per share in
BW Offshore Limited.

Please see the attached notifications of trading for information of the
transactions concerning primary insiders in BW Energy and their close associates
in connection with the dividend distribution.

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 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 and
a 95% interest in the Maromba field in Brazil, both operated by the Company.
Total net 2P+2C reserves were 241 million barrels at the start of 2022.

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

Kilde

[TekBot]

BW Energy: Offer for Golfinho and Camarupim Clusters offshore Brazil approved by Petrobras

Offer for Golfinho and Camarupim Clusters offshore Brazil approved by Petrobras

BW Energy has been notified that the Company’s offer to acquire the Golfinho and
…

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Camarupim Clusters offshore Brazil has been approved by the Petrobras Executive
Board. The acquisition is expected to add approximately 9,000 barrels of oil per
day of oil production from early 2023. The Golfinho Cluster has several proven
low risk in-field development opportunities with short lead times and
substantial potential long-term upside from proven gas accumulations.

The transaction is subject to fulfilment or waiver of conditions precedent with
an expected closing and effective date in the first quarter of 2023.

Highlights

• Acquisition of 100% operated working interest (“WI”) in the Golfinho and
  Camarupim clusters and 65% WI in the BM-ES-23 block
• USD 15 million in initial cash considerations and up to USD 60 million in
  contingent payments linked to oil price, well operations and further
  successful development of the acquired assets
• The Company’s internal estimate is 38 million boe of proven recoverable
  resources, predominantly oil, of which 19 million boe developed and
  producing and 19 million boe undeveloped, defined infill opportunities
• The Company has identified a further 0.7 Tcf of recoverable gas
  accumulations for potential future development
• Establishing a solid working relationship with Brazilian regulators will
  unlock significant synergies ahead of the Maromba development
• The transaction will be financed through BW Energy’s cash flow and existing
  liquidity

“Golfinho offers material ongoing production and cashflow in Brazil at an
attractive price with significant upside potential in near-field exploration and
phased developments. It will diversify our production base, accelerate the
build-up of the local operating organisation and provide an established working
relationship with Brazilian stakeholders ahead of the Maromba development,” said
Carl K. Arnet, the CEO of BW Energy.

The Golfinho Cluster is located at a water depth between 1,300 and 2,200 meters
in the Espírito Santo Basin. Adjacent is the BM-ES-23 exploration block which
holds the Brigadeiro gas and condensate discovery. The Camarupim Cluster is also
adjacent and located in water depths between 100 and 1,050 meters, comprising
the non-producing gas fields of Camarupim and Camarupim Norte.

Transaction details

BW Energy will acquire the 100% operated WI in the Golfinho and Camarupim
clusters and the 65% WI in the BM-ES-23 block for an initial cash consideration
to Petrobras of USD 3 million at signing and USD 12 million at closing.
Additionally, the Company has agreed contingent payments after closing of up to
USD 60 million tied to oil price and production volume (from current producing
assets and development of proven undeveloped resources/gas accumulations).

BW Energy will be the operator in all the concessions, with PTTEP (20% WI) and
Inpex (15% WI) as partners in the BM-ES-23 block. BW Energy will, upon closing,
assume field abandonment liability for the FPSO, the subsea system and 13 wells,
of which Petrobras will share the cost of four wells.

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 240 million barrels at the start of 2022.

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 Regine Andersen, IT and Communication Support, 24 June 2022

Kilde

[TekBot]

BW Energy: Signs agreement to acquire the FPSO Cidade de Vitoria, currently producing on the Golfinho field

Signs agreement to acquire the FPSO Cidade de Vitoria, currently producing on
the Golfinho field

…

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BW Energy has signed an agreement to acquire the FPSO Cidade de Vitoria from
Saipem for a cash consideration of USD 73 million.

The transaction is subject to fulfilment or waiver of conditions precedents with
an expected closing and takeover of the FPSO in the first quarter of 2023.

The transaction will accelerate BW Energy’s build-up of a local operating
organisation in Brazil and increase stakeholder engagement ahead of the Maromba
development.

“Establishing a solid working relationship with Brazilian authorities and other
stakeholders is key to a successful Maromba development. Having two operating
assets in Brazil will create several synergies and make us an attractive local
employer,” said Carl K. Arnet, the CEO of BW Energy.

The FPSO Cidade de Vitoria is a flexible unit with 1.6 million barrels of
storage capacity. The unit can produce more than 100k barrels per day of oil and
has additional capacity for gas production and compression. It positions BW
Energy to efficiently increase production from the Golfinho cluster with ample
oil and gas handling capacity to accommodate the upside from planned future
developments. The FPSO acquisition will enable BW Energy to reduce the whole
field OPEX.

BW Energy will pay Saipem USD 73 million in fixed consideration for the FPSO of
which USD 25 million is due at closing, USD 13 million due at FPSO takeover and
USD 35 million paid in 18 monthly instalments following the takeover.

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 240 million barrels at the start of 2022.

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 Regine Andersen, IT & Communication Support, 24 June 2022

Kilde

[Bigblu]

Ja, her skjer det ting. Fin oppgang i går på gode nyheter. Bare synd det var fra et igjen ganske utbombet nivå. Bare 14 dager siden den snuste på 30 uten siste asset🤷‍♂️. Spennende tider som BWE aksjonær blir det fremover uansett.