BW Energy completes farm-in and acquisition of securities of Reconnaissance Energy

BW Energy completes farm-in and acquisition of securities of Reconnaissance Energy 

(With reference to stock exchange release dated 17 July 2024 regarding Letter Agreement to acquire shares in Reconnaissance Energy Africa Ltd. and 20% interest in onshore exploration license PEL 73 in Namibia) 

BW Energy Services Limited, a wholly owned subsidiary of BW Energy Limited ("BW Energy"), has acquired an aggregate of 17,600,000 common shares ("Common Shares") and 17,600,000 common share purchase warrants ("Warrants" and together with the Common Shares ("Units”)) of Reconnaissance Energy Africa Ltd. (the "Company").  

The Units were acquired at a purchase price of CAD1.25 per Unit, for an aggregate purchase price of CAD 22 million or approximately USD 16 million pursuant to the previously announced offering (the "Offering”) of Units by the Company.. Each Unit is comprised of one Common Share and one Warrant, with each Warrant entitling the holder thereof to purchase one Common Share at a price of CAD 1.75 within 24 months following the closing of the Offering. 

Following the closing of the Offering, BW Energy Services Limited owns approximately 6.6% of the outstanding Common Shares, not including the Warrants.  

Consequently, BW Energy Rundu Limited, a wholly owned subsidiary of BW Energy, has entered into a farm-in agreement with Renaissance Energy Namibia Pty Ltd., a wholly owned subsidiary of the Company, providing for the terms of a farm-in transaction, including the transfer to BW Energy Rundu Limited of a 20% working interest in the onshore exploration license PEL 73 in Namibia.  

For further information, please contact: 

Brice Morlot, CFO BW Energy, +33.7.81.11.41.16 

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. BW Energy has access to existing production facilities to reduce time to first oil and cashflow with lower investments than traditional offshore developments. BW Energy’s assets are 73.5% of the producing Dussafu Marine licence offshore Gabon, 100% interest in the Golfinho and Camarupim fields, a 76.5% interest in the BM-ES-23 block, a 95% interest in the Maromba field in Brazil and a 95% interest in the Kudu field in Namibia, all operated by BW Energy, as well as approximately 6.6% (on an undiluted basis) of the common shares of Reconnaissance Energy Africa Ltd. Total net 2P+2C reserves and resources were 580 million barrels of oil equivalent at the start of 2024. 

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