BW Energy: Substantial oil discovery made in the Hibiscus South prospect

Substantial oil discovery made in the Hibiscus South prospect

BW Energy is pleased to announce that the DHBSM-1 appraisal well has encountered commercial volumes of oil in the Hibiscus South satellite prospect. The Company plans to return to the well to complete it as a production well in early 2024.

The DHBSM-1 well was drilled from the MaBoMo production platform to a total depth of 6,002 meters. The target area is located approximately 5 kilometres southwest of the MaBoMo and was drilled by the Borr Norve jack-up rig. Evaluation of logging data, sample examination and formation pressure measurements confirm approximately 20 meters of pay in an overall hydrocarbon column of 26.5 meters in the Gamba formation.

The well data confirms that the Hibiscus South structure is a separate accumulation with a deeper oil-water contact than the nearby Hibiscus Field.  This will enable the Company to book additional reserves not currently included in its annual statement of reserves and provide the opportunity to drill one or more additional production wells from the MaBoMo facility.

"The successful appraisal of the Hibiscus South satellite structure represents a low-cost and low-risk expansion of the Dussafu production and reserve base. We look forward to rapidly bringing these high-value barrels into production,” said Carl K. Arnet CEO of BW Energy. "The result also confirms the significant potential of the Dussafu licence where we have multiple additional future prospects.”

Preliminary evaluation indicates gross recoverable reserves of 6 to 7 million barrels of oil and approximately 16 million barrels of oil in place, in line with the mid-case pre-drill expectations reported prior to the commencement of drilling operations.

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 Company’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 in, a 95% interest in the Maromba field in Brazil and a 95% interest in the Kudu field in Namibia, all operated by BW Energy. Total net 2P+2C reserves and resources were 546 million barrels of oil equivalents at the start of 2023, when including the Golfinho Clusters. 

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 Kathrine Rane, 6 November 2023.