BW Energy: Update on the Hibiscus / Ruche development program  

Update on the Hibiscus / Ruche development program     

BW Energy today provided an update on the ongoing Dussafu assets operations. The Company is pleased to inform that production has been re-instated from the DHIBM-3H well on electrical submersible pump (ESP). The ESP on the DHIBM-4H well, which has been producing on natural flow, has also been successfully re-started. The Company is currently working to stabilise production from both wells. The current total Dussafu gross production, with all the Tortue and Hibiscus wells in operation, is in the range from 30,000 to 35,000 barrels of oil per day. 

At the Ruche field, drilling and completion activities on the DRM-3H production well have been temporarily suspended. The well was drilled to a depth of 5,351 meters and encountered oil in the Gamba reservoir. However, it has become apparent that an alternative final casing design is needed. The DRM-3H is the longest lateral step-out drilled to date and the company expects to return to complete this well later in the drilling campaign when additional casing material is received. To maximize the use of the contracted drilling rig, the Dussafu partners have initiated drilling of the Hibiscus South exploration prospect (DHBSM-1), located about 5 kilometers southwest of the BW MaBoMo production platform. Hibiscus South holds a mid-case volume potential of approximately 16 million barrels of oil in place (with an estimated 7 million barrels recoverable) in the Gamba reservoir. 

If DHBSM-1 contains commercial volumes, the plan is to return to the well and complete it as a production well in early 2024. The ongoing Hibiscus / Ruche drilling campaign is expected to bring total oil production on the Dussafu license up to approximately 40,000 barrels per day gross when all wells are completed and on-stream. 

For further information, please contact: 

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 Permit offshore Gabon, 100% interest in the Golfinho and Camarupim fields in Brazil, a 65% interest in the BM-ES-23 block in Brazil, 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 equivalent at the start of 2023, when including the Golfinho Cluster. 

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