BW Energy – Update on the Mandatory Offer for All Shares in BW Energy From BW Group

UPDATE ON THE MANDATORY OFFER FOR ALL SHARES IN BW Energy FROM BW GROUP

Ticker: BWE

Oslo, 13 December 2023 - Reference is made to the announcement made by BW Group Limited (the "Offeror") on 30 November 2023 regarding the Offeror's intention to launch a mandatory offer for all remaining shares in BW Energy Limited ("BW Energy") (the "Offer").

BW Energy has today been informed by the Offeror that the offer price per shares under the Offer will be NOK 27.00 and that the offer document is expected to be published today, 13 December 2023 with the offer period commencing on 14 December 2023, subject to final approval by the Oslo Stock Exchange.

The board of directors of BW Energy will issue a statement and its recommendations with respect to the Offer as soon as possible after publication of the offer document.

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 Regine Elisabeth Andersen, 13 December 2023.