First Oil From Hibiscus / Ruche Development

BW Energy is pleased to announce that first oil from the Hibiscus / Ruche Phase 1 development in the Dussafu licence offshore Gabon has been safely achieved. Production performance from the first well has been in line with expectations and is currently stabilised at approximately 6,000 barrels per day.

"We delivered first oil from Hibiscus / Ruche on schedule with an excellent HSE performance. This represents the first of several steps on a path for successive production growth in Gabon as we complete the drilling program and asset upgrades through 2023 and into early 2024,” said Carl Krogh Arnet, the CEO of BW Energy.

The DHIBM-3H well was drilled from the BW MaBoMo production facility to a depth of 3,883 metres into Gamba sandstone reservoir on the Hibiscus field. Drilling operations commenced at the start of the year following the successful installation of the production facility, risers, and pipelines. The oil produced at Hibiscus / Ruche is transported by pipeline to the BW Adolo FPSO for processing and storage before offloading to oil tankers.

The Hibiscus / Ruche Phase 1 drilling campaign targets four Hibiscus Gamba and two Ruche Gamba wells which are expected to add approximately 30,000 barrels per day of total oil production when all wells are completed in early 2024. The wells are drilled by the Borr Norve jackup rig.

Separately, the installation of the gas lift compressor is ongoing on the BW Adolo with focus on commissioning and start-up following first oil from Hibiscus / Ruche, which had priority during the high-activity period onboard the FPSO.

"Our priority now is to complete start-up activities and stabilise production from the DHIBM-3H well. In parallel, work progresses towards start-up of the new gas lift compressor to support production from the existing six Tortue wells while also moving ahead with drilling of the next Hibiscus / Ruche production wells as planned," said Carl K. Arnet.

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, 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 428 million barrels at the start of 2023.

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