BW Energy: Positive appraisal results at Dussafu set to fast-track new production well

BW Energy, the operator, has found commercial volumes in both appraisal wells drilled in the Dussafu field in Gabon, with combined recovery estimated at approximately 8-9 million barrels of oil gross. The results support two additional producing wells, the first of which will be drilled in the ongoing MaBoMo Phase 2 campaign, on track for first oil in the first quarter of 2027.

"The discovery of oil in both appraisal wells is another strong result at Dussafu and brings our track record as operator to 13 successful exploration and appraisal wells out of 14. Our decision to drill the appraisal wells ahead of the production wells has paid off. We have proved additional volumes and can add at least one high-value, fast-track well with a short pay-back time to the current programme. With our recent licence extension, we have significant runway to continue growing production in this highly prospective area for years to come," said Carl K. Arnet, CEO of BW Energy.

Positive well results The 10P2 appraisal well encountered a 30-metre oil column in the Gamba reservoir at a structural depth consistent with the pre-drill prediction. Reservoir quality, including good porosity and permeability, was confirmed during formation evaluation.

Wireline logging and pressure testing indicate that a production well can deliver initial rates of over 5,000 bopd gross, in line with recent MaBoMo Phase 1 wells. Drilled from the existing MaBoMo facility, the well is expected to be highly profitable, with a payback period of under one year. Base case incremental recovery is estimated at 6 million barrels of oil gross.

The 10P1 appraisal well encountered a 16-metre oil column in a separate oil accumulation. Formation evaluation confirmed good reservoir quality and moveable oil, supporting development with an additional production well, with timing to be optimised against the overall Dussafu drilling schedule, including Bourdon Phase 1.

Forward drilling The drilling rig is now underway to the MaBoMo facility. BW Energy will first carry out a workover to replace the electrical submersible pump on one of the existing Hibiscus wells, then drill the four MaBoMo Phase 2 production wells, followed by a fifth well at the 10P2 location. Each well is expected to produce around 5,000 bopd gross initially, and with the wells coming on stream in sequence, MaBoMo Phase 2 is expected to add up to 20,000 bopd gross at peak.

The current MaBoMo campaign will be followed by another infill well on the Tortue field and then the Bourdon Phase 1 development, with first oil planned for the first quarter of 2028. Walt Whitman and further Bourdon area appraisal drilling is currently planned for 2028, and successful results would lead to further development activity. Together, these projects support the company's long-term production target of 30-45 kbopd gross from the Dussafu licence.

BW Energy is the operator of the Dussafu licence with a 73.5% working interest. Partners are Panoro Energy with 17.5% and Gabon Oil Company with 9%.

For further information, please contact:

Martin Seland Simensen, VP Investor Relations

ir@bwenergy.no

About BW Energy

BW Energy is a fast-growing independent oil and gas company creating value through low-risk, phased developments of proven offshore reservoirs, leveraging existing infrastructure and capital-efficient execution. The company owns and operates production, development and exploration assets in Gabon, Brazil and Namibia. Total net 2P reserves exceed 240 million barrels of oil equivalent, with a further 390 million barrels classified as 2C resources, providing a strong foundation to organically increase production from around 30 kbopd in 2025 to over 100 kbopd in 2028.

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