BW Energy: Q1 2026 operational update

BW Energy will publish its financial results for the first quarter of 2026 on 20 May 2026. Today, the company provides preliminary operational figures.

Net production attributable to BW Energy was 2.3 million barrels of oil (mmbbls) in the first quarter of 2026, equivalent to 25.2 thousand barrels of oil per day (kbopd), from the Dussafu field in Gabon (73.5% working interest) and the Golfinho field in Brazil (100% working interest).

In March the company successfully completed a workover of a well to replace an electrical submersible pump on Dussafu, which had impacted production since December.

+---------------------------------------------+----------+----------+----------+ | | | | | | | | | | +---------------------------------------------+----------+----------+----------+ | | Q1 2026 | Q4 2025 | Q1 2025 | +---------------------------------------------+----------+----------+----------+ | Net production (mmbbls) | 2.3 | 2.3 | 3.2 | +---------------------------------------------+----------+----------+----------+ | Dussafu | 1.7 | 2.1 | 2.6 | +---------------------------------------------+----------+----------+----------+ | Golfinho | 0.5 | 0.3 | 0.7 | +---------------------------------------------+----------+----------+----------+ | | | | | | | | | | +---------------------------------------------+----------+----------+----------+ | Net production (kbopd) | 25.2 | 25.2 | 36.0 | +---------------------------------------------+----------+----------+----------+ | Dussafu | 19.2 | 22.4 | 28.7 | +---------------------------------------------+----------+----------+----------+ | Golfinho | 5.9 | 2.7 | 7.3 | +---------------------------------------------+----------+----------+----------+ | | | | | | | | | | +---------------------------------------------+----------+----------+----------+ | Net volume sold (mmbbls) | 2.2 | 1.8 | 3.7 | +---------------------------------------------+----------+----------+----------+ | Dussafu[1] | 1.8 | 1.3 | 3.2 | +---------------------------------------------+----------+----------+----------+ | Golfinho | 0.4 | 0.5 | 0.5 | +---------------------------------------------+----------+----------+----------+ | [1]incl. Domestic market obligations (DMO) | 0.0 | 0.16 | 0.07 | +---------------------------------------------+----------+----------+----------+ | [1]incl. State profit oil | 0.21 | 0.26 | 0.32 | +---------------------------------------------+----------+----------+----------+ | | | | | | | | | | +---------------------------------------------+----------+----------+----------+ | End of quarter stock inventory (mmbbls) | 1.0 | 0.9 | 0.2 | +---------------------------------------------+----------+----------+----------+ | Dussafu | 0.4 | 0.4 | -0.4 | +---------------------------------------------+----------+----------+----------+ | Golfinho | 0.6 | 0.5 | 0.6 | +---------------------------------------------+----------+----------+----------+ | | | | | | | | | | +---------------------------------------------+----------+----------+----------+ | Average realised price (USD/bbl) | 79.0 | 62.2 | 74.8 | +---------------------------------------------+----------+----------+----------+ | Dussafu | 83.1 | 59.8 | 74.8 | +---------------------------------------------+----------+----------+----------+ | Golfinho | 61.0 | 68.8 | 75.0 | +---------------------------------------------+----------+----------+----------+ | | | | | | | | | | +---------------------------------------------+----------+----------+----------+ | Operational costs2 (USD/bbl) | 22.2 | 21.3 | 16.5 | +---------------------------------------------+----------+----------+----------+ | Dussafu | 16.0 | 12.5 | 9.9 | +---------------------------------------------+----------+----------+----------+ | Golfinho | 42.4 | 93.8 | 42.2 | +---------------------------------------------+----------+----------+----------+

Reporting

The first quarter financial results accompanied by a strategy update are scheduled to be published on 20 May at 07:00 CEST. Management will hold an in-person presentation followed by Q&A at Hotel Continental in Oslo, Norway, on the same day at 09:30 CEST. The presentation can also be followed via webcast at www.bwenergy.no.

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 approximately 90 kbopd by 2028.

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