BW Energy: Hibiscus South pilot well confirms hydrocarbons

BW Energy: Hibiscus South pilot well confirms hydrocarbons

BW Energy is pleased to announce that the DHBSM-2P pilot well confirms that the
Hibiscus South deposit extends into the northern part of the field with good
reservoir quality, increasing reserve estimates. The Company plans to complete
the well as a production well later in 2024.

The DHBSM-2P pilot was drilled from the MaBoMo production platform to a total
depth of 5,130 metres. The target area is located approximately 3.2 kilometres
west-northwest of the MaBoMo and was drilled by the Borr Norve jack-up rig.
Evaluation of logging data, sample examination and formation pressure
measurements confirm approximately 25 metres of pay in an overall hydrocarbon
column of 35 metres in the Gamba formation.

The well data provides additional confirmation that the Hibiscus South structure
is a separate accumulation with a deeper oil-water contact than the nearby
Hibiscus Field. This will enable the Company to book additional reserves not
currently included in its annual statement of reserves and provide the
opportunity to drill one or more additional production wells from the MaBoMo
facility.

"We continue to increase the production and reserve base through low-cost and
low-risk development activity in line with BW Energy's strategy," said Carl K.
Arnet CEO of BW Energy. "The Hibiscus South pilot well is another confirmation
of the significant potential of the Dussafu licence which holds multiple
additional prospects."

Preliminary evaluation indicates gross recoverable reserves of 5 to 6 million
barrels of oil and approximately 14 million barrels of oil in place.

For further information, please contact:

Knut R. Sæthre, CFO BW Energy, +47 91 11 78 76 or 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 580 million barrels of oil equivalents at the
start of 2024.

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