Q4 2021 trading and financial update

Power: s4 2021 trade And Financial to update

Today, BW Energy provides an update on the operations and development of the Dussafu Marine license in Gabon. The company will publish its fourth-quarter financial numbers and 2021 annual report on Thursday, February 24, 2022.

Gross production from the Torto field averaged approximately 12,250 barrels of oil per day in the fourth quarter of 2021, and gross production totaled approximately 1.1 million barrels of oil for the period. The increase in production compared to the third quarter of 2021 is mainly due to the start-up of production from the two new Tortue wells – Phase 2. The previously reported shortfall in gas lift capacity continued to affect operations during the quarter, with stable production from four of the six Tortuo wells. .

BW Energy completed two hikes in the quarter and averaged $79 per barrel. The cost of production (excluding royalties) was approximately $27 per barrel. The total cost of production includes approximately $1.0 million in costs related to continuing to respond to the COVID-19 pandemic in this period.

BW Energy’s share of the total production was about 830,000 barrels of oil. Net sales volume, which is the basis for revenue recognition in the financial statement, was 1,170,000 barrels including 130,000 barrels of quarterly shipments of Domestic Market Commitments (DMO) with a lift position of 107,000 barrels at the end of the period.

BW Energy had a cash balance of $150 million on December 31, 2021, compared to $170 million on September 30, 2021. The decrease was primarily attributable to investments related to Hibiscus/Ruche project activities. The second raise payment, which was completed in late December, had not been received by the end of the year.

In late January, BW Adolo began shutting down its planned annual maintenance for 12 days, which will affect production in the first quarter of 2022. As part of this shutdown, the company is exploring temporary measures to improve gas lift capacity until the installation of a permanent air compressor plant expected in Fourth quarter 2022.

BW Energy has scheduled a webcast on February 24, 2022 in which the company will present a comprehensive overview of the operations and development projects underway.

to in addition to InformationAnd please Call:

Knut R Sather, CFO BW Energy, +47 91 11 78 76
[email protected]

on Power:

BW Energy is a growth exploration and production 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 oil and first cash flow with less investment than conventional offshore developments. The principal assets are 73.5% of the Dussafu offshore license produced offshore from Gabon and 95% in the Maromba field in Brazil, both of which are operated by the company. 2P + 2C net reserves totaled 242 million barrels at the beginning of 2021.

This information is subject to disclosure requirements in accordance with Section 5-12 of the Norwegian Securities Exchange Act.

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