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BW Energy Fourth Quarter and Full Year Results 2020

Nachrichtenquelle: globenewswire
19.02.2021, 07:30  |  136   |   |   

BW ENERGY FOURTH QUARTER AND FULL YEAR RESULTS 2020

HIGHLIGHTS

  • Q4 EBITDA of USD 28.3 million and year-end cash position of USD 120.6 million
  • Q4 gross production of 1.24 million barrels with 0.8 million barrels net to the Company
  • Completed two liftings of 1.1 million barrels (net BWE) at a price of USD ~46.1 per barrel
  • Preparing for drilling Hibiscus extension exploration and completion of Tortue phase 2 wells
  • Progressing preparations for Hibiscus and Ruche development
  • Full-year EBITDA of USD 87 million and gross production of 5.2 million barrels
  • Successfully completed USD 75 million private placement in January 2021
  • Managing and closely monitoring the COVID-19 pandemic and impact on operations

             

EBITDA for the fourth quarter of 2020 was USD 28.3 million, up from USD 22.2 million in the third quarter.

Dussafu production averaged approximately 13,500 barrels of oil per day from four wells, amounting to a total gross production of  1.24 million barrels of oil in the quarter. Two liftings were completed to BW Energy in the quarter, realising an average price of approximately USD 46.15 per barrel. The latter lifting was paid to the Company in January 2021. The Company sold 1.26 million barrels of oil net in the quarter   including approximately 162,.000 barrels of fourth quarter DMO deliveries and an over-lift position of around 41,000 barrels at period-end.

“We have resumed value-enhancing development activities on the Dussafu license with preparations underway for an initial exploration well in the Hibiscus Extension in the second quarter followed by completion of the remaining Tortue Phase 2 wells,” says Carl K. Arnet, CEO of BW Energy. “At the same time, we are progressing the Hibiscus/Ruche project and jack-up conversion which will reduce investments, time to first oil and environmental footprint.”

Fourth quarter production cost (excluding royalties) was USD 22.7 per barrel, including approximately USD 2.2 million of additional COVID-19 related costs. BW Adolo had scheduled downtime of 11 days for annual maintenance and to comply with Gabonese production allocations under OPEC quotas.

Total Dussafu production for 2021 is projected to be approximately 14,800 to 15,900 barrels per day gross, or between 5.2 to 5.8 million barrels in total for the year, based on first oil from the remaining Tortue phase 2 at end of the third or early in the fourth quarter. Full year production cost (excluding royalties) is expected between USD 19 to 22 per barrel.

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BW Energy Fourth Quarter and Full Year Results 2020 BW ENERGY FOURTH QUARTER AND FULL YEAR RESULTS 2020 HIGHLIGHTS Q4 EBITDA of USD 28.3 million and year-end cash position of USD 120.6 millionQ4 gross production of 1.24 million barrels with 0.8 million barrels net to the CompanyCompleted two …

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