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BW Energy Fourth Quarter and Full Year Results 2020 - Seite 2

Nachrichtenquelle: globenewswire
19.02.2021, 07:30  |  139   |   |   

Full-year 2020 production averaged approximately 14,100 barrels of oil per day, equalling a gross production of approximately 5.2 million barrels of oil. Full-year EBITDA was USD 87 million.

Cash balance was USD 120.6 million at 31 December 2020, compared to USD 145 million at 30 September 2020. On 20 January 2021, BW Energy completed a private placement raising gross proceeds of approximately USD 75 million, ensuring that BW Energy has capital to deploy towards accretive projects and capture significant value creation going forward. Free float after completion of the private placement is approximately 71%. Following the private placement, BW Offshore holds 35.2% and BW Group Limited 35.1% of BW Energy, respectively.

DEVELOPMENT PLANS
Execution of the Dussafu development plan is progressing with the recent award of a drilling contract for one exploration well and one development well (DTM-7H). Additionally, BW Energy holds an option for another exploration well subject to the results of the drilling campaign. In November 2020, BW Energy concluded on an alternative development plan for the Hibiscus/Ruche satellite field reducing the capital investments by around USD 100 million by utilising a converted jack-up as the offshore installation. The conversion project is progressing with focus on structural engineering and yard selection.

The Maromba project continues to progress towards the environmental approval and optimisation of the field development plan with respect to investment, operational costs, and schedule. A final investment decision is planned by the first quarter of 2022.

In January 2021, BW Energy announced  a Farm-In and Carry Agreement with NAMCOR to increase its working interest in the Kudu gas field to 95% line with previously disclose intentions. BW Energy is continuing its efforts to develop this resource commercially.

OUTLOOK
Key macro drivers have developed positively through the course of 2020 and into 2021 as societies have started vaccination programs and gain increased control of the COVID-19 pandemic. Disciplined OPEC production cuts has supported the oil price in the short-term, while oil demand is recovering with improvements in the global economy. The exact degree of demand growth will rely on the pace of global vaccine rollouts, easing of lockdowns and government economic stimuli through 2021.

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BW Energy Fourth Quarter and Full Year Results 2020 - Seite 2 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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