BW ENERGY

FIRST QUARTER RESULTS 2024

BW ENERGY FIRST QUARTER RESULTS 2024

HIGHLIGHTS

• Q1 EBITDA of USD 109.7 million and net profit of USD 47.4 million
• Q1 gross production of 3.1 million barrels with 2.5 million net to BW Energy
• Three liftings of ~1.9 million barrels (net BWE) at average realised price of USD ~83 per barrel
• First oil from Hibiscus South in early March, five months after initial discovery
• Second Hibiscus South well confirms northern extension with good reservoir quality
• Substantial oil discovery on the northern flank of the Hibiscus field
• Signed USD 150 million sale & leaseback for MaBoMo production facility in April
• Golfinho prepayment facility extended and increased
• Maintained a strong balance sheet with cash position of USD ~150 million

 

BW Energy, operator of the Dussafu Marin licence in Gabon and the Golfinho cluster offshore Brazil, reported EBITDA for the first quarter of 2024 of USD 109.7 million, down from USD 133.4 million in the fourth quarter of 2023, mainly due to lower oil sales in the quarter.

Net production from the operated assets was ~27,300 barrels of oil per day in the quarter, slightly up from the previous quarter. This includes production from the Tortue, Hibiscus and Hibiscus South fields in the Dussafu licence (73.5% working interest) and the Golfinho field (100% working interest) after assuming ownership in late August 2023.

"BW Energy continues to progress the Hibiscus / Ruche drilling program, optimising available rig time to increase production and reserves through low-cost, low-risk development activity and efficient ESP replacements once equipment becomes available,” said Carl K. Arnet, the CEO of BW Energy. “In Brazil, the Golfinho field is producing in line with expectations as we prepare for the planned infill drilling campaign, and in Namibia, the potential of the Orange Basin and our Kudu asset is reaffirmed by another major new oil discovery.”

 

DUSSAFU

BW Energy completed two liftings in the first quarter at an average realised price of USD 83 per barrel. BW Energy’s share of gross production was approximately 1.66 million barrels of oil. The net sold volume, which is the basis for revenue recognition in the financial statements, was approximately 1.7 million barrels including 97,500 barrels of DMO deliveries and 203,800 barrels of state profit oil with an over-lift position of 167,800 barrels at the end of the period. Proceeds in the amount of approximately USD 50 million from the second lifting in March were received in April 2024.