BW Energy (BWE) Corporate presentation summary

Strategic growth and asset development

• Operations span Gabon, Brazil, and Namibia, with a diversified asset base and material reserves exceeding 600 mmboe.

• Production reached ~25 kbopd in Q2 2026, with a clear path to surpass 100 kbopd by 2028 through phased project execution.

• Major projects include MaBoMo Phase 2, Golfinho Boost, Bourdon, and Maromba, all progressing on schedule and budget.

• Capital-efficient development leverages repurposed infrastructure, enabling rapid payback and low breakevens.

• Reserve replacement ratio remains high, with significant growth in 2P reserves across core assets.

Financial performance and outlook

• Q2 2026 revenues reached $296M, net profit $44M, and cash from operations $260M, with a cash position of $254M.

• Unit OPEX averaged $24/bbl in Q2 2026, with full-year guidance of $22–26/bbl.

• Net debt to EBITDA stands at 1.8x, with total liquidity of $544M, supporting ongoing growth investments.

• Free cash flow for 2026–2030 projected at $2–4 billion at $60–90 Brent, with enterprise value at $2.2 billion.

• Capital structure is optimized for project timelines, with flexible, diversified financing and limited near-term maturities.

Project execution and operational highlights

• MaBoMo Phase 2 and Golfinho Boost are underway, targeting incremental production and reserve additions.

• Maromba project targets 60 kbopd plateau by end-2027, with breakeven below $10/bbl and significant upside in nearby carbonates.

• Bourdon project sanctioned, with first oil expected Q1 2028 and IRR above 25% at $60/bbl.

• Golfinho infill campaign and Boost project set to triple production and unlock over 500 mmboe in future phases.

• Kudu gas project in Namibia progressing, with 1.5 Tcf recoverable resources and farm-down process underway.