BW Energy (BWE) Fearnley Securities Africa Focused E&P Seminar Presentation summary

Investment case and strategy

• Fast-growing E&P with a diversified operated asset base in Gabon, Namibia, and Brazil, targeting material reserves and resource potential.

• Q1 2025 production reached 36,000 bbls/day, with a reserve/production ratio of ~23 years.

• Aims for net ~90 kbbls/day production by end-2028, supported by a robust capital structure.

• EV/2P reserves at $5/bbl and P/NAV at ~0.65x, reflecting financial flexibility.

Asset base and reserves

• Operates shallow and deep-water assets in Africa and Brazil, with one non-operated asset in Namibia.

• 2024 reserve replacement ratio at 293%, with net 2P reserves of 229 mmboe and net 2C resources of 370 mmboe.

• Dussafu, Golfinho, Maromba, and Kudu are key assets, with development on hold for Kudu.

Production and cost performance

• Net production increased from 8 kbbls/day in 2021 to 30-32 kbbls/day in 2024.

• Net 2P reserves grew from 74 mmboe in 2021 to 229 mmboe in 2024.

• Average unit OPEX decreased to $18-22/bbl in 2024, with further improvement expected.