BW Energy (BWE) Oil & Gas Virtual Investor Conference summary

Strategic overview and growth trajectory

• Production has grown from zero to 30,000 barrels per day, with a market cap of $1.5 billion and EBITDA over $400 million in the last year.

• Core strategy focuses on unlocking marginal field developments using repurposed production infrastructure, enabling faster and cost-efficient greenfield projects.

• Portfolio is concentrated in Gabon (Dussafu), Brazil (Golfinho, Maromba), and Namibia (Kudu), with continuous reserve growth and a 171% 2P reserve replacement ratio in 2025.

• Top five shareholders collectively own over 89% of the company.

• Holds a diversified portfolio with over 600 mmboe in reserves and resources, targeting ~90 kbopd by end-2028.

Operational performance and growth

• Net production increased from 8,000 barrels per day in 2022 to 30,000 barrels per day in 2025, mainly through infrastructure-led appraisal and exploration.

• Production growth is driven by Dussafu and Maromba, with Maromba aiming for 60,000 barrels per day plateau by end-2027.

• Dussafu core strategy delivers 24,400 barrels per day in 2025, 95% production availability, and $13/bbl operating costs.

• Continuous improvement in production and OPEX, with unit OPEX reduced from $28/bbl in 2022 to $20/bbl in 2025.

• Operational efficiencies, such as taking over FPSO operations, have led to significant cost reductions and a strong platform for further growth.

Key asset developments and project milestones

• Dussafu field in Gabon grew from two wells at 8,000 barrels per day to six wells at 40,000 barrels per day capacity by early 2025.

• Repurposed jack-ups and FPSOs reduced CapEx by about $100 million and enabled rapid greenfield development, achieving first oil in 18 months.

• 2P reserves at Dussafu increased sevenfold since FID, with 11 out of 12 successful wells and a recent 25 million barrel discovery at Bourdon in 2025.

• MaBoMo Phase 2 drilling campaign will add four new production wells, each with an IRR of 50% at $60 Brent and less than a year payback.

• Bourdon discovery maturing to FID in 2025, with initial four producing wells planned.