BW Energy (BWE) Pareto Securities' 31st annual Energy Conference Presentation summary

Diversified asset base and production growth

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

• Holds 580 mmboe in net 2P + 2C reserves and resources, with over 30 mmboe net production since inception.

• H1 2024 net production reached 4.6 mmboe, up 130% YoY to 25.5k bbls/day.

• Production infrastructure includes assets in Gabon, Brazil, and other regions.

Financial performance and funding

• H1 2024 revenue rose 104% YoY to USD 346.2M, EBITDA up 143% to USD 185.6M, and net income surged to USD 61.9M.

• OPEX per barrel decreased 25% YoY to USD 32.

• Issued a USD 100M five-year senior unsecured bond in June 2024 at a 10% coupon, oversubscribed and set for Oslo listing.

• Completed MaBoMo sale-leaseback, freeing USD 110M liquidity; Golfinho prepayment facility at USD 120M drawn.

Operational highlights and development

• Dussafu reserves grew over 6x since inception, with ongoing drilling and ESP upgrades to maximize output.

• Hibiscus South delivered first oil in March, with a second well added in August; drilling campaign extends into 2025.

• Golfinho production optimization focuses on reliability, artificial lift upgrades, and reopening inactive wells; infill wells postponed due to cost inflation.

• Maromba development targets cost efficiency with a dry tree wellhead platform and FPSO, with concept studies to complete by end 2024.