BW Energy (BWE) Pareto Securities' 32nd Annual Energy Conference Presentation summary

Operated portfolio and reserves

• Holds shallow and deep-water licenses in Africa and Brazil, including Dussafu, Maromba, Golfinho, and Kudu.

• Net 2P reserves total 252 mmboe, with 640 mmboe in net 2P reserves plus 2C resources.

• 2024 reserve replacement ratio reached 293%.

• Developing 149 mmboe across projects in execution.

Production and operational performance

• Net production increased from 8 kbopd in 2022 to 34 kbopd in H1 2025.

• Average unit OPEX reduced from $24/bbl in 2022 to $18/bbl in H1 2025.

• Dussafu core asset delivered 28 kbopd net production and 99% production availability in H1 2025.

• Dussafu operating costs at $12/bbl in H1 2025.

Project development and growth

• Dussafu: MaBoMo Phase 2 to add 26 mmbbls with first oil expected late 2026 and >50% IRR at $60 Brent.

• Maromba: Plateau production target of 60 kbopd, first oil by end-2027, breakeven below $10/bbl.

• Maromba execution on track with initial 6 wells and FPSO refurbishment progressing.

• Kudu appraisal offshore Namibia planned, targeting shallow-water Orange Basin.