BW Energy (BWE) Pareto Securities' 33rd Annual Energy Conference presentation summary

Track record and growth milestones

• Established in 2016, expanded rapidly through acquisitions and development of key assets including Dussafu, Golfinho, and Maromba.

• Net 2P reserves plus 2C resources have grown over 25 times since the Dussafu acquisition.

• Market capitalization has increased fivefold to approximately $1.5 billion.

• Workforce has expanded to 700 employees globally.

Strategic approach and operational model

• Focuses on unlocking discovered reserves using a differentiated, risk-limiting model.

• Leverages extensive infrastructure and subsurface expertise, including FPSO heritage and in-house well design.

• Emphasizes phased developments and infrastructure reuse to limit initial capital at risk.

• Targets value creation between FID and first oil, optimizing risk-adjusted entry points.

Asset development and production growth

• Dussafu 2P reserves increased by 580% since 2017; Golfinho reserves up 160% since acquisition.

• Maromba's 2P reserves reached 122 mmboe by end-2025, with significant nearby potential.

• Eleven of twelve wells drilled since 2017 have been successful.

• Sanctioned Golfinho wells are expected to triple production by end-2028.