FID on Bourdon and Golfinho wells raising 2028 production target to over 100 kbopd

BW Energy has made final investment decision for the Bourdon development in the Dussafu license offshore Gabon and a campaign of new infill wells in the Golfinho license offshore Brazil. The combined total 2P reserves estimate is 68 million barrels of oil equivalents.

The two sanctioned projects reflect the Company’s growth strategy based on infrastructure-led phased developments, minimising capital at risk and delivering high returns. Combined they increase BW Energy’s net production target by approximately 10% to more than 100,000 barrels of oil per day in 2028, and contribute to the company sustaining that production level into the next decade.

Bourdon Phase 1 highlights

• 25 mmboe in gross 2P reserves
• Of which ~100% oil
• Targeted first oil in Q1 2028
• Capital-efficient design with conversion of the Akoum rig (former Jasmine Alpha) to a new wellhead platform with a 12-slot wellbay
• Initial production from three wells, and capacity for future phases with additional potential of ~200 mmboe oil in place near Bourdon
• Net CAPEX of USD 300 million, with pre-first-oil spend of USD ~100 million supported by recent sale-and-leaseback agreement with Minsheng
• Term sheet signed for long-term lease, expected to cover 100% of wellhead platform CAPEX before first oil
• Internal rate of return (IRR) above 25% at USD 60 per barrel and breakeven at USD 45 per barrel at 10% discount rate
• Partners: BW Energy (operator, 73.5% working interest), Panoro (17.5% interest) and Gabon Oil Company (GOC) (9.0% interest)

New Golfinho wells highlights

• 50 mmboe in 2P reserves
• Of which 42% oil and 58% gas
• Targeted first oil end-2028
• 4 new wells (3 in Golfinho license, 1 in Camarupim license) in proven locations, to be tied back Golfinho FPSO and leveraging existing gas export pipeline from FPSO to shore
• Set to triple production from Golfinho area to ~30 kboped from 2029
• Net CAPEX of USD 450 million, of which USD 170 million committed to long-lead items and USD 280 million with optionality on timing of spend up to 6 months ahead of first oil
• Low development cost of USD ~9 per barrel enabled by existing infrastructure
• Internal rate of return above 50% at USD 60 per barrel and breakeven at USD 40 per barrel at 10% discount rate
• BW Energy operator with 100% working interest

“These two projects add highly profitable production in licenses with proven reserves and multiple growth opportunities. Through the repurposing of existing energy assets and a phased approach, BW Energy has optimised the development solutions supported by low-cost infrastructure-backed financing. This yields high return-projects, increasing our net production to above 100 kbopd in 2028 and positioning us to sustain this level into the next decade,” said Carl K. Arnet, CEO of BW Energy.

Further details on the developments will be provided at the first quarter 2026 earnings and strategy update presentation at Hotel Continental in Oslo, Norway, today at 09:30 CEST.

You can follow the presentation via webcast and enter questions digitally through:

Viewer registration Q1 2026:

https://events.streamhub.no/viewer-registration/gAVt5lLq/register

To call in and ask questions live, please use the following link to register and receive a dial-in number:

https://event.loopup.com/SelfRegistration/registration.aspx?booking=uiJfECkr8KHb5rua0tbTwAyqwRYSwwdCTu6j3TZDpKA=&b=2389e96d-457b-46a8-bebb-fec356d5b031

For further information, please contact:

Martin Seland Simensen, VP Investor Relations

[e-mail]

About BW Energy:

BW Energy is a fast-growing independent oil and gas company creating value through low-risk, phased developments of proven offshore reservoirs, leveraging existing infrastructure and capital-efficient execution. The company owns and operates production, development and exploration assets in Gabon, Brazil and Namibia. Total net 2P reserves exceed 240 million barrels of oil equivalent, with a further 390 million barrels classified as 2C resources, providing a strong foundation to organically increase production from around 30 kbopd in 2025 to over 100 kbopd in 2028.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.