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BW Offshore Provided Update on Oil & Gas Segment

Source: www.gulfoilandgas.com 1/8/2018, Location: Africa

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BW Offshore is hosting a presentation focusing on the company's Gabon/Dussafu license field development activities, particularly giving details of progress in bringing on-stream the Tortue Field. The presentation is attached.

The presentation also contains new preliminary reserve estimates for Tortue from independent reserves auditors Netherland, Sewell & Associates Inc. (NSAI) from December 2017.

NSAI has calculated the following estimates of total gross economically recoverable oil reserves, derived from the assumed production from four oil wells in the Tortue field:

- Proved (1P) reserves of 15.9 million bbls
- Proved + Probable (2P) reserves of 23.5 million bbls
- Proved + Probable + Possible (3P) reserves of 31.4 million bbls

The NSAI reserves review does not include the other 3 discovered fields in the license, known as Ruche, Moubenga and Walt Whitman. Also, the independent reserves review does not address prospective resources within the EEA.

The event is being held today, 8 January 2018, at 13:00 CET at The Thief, Landgangen 1 in Oslo, Norway and is hosted by CEO Carl K. Arnet and Lin Espey, Managing Director of BW Energy.

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