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Presentation Material & Update on Hibiscus/Ruche Development Plan

Source: www.gulfoilandgas.com 9/16/2020, Location: Africa

BW Energy is presenting at the Pareto Securities' Energy Conference today. The presentation references the progression of an alternative development plan for Hibiscus/Ruche, utilising a converted jack-up instead of constructing and installing a new wellhead platform. The conversion concept is expected to reduce development capex, time to first oil and enable a substantial reduction to field-development related climate gas emissions by re-using already existing energy infrastructure.

The alternative development plan has the potential to lower the estimated cash- break even oil price for the Hibiscus/Ruche (phase 1 and 2) development to approximately USD 25 per barrel Brent. A final decision to restart the Hibiscus/Ruche development is subject to lifting of COVID-19 restrictions to allow for efficient project execution, currently expected towards year-end 2020.

The presentation also refers to the expected impact from completion of the remaining two wells of the Tortue phase 2 development. These are currently expected to be completed at end of Q2 2021, adding 8-9,000 gross bbls/day at peak.

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