BW Energy Announces Q2 2021 Trading Update

Source: 7/28/2021, Location: Africa

BW Energy provides an update on the operation and development of the Dussafu Marin license in Gabon. The Company will publish its financial report for the first half of 2021 on Friday, 20 August.

Gross production from the Tortue field averaged approximately 10,500 barrels of oil per day in the second quarter of 2021, amounting to a total gross production of 0.95 million barrels of oil for the period. The decrease in production compared to the first quarter of 2021 was mainly due to a planned maintenance shutdown.

BW Energy completed two liftings in the quarter and realized an average price of USD 69.8 per barrel. Production cost (excluding royalties) was approximately USD 31 per barrel. The increase in production cost per barrel has been impacted by the lower quarterly production. The overall production cost includes approximately USD 1.5 million of costs related to the continued handling of the COVID-19 pandemic through the period.

BW Energy's share of gross production was approximately 700,000 barrels of oil.

Net sold volume, which is the basis for revenue recognition in the financial statement, was 1,140,000 barrels including approximately 97,000 barrels of quarterly Domestic Market Obligation (DMO) deliveries, resulting in an over- lift position of around 300,000 barrels at the end of the period.

BW Energy had a cash balance of USD 216 million at 30 June 2021, compared to USD 185 million at 31 March 2021. The increase is mainly due to a strong operating cash flow reflecting a higher realised oil price. The company is well capitalised for the upcoming investment activities with a robust balance sheet and no external debt.

At the Tortue field, the drilling of the final horizontal production well, DTM-7H, was successfully completed according to plan. High-quality oil-bearing sands were encountered in line with prognosis. The work will now proceed with the completion and tie-in of the two wells (DTM-6H and DTM-7H) with first oil expected in early Q4 2021.

The Hibiscus North exploration well (DHBNM-1) was spudded earlier this week and drilling activities are progressing as planned. The well has a geological analogue to the Ruche Field, where the Gamba structure is the primary target.

The Company will give a more detailed presentation of the ongoing drilling campaign at the upcoming Q2 2021 presentation scheduled for 20 August 2021.

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