Page 1

BW Energy : First Quarter Results 2021 bwenergy.no/media/press-releases/detail/BW-Energy-First-Quarter-Results-2021 20 MAY 2021 BW Energy : First Quarter Results 2021 HIGHLIGHTS • Q1 EBITDA of USD 33.2 million and net profit of USD 7.8 million • Maintained a strong balance sheet with no debt and cash position of USD 184.8 million • Q1 gross production of 1.22 million barrels with 0.8 million barrels sold to the Company • . • • Completed one lifting of 0.65 million barrels ( net BWE ) at a price of USD 66.7 per barrel Jack - up rig soon on location to drill the DTM - 7H horizontal production well at the Tortue field Progressing preparations for Hibiscus / Ruche development with reduced CAPEX and time to first oil Managing and monitoring the COVID - 19 pandemic and its impact on operations EBITDA for the first quarter of 2021 was 33.2 USD million , up from USD 28.3 million in the fourth quarter 2020 , mainly due to a higher realised oil price . Dussafu production averaged approximately 13,600 barrels of oil per day from four wells , amounting to a total gross production of 1.22 million barrels of oil in the quarter . One lifting was completed to BW Energy in the quarter , realising an average price of USD 66.7 per barrel . Payment for the lifting was received in April 2021. The Company sold 0.8 million barrels of oil net in the quarter including approximately 97,000 barrels of first quarter DMO deliveries and an under - lift position of around 156,000 barrels at period - end . “ We are fully focused on our value - enhancing activities on the Dussafu Marin license led near term by the completion of the Tortue Phase 2 development wells and the progression of the Hibiscus - Ruche development project including the significant cost reductions enabled by the jack - up rig conversion " , commented Carl K. Arnet , CEO of BW Energy . " We are disappointed that the Hibiscus Extension appraisal well was unsuccessful , but we have gathered valuable data to refine our subsurface models . The knowledge gained allows us to further high - grade our extensive inventory of attractive exploration prospects with Hibiscus North being the first in line for drilling later this year . " 1/4 14