Page 1

THIRD QUARTER RESULTS 2021 HIGHLIGHTS • • Q3 EBITDA of USD 8.3 million and net loss of USD 10.3 million No liftings to the Company in the quarter with revenue reflecting approximately 195,000 barrels of quarterly DMO deliveries Q3 gross production of 0.8 million barrels Maintained a strong balance sheet with no debt and cash position of USD 170.6 million Successful completion of Tortue Phase 2 at USD 45 million below budget with the hook - up of production wells DTM - 6H and DTM - 7H in October Two liftings to the Company scheduled in the fourth quarter Hibiscus / Ruche development activities on track Provisional award of operatorship of two blocks in Gabon's 12th Offshore Licensing Round Acquired semi - submersible rig for repurposing to unlock Kudu development in Namibia EBITDA for the third quarter of 2021 was USD 8.3 million , down from USD 46.9 million in the second quarter 2021 , due to no liftings to the Company in the quarter ( as planned ) compared to two liftings in the second quarter . Two liftings to BW Energy are scheduled in the fourth quarter . In October , BW Energy completed the Tortue Phase 2 field development with the hook - up and production start from the final two production wells , DTM - 6H and DTM - 7H . The Tortue development consists of six production wells , tied back to the FPSO BW Adolo . The Phase 2 development was completed with zero Health , Safety , Security & Environment ( HSSE ) incidents and USD 45 million below budget with USD 230 million invested . " We are delivering on our strategy at Dussafu with the completion of Tortue Phase 2. We are pleased to have executed the project well below our partner approved budget of USD 275 million despite delays caused by the COVID - 19 pandemic . The upcoming Hibiscus / Ruche development represents the next major milestone . We are on track to achieve our previously announced saving of approximately USD 100 million on this development . The recent award of operatorship for two new blocks next to the Dussafu licence further strengthens our long - term position and potential offshore Gabon , " said Carl K. Arnet , the CEO of BW Energy .