BW Energy Limited today announces adjustments to the development program on the
operated Dussafu Marin license in Gabon in response to the spread of the
coronavirus (COVID-19) and restrictions on international travel. The deferral of
investments also reflects increased market volatility and oil price uncertainty.
Production activities in Gabon remain uninterrupted as BW Energy complies with
public health advisory at all its locations to ensure safe operations and
contribute to stopping the spread of COVID-19.

Deferring Dussafu investments
The impact of international travel restrictions is limiting the Company's
ability to move essential personnel, subcontractors and equipment to and from
Gabon. This may affect the timing of the drilling of the planned DTM-7H well and
the subsequent exploration well. The major contracts provide for certain
termination rights under the current circumstances. The Company has for the same
reason decided to not exercise the options for the two additional exploration
wells under the existing rig contract.     

Further in response to recent commodity price volatility, BW Energy has decided
to defer the Ruche Phase 1 development. The revised capital spending program for
2020 amounts to approximately USD 125 million, of which about USD 30 million was
incurred as of the end of February. The revised program represents a 50%
reduction to the Company's previously announced capital expenditure program of
approximately USD 250 million for 2020.

"We are continuously evaluating our drilling program and the potential impact
for the DTM-7H well and the planned exploration well", said Carl K. Arnet, the
CEO BW Energy. "We are also taking decisive action to reduce investments in
light of current market volatility and uncertainty, which combined with
company-wide cost saving initiatives will conserve liquidity."

Total available liquidity as of end February 2020 amounted to USD 184.5 million
in cash with no debt. In addition, BW Energy is continuing the process of
finalising a reserve based lending (RBL) facility with a syndicate of leading
banks. The RBL facility will have a six-year term, with an initial amount of USD
200 million plus an accordion of USD 100 million.

Production stable at increased level
Dussafu daily operations continue to perform in line with expectations with four
wells (DTM-2H, DTM-3H, DTM-4H and DTM-5H) producing to the FPSO BW Adolo at a
current rate of approximately 20,000 bbl/day oil production (gross). The DTM-6H
well is nearing conclusion of its drilling and completion operations. This well
is scheduled to be brought online by June.

Total Dussafu production for 2020 is projected to be 16,000 - 18,500 bbls/day
(gross) based on five producing wells, compared to 11,800 bbls/day on average in
2019, while OPEX per barrel is expected to decrease to approximately USD 15 -17
per barrel, compared to USD 21 per barrel on average for 2019.

Leveraging flexible business model
In Brazil, BW Energy will continue to progress with regulatory and environmental
approvals and pursue cost reducing initiatives for the Maromba project as the
Company works toward project FID.

"Our response to the present turmoil in the oil market shows the strength and
flexibility of our business model. By quickly adapting to the situation and
delaying investments until we have a better line of sight of an improved market,
we preserve our firepower,"  said Carl K. Arnet. "Our projected production,
phased development approach with short cycle-time to first oil and full capex
discretion enable us to sustain a prolonged period of low oil prices. When the
markets improve, we can quickly bring our developments back in execution mode
and onwards to production."

For further information, please contact:

Knut R. Sæthre, CFO BW Energy, +47 91 11 78 76
ir@bwenergy.no

About BW Energy:

BW Energy is a growth E&P company with a differentiated strategy targeting
proven offshore oil and gas reservoirs through low risk phased developments. The
Company has access to existing FPSOs to reduce time to first oil and cashflow
with lower investments than traditional offshore developments. The main assets
are 73.5% of the producing Dussafu Marine Permit offshore Gabon and a 95%
interest in the Maromba field in Brazil, both operated by the Company. Total net
2P+2C reserves are 247 million barrels at the start of 2020 and gross average
production from Dussafu was 11.8 kbopd in 2019.

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

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