BW Energy (BWE) is pleased to announce first oil from the DTM-4H Gamba well
drilled as part of Tortue Phase 2 development project (Phase 2) in the Dussafu
Marin Permit offshore Gabon. The well successfully commenced production on 7
March.

Start of production from DTM-4H was only three days after first oil from the
DTM-5H well. Following the addition of the two wells, the overall field
production continues to stabilise, with current output at approximately 20.0
kbopd gross.

"We are pleased to see production rates from the two new wells in line with our
expectations," said Carl K. Arnet, CEO of BW Energy. "It is another confirmation
that the Tortue-field is a world-class asset." 

DTM-4H and DTM-5H represent the first of two clusters in the Phase 2 project
which consists of four production wells tied back to the FPSO BW Adolo. Drilling
continues on the second cluster which is scheduled to begin production by June
2020. Total production after completion of Phase 2 is projected to be 17.3 -
21.6 kbopd gross for 2020 from six producing wells, an increase from the 2019
average of 11.8 kbopd gross.

The Dussafu Marin JV consists of BW Energy (Operator, 73.5% working interest),
Tullow Oil (10% working interest), Gabon Oil Company (9% working interest) and
Panoro Energy (7.5% working interest).

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.

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange