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    BWE   BMG0702P1086

BW ENERGY LIMITED

(BWE)
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BW Energy: Hibiscus Extension appraisal well encountered water in Gamba reservoir

05/05/2021 | 02:00pm EDT

Hibiscus Extension appraisal well encountered water in Gamba reservoir

BW Energy today provides an update on the drilling of the Hibiscus Extension appraisal well (DHIBM-2) in the Dussafu Marin license in Gabon.

The primary objective of the well was to test the northern extension of the Gamba Sandstone reservoir of the Hibiscus field, discovered in 2019. Initial findings indicate that the Gamba is water-bearing, instead of containing hydrocarbons.

The Borr Norve Jack-up continues drilling operations to intersect the secondary targets for the appraisal well in the deeper Dentale Formation. The data acquired from the DHIBM-2 well will later be analysed and integrated into the larger Dussafu model to further refine the extensive exploration prospect inventory.

The existing Hibiscus 2P gross recoverable reserves of 46.1 million barrels established by the DHIBM-1 well and its appraisal side-track, drilled in 2019, remain unaffected and will form the core of the upcoming Hibiscus/Ruche development project. Planning for this next phase remains on track.

Following the DHIBM-2 well, the rig will move to drill the horizontal production well, DTM-7H, at the Tortue field. The rig will subsequently move to drill the Hibiscus North prospect, located approximately 6 km north-northeast of the DHIBM-1 well.

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 were 242 million barrels at the start of 2021.

This information is considered inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This stock exchange release was published by Una Holmen, Man IR, BW Offshore on 5 May at 20.00 CEST.

 


© OMX, source GlobeNewswire - EU Press Releases

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Financials (USD)
Sales 2021 239 M - -
Net income 2021 47,4 M - -
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P/E ratio 2021 15,1x
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Capitalization 753 M 753 M -
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Andreas Sohmen-Pao Chairman
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