BW Energy Limited announced that it holds two licenses with reserves and resources currently under development and planning stages. The Dussafu Marin Permit, offshore Gabon, and the Maromba Block, in the Campos Basin offshore Brazil. BW Energy currently hold 73.5% of the license. Tullow Oil owns 10%, Gabon Oil Company (GOC) owns 9% and Panoro Energy hold the remaining 7.5% in the license. The Dussafu Marin Permit and the associated Ruche Autorisation Exclusive d'Exploitation ("Ruche EEA") production license are located approximately 50 kilometres off the coast of Gabon. The Ruche EEA covers an area of around 850 square kilometres. The water depth within the Ruche EEA ranges from approximately 80 metres in the northeast corner to approximately 650 metres in the southwest corner. Six oil discoveries have been made on the licence to date: Tortue, Hibiscus, Ruche, Ruche NE, Moubenga and Walt Whitman. The area comprising the Tortue, Hibiscus, Ruche and Ruche NE fields has an average water depth of approximately 116 metres. Tortue Phase 1 development commenced in 2017 with first oil achieved in September of 2018. Tortue Phase 1 included the drilling of two subsea production wells at the Tortue field tied back to FPSO Adolo. Tortue Phase 2 planned for the drilling of four additional subsea production wells at the Tortue field tied back to the FPSO. Tortue Phase 2 commenced in 2019 with two additional wells brought online in March of 2020. A third well was drilled but the drilling campaign was suspended due to the global pandemic. In 2021, the restart of Tortue Phase 2 is expected to commence in Second Quarter 2021 with the final two Tortue wells being brought on production by 2H 2021. BW Energy is currently preparing to execute a third development phase in the Dussafu block, Ruche Phase 1, with the Hibiscus and Ruche fields, which lie approximately 15 to 20 kilometres northwest of the Tortue field. The current plan is to drill six horizontal production wells that will be connected to a converted MODU to Offshore Installation (OI) production unit, Hibiscus Alpha. Four of the wells will be drilled at the Hibiscus field, all targeting the Gamba reservoir. Two wells will be drilled at the Ruche field targeting the Gamba reservoir. Hibiscus Alpha will be tied back to BW Adolo FPSO, which will continue to serve as the hub for production in the Dussafu licence. First oil from Ruche Phase 1 is expected in late 2022, adding up to 30,000 bopd to gross production from the Dussafu block once fully ramped up. The Ruche Phase 1 development is expected to recover gross 2P reserves of approximately 47.9 mmbbls. Ruche Phase 2 will add another six or more production wells to the Hibiscus, Ruche, and Ruche NE fields. It is expected to recover gross 2P reserves of approximately 22.4 mmbbls. BW Energy has used the services of Netherland, Sewell & Associates Inc. (NSAI) for estimating Dussafu reserves. Estimated oil reserves by NSAI for oil properties located in the Tortue, Ruche, Ruche NE, and Hibiscus fields, as of December 31, 2020: NSAI has estimated gross 1P reserves of 73.5 mmbbls and gross 2P reserves of 104.9 mmbbls in the Tortue, Ruche, Ruche NE, and Hibiscus fields as of December 31, 2020. BW Energy's net entitlement 1P reserves are 54.0 mmbbls and 2P reserves are 77.1 mmbbls. The 3-year 2P reserve replacement ratio for Dussafu is 761%. NSAI has estimated gross 1C reserves of 15.6 mmbbls and gross 2C reserves of 36.2 mmbbls in the Tortue, Ruche, and Ruche NE fields as of December 31, 2020. BW Energy's net entitlement 1C reserves are 11.5 mmbbls and 2C reserves are 26.6 mmbbls. The oil volumes shown include crude oil only. Oil volumes are expressed in millions of barrels (mmbbl). Reserves categorisation conveys the relative degree of certainty; reserves subcategorization is based on development and production status. The estimates of reserves included herein have not been adjusted for risk. The Maromba discovery is in the southern part of the Campos Basin offshore Brazil, approximately 100 kilometres southeast of the city of Cabo Frio. The water depth in the area is approximately 160 metres. Nine wells were drilled in the licence between 1980 and 2006, and oil was found in eight of these across various reservoirs including in the Eocene, Maastrichtian, Albian, Aptian and Barremian levels. BW Energy currently holds 100% of the license. Magma Oil holds a 5% back-in right in the Maromba license which they are expected to execute upon first oil. Following the success at Dussafu, BW Energy plans to develop the Maromba licence in phases, thereby minimizing up-front capital expenditure, accelerating time to first oil, and allowing the production and the supporting organisation to grow organically. Phasing will provide reservoir performance data which will be used to optimize future development phases. BW Energy is planning the first phases of development in the Maromba Block. In the first phase, three horizontal subsea production wells will target the Maastrichtian reservoir and be tied to an FPSO that will serve as the hub for Maromba production. The second phase of development will bring on three additional production wells. The development plan has been submitted and was approved by ANP in 2020. First oil is expected in 2024. This first phase of development will recover gross 2C resources of approximately 62.2 mmbbls while the second phase will recover 2C resources of approximately 35.8 mmbbls.