SECOND QUARTER AND FIRST-HALF 2021 RESULTS
HIGHLIGHTS SECOND QUARTER
- Safeguarding people, operations and assets amid continued COVID-19 pandemic
- EBITDA of
USD 46.9 million for the second quarter andUSD 80.2 million for the first-half 2021 - Strong balance sheet with cash position of
USD 216.5 million and no debt - Drilled and completed DTM-7H on time and below budget, with first oil expected from DTM-6H and DTM-7H in Q4 2021
- Drilling operations on Hibiscus North exploration well ongoing
- On track for the Hibiscus-Ruche development including the jack-up rig re-purposing
- Q2 2021 gross production of 0.95 million barrels, or equal to ~10,500 bbls/day
EBITDA for the second quarter of 2021 was
“We are pleased with our performance and result in the quarter. The next milestones for
Gross production from the Tortue field averaged approximately 10,500 barrels of oil per day in the second quarter of 2021, amounting to a total gross production of 0.95 million barrels of oil for the period. The decrease in production compared to the first quarter of 2021 was mainly due to a planned maintenance shutdown.
The Hibiscus North exploration well (DHBNM-1) was spudded late July and drilling operations are currently ongoing. The well has a geological analogue to the Ruche Field, where the Gamba structure is the primary target.
Total Dussafu production for 2020 is projected to be ~12,800 barrels per day (gross), compared to 14,100 barrels per day on average in 2020. OPEX per barrel is expected to be approximately
Dial-in details:
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The presentation may also be followed via webcast on:
https://streams.eventcdn.net/bwe/q2-2021/
Please note, that if you follow the webcast via the above URL, you will experience a 30 second delay compared to the main conference call. The web page works best in an updated browser - Chrome is recommended.
For further information, please contact:
Knut R. Sæthre, CFO BW Energy, +47 91 11 78 76
ir@bwenergy.no
About
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Attachments
- 2021 Half-year report
- Q2 2021 Presentation
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