HIGHLIGHTS
BW Energy shares commenced trading onOslo Stock Exchange on 19 February after raising netUSD 121 million in the IPO- Gross production of 11,485 bbls/day compared to 10,735 bbls/day in Q4
- Completed one lifting of 427,647 bbls net to
BW Energy in Q1 - Q1 2020 EBITDA of
USD 14.8 million compared toUSD 57.3 million in Q4 2019 - Non-cash impairment of
USD 10.7 million , reflecting the recorded value of the Kudu project - Q1 2020 net loss of
USD 23.6 million - DTM-4H and DTM-5H wells at Dussafu successfully connected to FPSO BW Adolo
- DTM-6H and DTM-7H wells rescheduled due to COVID-19
- Ruche and Maromba projects deferred due to COVID-19
EBITDA for the first quarter of 2020 was
Gross production from Tortue increased to an average of 11,485 bbls/day for the first quarter compared to 10,735 bbls/day for the fourth quarter. Total gross production from the Tortue field increased to 1,045,000 bbls of oil from 987,000 in the fourth quarter. Production regularity was impacted by a scheduled downtime for the FPSO to connect the two new wells which came onstream in early March. Production cost (excluding royalty) was
Net financial expense was
"We have managed to protect our employees and partners and maintain full operations amid Covid-19. At the same time, we have taken action to protect our operational and financial flexibility, having more than halved our planned capex for 2020,” says
REVISED DEVELOPMENT PLANS AND OUTLOOK
The Company has proactively taken steps to maintain a flexible financial position. BW Energy’s total capital spending program for 2020 has been reduced from
As a result, the Dussafu production projection for 2020 has been lowered to 15,000 - 16,500 bbls/day (gross) based on four producing wells, compared to an average of 11,800 bbls/day achieved in 2019. Operating expenditure per barrel is expected to decrease to approximately
Drilling of the DTM-6H well was completed in March. The installation program to connect the well to the FPSO has been rescheduled as the COVID-19 restrictions on international travel limits the movement of essential personnel, subcontractors and equipment to and from several countries, including
The Ruche project has also been deferred until efficient project execution can be assured.
The Maromba project has been refocused on activities required to progress on government approvals and optimisation of the field development plan with respect to investment, operational costs, and schedule.
A conference call followed by Q&A will be hosted by CEO
Conference call information:
To dial in to the conference call where the first quarter results and Q&A will be hosted, please dial in to one of the following numbers:
You can also follow the presentation via webcast with supporting slides, available on:
https://bwe.eventcdn.net/2020q1/
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.
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.
Attachment
- 2020 Q1 Presentation
© OMX, source