BW Energy Provides Update on Hibiscus/Ruche Development Plan

BW Energy is presenting at the Pareto Securities’ Energy Conference today. Please see the attached presentation.

While presenting at  the Pareto Securities’ Energy Conference BW Energy referenced the progression of an alternative development plan for Hibiscus/Ruche, utilising a converted jack-up instead of constructing and installing a new wellhead platform.

The conversion concept is expected to reduce development capex, time to first oil and enable a substantial reduction to field-development related climate gas emissions by re-using already existing energy infrastructure.

The alternative development plan has the potential to lower the estimated cash- break even oil price for the Hibiscus/Ruche (phase 1 and 2) development to approximately USD 25 per barrel Brent. A final decision to restart the Hibiscus/Ruche development is subject to lifting of COVID-19 restrictions to allow for efficient project execution, currently expected towards year-end 2020.

The presentation also refered to the expected impact from completion of the remaining two wells of the Tortue phase 2 development. These are currently expected to be completed at end of Q2 2021, adding 8-9,000 gross bbls/day at peak.

BW Energy has a 73.5% interest of the producing Dussafu Marine Permit offshore Gabon.