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First quarter 2025 and Maromba FID Presentation Carl K. Arnet, CEO Jérôme Bertheau, CTO Thomas Young, CSO Brice Morlot, CFO 5 May 2025
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• Alex Almeida – Regulatory Brazil • Chris Boyers – Subsurface Maromba • Thomas Kolanski – Chief Business Development Officer • Kei Ikeda – FPSO refurbishment and conversion • Ricardo Mucci – General Manager Brazil 2 BW Energy - Team
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This Presentation has been produced by BW Energy Limited exclusively for information purposes. This presentation may not be redistributed, in whole or in part, to any other person. This document contains certain forward-looking statements relating to the business, financial performance and results of BW Energy and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words “believes”, expects”, “predicts”, “intends”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets”, and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of BW Energy or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of BW Energy or any of its parent or subsidiary undertakings or any such person’s officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. BW Energy assumes no obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to our actual results. No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, neither BW Energy nor any of its parent or subsidiary undertakings or any such person’s officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document. Actual experience may differ, and those differences may be material. By attending this Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of BW Energy and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the businesses of BW Energy. This presentation must be read in conjunction with the recent Financial Information and the disclosures therein. This announcement is not an offer for sale or purchase of securities in the United States or any other country. The securities referred to herein have not been registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), and may not be sold in the United States absent registration or pursuant to an exemption from registration under the U.S. Securities Act. BW Energy has not registered and does not intend to register its securities in the United States or to conduct a public offering of its securities in the United States. Any offer for sale or purchase of securities will be made by means of an offer document that may be obtained by certain qualified investors from BW Energy. Copies of this Presentation are not being made and may not be distributed or sent into the United States, Canada, Australia, Japan or any other jurisdiction in which such distribution would be unlawful or would require registration or other measures. In any EEA Member State that has implemented Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market (together with any applicable implementing measures in any member State, the “Prospectus Regulation”), this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Regulation. This Presentation is only directed at (a) persons who are outside the United Kingdom; or (b) investment professionals within the meaning of Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”); or (c) persons falling within Article 49(2)(a) to (d) of the Order; or (d) persons to whom any invitation or inducement to engage in investment activity can be communicated in circumstances where Section 21(1) of the Financial Services and Markets Act 2000 does not apply. 3 Disclaimer
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Record quarterly EBITDA Net production of 36 kbbls/day Substantial oil discovery in the Bourdon prospect Maromba FID unlocking path to more than doubling production and potential for future dividends 4 Highlights Q1 2025 net sold volume 3.7 mmbbls Q1 2025 realised oil price $74.8/bbl Cash position $286.9M
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5 Q1 Key figures1 Revenue $281.9M EBITDA $182.1M Up 55% from Q1 24 Up 20% from Q4 24 Up 66% from Q1 24 Up 31% from Q4 24 Net Profit $83.0M Operating Cash Flow $154.7M Up 75% from Q1 24 Up 48% from Q4 24 Up 600% from Q1 24 Up 31% from Q4 24 1) Unaudited figures
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6 Diversified asset base with material reserves 10 Operated shallow and deep- water assets in Africa and Brazil; 1 non-operated in Namibia 10 mmboe 2024 net production 1) Annual Statement of Reserves 2024, excluding Bourdon discovery in March 2025 in Dussafu licence 599 mmboe Net 2P+2C reserves and resources 1 229 mmboe Net 2P reserves 1 Brazil Maromba Golfinho Gabon Namibia Dussafu Niosi Guduma Kudu PEL 73
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7 Increasing production and reducing unit cost 1) Preliminary and unaudited figures 2) Operating costs exclude Royalties, Tariffs, Workovers, Domestic Market Obligation purchases, Production Sharing costs in Gabon, and incorporates the impact of IFRS 16 adjustments Average unit OPEX1 USD/bbl 24,2 28,5 17,7 18,1 16,5 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 18,3 15,6 20,2 27,3 28,7 9,0 8,0 5,4 6,4 7,3 27,3 23,6 25,6 33,7 36,0 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Dussafu Golfinho 1) Operating costs exclude Royalties, Tariffs, Workovers, Domestic Market Obligation purchases, Production Sharing costs in G abon, and incorporates the impact of IFRS 16 adjustments. Net production kbbls/day
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0,38 0.75 0,0 0,5 1,0 1,5 2,0 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 LTIR TRIR 8 Zero-harm objective for people and environment TRIR and LTIR – rolling quarterly1 1) Total Recordable Incident Rate (TRIR) and Lost Time Incident Rate (LTIR) Zero LTIs recorded YTD 2025 1 Environmental incident YTD 2025
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Gabon 9
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• Dussafu net production ~2.6 mmbbls, up 3% from Q4 2024 • High operational uptime • All producing Tortue & Hibiscus wells on-line • Operating cost1 reduced to USD ~9.9/bbl 10 Dussafu production update Net production kbbls/day 18,3 15,6 20,2 27,3 28,7 0 5 10 15 20 25 30 35 40 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 1) Operating costs exclude Royalties, Tariffs, Workovers, Domestic Market Obligation purchases, Production Sharing costs in Gabon, and incorporates the impact of IFRS 16 adjustments.
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• Good reservoir and fluid quality confirmed by two penetrations • Estimated ~56 mmbo oil in place, of which ~25 mmbo recoverable1 • Additional reserves not included in 2024 Statement of Reserves • Started planning of new development cluster following MaBoMo blueprint with initial four producing wells 11 Substantial Bourdon discovery Located ~13 km west of FPSO BW Adolo and 9 km southeast of MaBoMo facility Hibiscus Bourdon 1) Management estimates Ruche Tortue BW AdoloMaBoMo
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Brazil 12
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• Production of ~656,000 bbls, up 12% from Q4 2024 • Operating cost1 of USD 42.2/bbl • Production positively impacted by availability of gas after completion of Petrobras maintenance • Focus on optimisation of current production capacity and operating costs 13 Golfinho production update Net production kbbls/day 9,0 8,0 5,4 6,4 7,3 - 2,0 4,0 6,0 8,0 10,0 12,0 14,0 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Golfinho 1) Operating costs exclude Royalties, Workovers, and incorporates the impact of IFRS 16 adjustments
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14 Golfinho Boost project • FID April 2025 • Incremental production and uptime increase and OPEX reductions • First oil targeted H2 2027 • CAPEX-efficient project • Attractive risk reward Incremental reserves 12 mmbbls1 Production increase +3 kbbls/day CAPEX USD 107M Breakeven at 10% USD ~47/bbl 1) Management estimates
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Namibia 15
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• Preparing to spud appraisal well in H2 2025 in northwest corner of Kudu ‒ Up-dip from nearby discoveries ‒ Program on track with rig selection in progress ‒ Long lead items acquired • Further major discovery south of Kudu by Rhino ‒ 38 meters of net pay of light oil in PEL 85, production test at 11 kbbls/day ‒ Another confirmation of Orange Basin potential 16 Kharas appraisal well Source: Oilnews
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17 Accretive start to 2025 Bourdon discovery Golfinho Boost FID Maromba development FID ~7x growth in Dussafu reserves since inception Incremental production, increase uptime and reduced OPEX Transformative project unlocking material value and future dividends
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Maromba project FID 18
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19 2P reserves 1 123 mmboe Targeted first oil End - 2027 IRR at USD 60/bbl >30% Breakeven at 10% ~$40 /bbl Transformative project unlocking material value 1) Management estimates
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2022 2023 2024 2025 guidance 2028E 20 Maromba will deliver industry-leading growth Production outlook (net) kbbls/day 7.8 16.3 27.6 11-12 mmbbls Maromba 30-32 >100%
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21 Low-risk development of proven barrels • Development with 6 + 6 wells • Highly delineated and tested Maastrichtian sands with 500 mmboe1 of oil in place • CAPEX-efficient development concept with refurbished FPSO and redeployed jack-up • 100% working interest 3 Development FPSO, WHP and 12 planned wells Plateau production target 60 kbbls/day Total CAPEX USD 1.5 billion 1) Management estimate 2) Assuming USD 60/bbl oil price 3) Magma Oil holds 5% back-in right in Maromba licence, which they are expected to execute upon first oil
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• Petrobras drilled 9 exploration and appraisal wells in main Maastrichtian and other reservoirs • Two drill stem tests confirmed strong reservoir quality and productivity • Maromba development will initially focus on highest return potential in most de-risked reservoir with known oil Reservoir significantly de-risked from earlier appraisal drilling Map of reservoirs with logged oil 22 22 Wells confirming oil 8 of 9
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23 Unlocking Maromba's potential Initial FPSO, WHP and 6 wells Capital-efficient initial development • Develop proven, low-risk portion of reserve base • Establish core infrastructure for subsequent expansion • Operational synergies with Golfinho field Secondary 6 wells Low-cost extension and appraisal • Access additional reserves (Maastrictian infill and Lobo) • Appraisal wells • Infrastructure cost and OPEX absorbed by established production Future Unlocking further reserves • Test additional near-field reserves – Eocene and Carbonate • Significant upside with up to 1 billion barrels of oil-in-place • Further facilities may be deployed with successful appraisal and test wells Peregrino Tubarao Azul Maromba Papa Terra Initial and secondary Future Middle Eocene Sandstones Lower Eocene Sandstones Maastrichtian / Campanian Sandstones Lower Albian Carbonates Barremian
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Development, regulatory and operations 24
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25 • Drilling jack-up converted to integrated drilling and wellhead platform (WHP) • SURF, construction, and installation • Drilling and production from WHP to converted, spread moored FPSO - BW Maromba • Infrastructure designed to support a significant future appraisal program, with capacity up to 16 wells • Horizontal production wells with dry-trees and artificial lift via downhole ESPs • Offtake to DP shuttle-tankers Converted jack-up rig to wellhead platform Refurbished FPSO 30 months from FID to first oil
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26 Maromba development summary SURF 10” Production / 6” Test Lines Gas import pipeline Installation by Light Construction Vessel BW Maromba Refurbished FPSO Polvo Spread moored Shuttle tanker offloading 10” Production / 8” Test Riser Slots 100 kblpd Liquid Max 65 kbopd max 85 kbwpd max 1 million barrels storage Future water injection expansion Future import gas expansion Cosco Dalian conversion Drilling 10 Maastrichtian Sandstone + 2 Lobo wells Drilled with the Jack-up (3rd party O&M) Horizontal producers, gravel-packed and lifted via ESPs Platform Converted Jack-Up Rig with up to 16 slots Dry-tree horizontal development wells 12 wells & associated VFDs / controls Hydraulic workover unit (HWU) once drilling rig no longer economical to operate 140 person living quarters during drilling Dubai conversion is base case
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• Former FPSO Polvo which operated on nearby Polvo field • Condition assessment and FEED completed • High confidence level in CAPEX estimate and schedule • Spread moored solution 27 FPSO refurbishment underway
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28 Clearly defined topside modification scope M4 Sea Water treatment M4 HM System M4 Flowline Flushing Pump M5 Oil fiscal Metering Skid Re-use with modifications Demolish Demolish and new skid M2 Separation M2 Stabilisation Heater M6 PW Module New M2 Inlet Heater Boiler M7 Test/FG Module M3 Flare STG Turret / Riser Porch Chemical Injection Spread mooring support Spread mooring support Offloading hose reel M1 Separation & Stabilisation
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• Agreed to acquire Gorilla class jack-up with capacity to drill all Maromba wells • In-house designed, prefabricated, mudline well conductor frame installed by drilling derrick • Jack-up suitability confirmed by geotechnical survey of installation site and fatigue analysis • Replicating successful Dussafu jack-up to production platform conversion 29 Wellhead platform with limited conversion
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• Installation of WHP ahead of FPSO arrival to accelerate start-up • Producers targeting main Maastrichtian reservoir ‒ ~2,900 meters depth with 800 metres horizontal well length ‒ 100 metres oil column height • Future flexibility to install water injectors as required • Future facilities for tie-in of gas import for power generation • Spare capacity for appraisal program to unlock further reserves 30 Optimised SURF and well design Initial wells
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31 High-level development plan 2025 2026 2027 Main milestones FPSO refurbishment Wellhead platform SURF Drilling Procurement and construction – yard stay Towing and installation Engineering and procurement Tender and contract Start of jack-up conversion Initial 6 wells Final investment decision First oil Jack-up conversion completed FPSO refurbishment completed Conversion at yard Towing and installation Installation
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32 Robust regulatory roadmap
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Newbuild FPSO vs. FPSO Polvo redeployment1 Tons CO2e Newbuild WHP vs. repurposed jack-up1 Tons CO2e 33 Concept enabling significantly lower GHG emissions 1) Assessment by RSK Group - 50 000 100 000 150 000 200 000 250 000 Newbuild FPSO Polvo redeployment Material Works Transit to site ~75% lower - 20 000 40 000 60 000 80 000 100 000 Newbuild wellhead platform Jack-up repurposing Material Works Pre-transit to shipyard Transit to site ~65% lower
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Financing and project economics 34
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Maromba capital overview Drilling-capable WHP opening significant appraisal program Low-cost infill threshold Value-accretive growth potential Expand into major upside USD ~45 million per well ~5 - 7 months payback ~1.5 mmbbls threshold Further in-field appraisal Additional potential from nearby Carbonate reservoirs, etc. - 50 100 150 200 250 300 350 400 2025 2026 2027 2028 2029 2030 2031 Maromba investment plan USD million Initial Secondary 28 % 18 % 19 % 16 % 19 %FPSO WHP Wells - initial SURF/field/acquisition/others Wells - secondary USD ~1.5 billion Infrastructure + 6 wells USD ~1.2 billion Next 6 wells USD ~0.3 billion Pre-First Oil USD ~1.0 billion 35
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Delivering Maromba pre-first oil USD million Maromba self-funded post-first oil USD million 36 Funded through capital efficient structure - 1 000 2 000 3 000 4 000 Remaining CAPEX Maromba OCF from First Oil through 2031 Maromba CAPEX post-First Oil USD 60/bbl USD 70/bbl USD 80/bbl Excess cash flow for liquidity buffer and debt service <1.5 years payback 1) FPSO financing subject to satisfaction of conditions precedent, issuance of Sinosure policy (Letter of Intent approved), and execution of loan documentation. 2) Term sheet signed for Maromba WHP financing; facility is subject to final documentation, including negotiation and execution of definitive agreements. Cash balance & RBL Maromba FPSO financing1 Maromba WHP lease2 RBL potential accordion Shareholder loan FCF – USD 60/bbl USD 70/bbl USD 80/bnbl Maromba CAPEX pre-First Oil 0 500 1 000 1 500 2 000 Sources Uses
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Predictable OPEX structure with ~90% fixed costs Maromba OPEX USD per barrel ~25% Variable ~75% Fixed • Benchmarked with current Golfinho and Dussafu operations, and historic data from Campos basin operations ‒ FPSO ‒ WHP ‒ Drilling ‒ Supply boats ‒ Inspection ‒ Regulatory ‒ Construction / Maintenance - 5 10 15 2027 2028 2029 2030 2031 37
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Competitive fiscal regime Gross revenue Royalty Net revenue Operating expenses Capital investment Cash flow Before tax Corporate income tax Net cash flow Comparison of government takes globally1 Total government take for projects, % 1) Source: Rystad Energy – Fiscal regime. Government take is calculated as NPV of government revenue, assuming a flat oil price of USD 80/bbl 93 91 91 86 84 83 82 81 80 79 79 76 74 72 69 69 69 66 60 59 59 59 58 58 54 45 44 41 25 Algeria Egypt Mexico Qatar Venezuela India Indonesia Uzbekistan UAE Azerbaijan Norway Saudia Arabia Thailand Malaysia Nigeria Namibia Angola Australia Argentina Suriname Kazakhstan Colombia China Canada US Brazil Kuwait Russia Libya • Concession overview ‒ BWE ownership 100% (95% after exercise of 5% Magma back-in) ‒ License expiry 2047 ‒ Royalty reduction to 5% expected before first oil ‒ Corporate income tax 34% (including 9% social contribution) ‒ Depreciation: Unit of Production method with 2.5x acceleration ‒ Tax loss carried forward 38
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• Optimised development plan results in one of lowest oil price breakevens among global projects Maromba positioned among top global projects 1) Source: Goldman Sachs Global Investment Research – Top projects 2024 report Maromba versus other major projects1 Breakeven at 10%, USD/bbl 0 10 20 30 40 50 60 70 Average breakeven for top 100 projects 39
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- 10 20 30 40 50 60 70 2027 2028 2029 2030 40 Set to generate material value Maromba production outlook kbbls/day Maromba free cash flow USD million, cumulative (1 500) (1 000) (500) - 500 1 000 1 500 2024 2025 2026 2027 2028 2029 2030 USD 70/bbl USD 80/bbl USD 60/bbl
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Financials and outlook 41
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USD million Income Statement Q1 2025 Q4 2024 Operating revenue 282.8 237.2 Gain/(loss) from oil derivatives (0.9) (3.8) Operating expenses (99.8) (91.8) EBITDA 182.1 141.6 Depreciation and amortisation (64.0) (57.1) Operating profit (EBIT) 118.1 84.5 Interest income 3.3 4.3 Interest expense (8.8) (16.4) Other financial items (3.6) 0.3 Profit before tax 109.1 72.8 Income tax expense (26.0) (16.7) Net profit 83.0 56.1 42 Income statement1 1) Unaudited figures. Net sold volumes 3.7 mmbbls Net realised price $74.8/bbl
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43 Cash flow development Q1 2025 1) Unaudited figures 2) Cash and undrawn debt less restricted cash at period end USD million1 Total available liquidity2 $406.9M 221,8 154,65 -81 286,85 -8,6 Cash Dec-31-2024 Operating cash flows Net investing activities Net financing activities Cash Mar-31-2025 USd million 0 50 100 150 200 250 300 350 400
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44 Balance sheet supporting execution of growth strategy Debt overview USD million MaBoMo Lease Dussafu RBL Golfinho prepayment Bond - 100,0 200,0 300,0 400,0 500,0 600,0 Outstanding per 31 March 2025 Total assets $2.1BN NIBD1 $296M Equity ratio 46% NIBD1/EBITDALTM 0.56x 1) NIBD (MaBoMo lease, Dussafu RBL, Golfinho prepayment facility and bond debt, less cash) / LTM EBITDA at 31 March 2025 2025 2026 2027 2028 2029 Maturity profile USD million
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45 2025 guidance Net production1 Total 11–12 mmbbls Operating cost2 USD 18–22 per bbl Net CAPEX USD 650–700 million • Increased due to Maromba and Golfinho Boost G&A USD 19–22 million 1) Reflects net production from Dussafu (73.5% Working Interest) and Golfinho (100% WI) 2) Operating costs exclude Royalties, Tariffs, Workovers, Domestic Market Obligation purchases, Production Sharing costs in Gabon, and incorporates impact of IFRS 16 adjustments.
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46 Investment highlights Fast-growing E&P company with differentiated strategy Diversified asset base Material reserves and resource potential Industry-leading organic growth Path to more than doubling production by 2028 Robust capital structure and financial flexibility Balance sheet to execute growth strategy
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Q&A 47 Dummy images
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ir@bwenergy.no www.bwenergy.no