New Risk • May 21
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 13% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (13% operating cash flow to total debt). High level of non-cash earnings (28% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (12% net profit margin). Reported Earnings • May 21
First quarter 2026 earnings released First quarter 2026 results: EPS: US$0.13. Revenue: US$172.7m (down 39% from 1Q 2025). Net income: US$32.6m (down 61% from 1Q 2025). Profit margin: 19% (down from 29% in 1Q 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 42% p.a. on average during the next 3 years, compared to a 1.4% growth forecast for the Oil and Gas industry in Europe. Reported Earnings • Feb 06
Full year 2025 earnings released Full year 2025 results: Revenue: US$797.9m (up 1.8% from FY 2024). Net income: US$133.1m (down 20% from FY 2024). Profit margin: 17% (down from 21% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 1.0% growth forecast for the Oil and Gas industry in Europe. Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to kr44.90, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 8x in the Oil and Gas industry in Europe. Total returns to shareholders of 82% over the past three years. Annonce • Nov 20
BW Energy Provides Second Update on Kudu Appraisal Well BW Energy has completed drilling operations on the Kharas-1 appraisal well in the Kudu license area, offshore Namibia. The well reached a total depth of 5,100m and intersected multiple reservoir intervals. The well will now be plugged, and abandoned in line with the planned program. Several shallow turbidite reservoirs with dry-gas shows were encountered, and reservoir properties from these and the acquired whole core are now being evaluated. In the deeper section of the well, hydrocarbons were encountered in a fractured volcaniclastic reservoir. This confirms a working petroleum system with condensate and/or light oil. Further analysis is ongoing to determine the extent of the system and to characterise reservoir properties and appraisal options. Annonce • Nov 01
BW Energy Announces Update on Kudu Appraisal Well BW Energy provided an update on the Kharas-1 appraisal well, which has reached total depth and drilled multiple formation present across the Kudu license. The well was strategically designed to intersect several targets within a single borehole. While this approach did not allow for individual optimisation of each formation, it provided valuable geological data across the broader petroleum system. Preliminary results are encouraging. Several intervals show indications of hydrocarbon presence and reservoir potential, suggesting a working petroleum system at Kharas. Early analysis indicates that the K1 interval may contain hydrocarbons wetter than dry gas. A hydrocarbon migration front has been observed, and wireline operations are underway to assess reservoir quality, fluid type, and pressure characteristics. A follow-up appraisal campaign will be required to evaluate the individual targets in greater detail. The outcome of the wireline program will guide decisions on the next well location and the future appraisal strategy. Reported Earnings • Oct 29
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: US$199.6m (down 3.5% from 3Q 2024). Net income: US$20.1m (down 58% from 3Q 2024). Profit margin: 10% (down from 23% in 3Q 2024). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 1.5% growth forecast for the Oil and Gas industry in Europe. Valuation Update With 7 Day Price Move • Oct 16
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to kr39.85, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 8x in the Oil and Gas industry in Europe. Total returns to shareholders of 65% over the past three years. New Risk • Sep 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 8.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (44% net debt to equity). Share price has been volatile over the past 3 months (8.1% average weekly change). Valuation Update With 7 Day Price Move • Sep 19
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to kr43.15, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 8x in the Oil and Gas industry in Europe. Total returns to shareholders of 94% over the past three years. Reported Earnings • Aug 02
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: US$191.7m (up 19% from 2Q 2024). Net income: US$26.7m (up 84% from 2Q 2024). Profit margin: 14% (up from 9.0% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.2% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Oil and Gas industry in Europe. Annonce • May 27
BW Energy Limited Announces Committee Appointments BW Energy Limited at its 2025 Annual General Meeting 2025 on May 26, 2025, Appointment of Nomination committee members: Ms. Elaine Yew Wen Suen be and is hereby appoint as the Chair of the Nomination Committee. Ms. Alicia Yik be and is hereby appointed as a Member of the Nomination Committee. Annonce • May 23
BW Energy Limited Announces the Resignation of Sophie Smith from the Nomination Committee as the Chair and A Member Effective 24 January 2025 BW Energy Limited announced the resignation of Sophie Smith from the Nomination Committee as the Chair and a Member effective 24 January 2025. Valuation Update With 7 Day Price Move • May 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to kr31.75, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 7x in the Oil and Gas industry in Europe. Total returns to shareholders of 14% over the past three years. New Risk • May 08
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 55% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 3.1% per year for the foreseeable future. Minor Risk High level of debt (55% net debt to equity). New Risk • May 07
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • May 07
First quarter 2025 earnings released First quarter 2025 results: Revenue: US$281.9m (up 52% from 1Q 2024). Net income: US$83.0m (up 75% from 1Q 2024). Profit margin: 29% (up from 26% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Oil and Gas industry in Europe. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to kr25.20, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 6x in the Oil and Gas industry in Europe. Total loss to shareholders of 9.9% over the past three years. Annonce • Mar 07
BW Energy Limited Announces A Substantial Oil Discovery with Good Reservoir Quality on the Bourdon Prospect in the Dussafu Licence Offshore Gabon BW Energy announced a substantial oil discovery with good reservoir quality on the Bourdon prospect in the Dussafu Licence offshore Gabon. Evaluation of logging data and formation pressure measurements confirm approximately 34 metres of pay in an overall hydrocarbon column of 45 metres in the Gamba formation, making it the larger hydrocarbon column discovered to date in the Dussafu licence. The well was drilled by the Norve jack-up rig to a total depth of 4,135 metres. The discovery will enable the Company to book additional reserves not included in its 2024 Statement of Reserves. Bourdon is located approximately 15 kilometres west of BW Adolo FPSO and 7.5 kilometres southeast of the MaBoMo facility. Reported Earnings • Mar 03
Full year 2024 earnings released: EPS: US$0.64 (vs US$0.31 in FY 2023) Full year 2024 results: EPS: US$0.64 (up from US$0.31 in FY 2023). Revenue: US$783.9m (up 60% from FY 2023). Net income: US$165.9m (up 105% from FY 2023). Profit margin: 21% (up from 17% in FY 2023). The increase in margin was driven by higher revenue. Oil reserves Proven reserves: 160.6 MMbbls Combined production Oil equivalent production: 10.1 MMboe Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. New Risk • Feb 12
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Feb 01
Full year 2024 earnings released: EPS: US$0.65 (vs US$0.31 in FY 2023) Full year 2024 results: EPS: US$0.65 (up from US$0.31 in FY 2023). Revenue: US$795.2m (up 57% from FY 2023). Net income: US$165.9m (up 105% from FY 2023). Profit margin: 21% (up from 16% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 1.4% decline forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Annonce • Jan 31
BW Energy Limited Provides Production Guidance for 2025 BW Energy Limited provided production guidance for 2025. Production guidance for 2025 is between 11 and 12 mmbbls net to BW Energy. Annonce • Jan 30
BW Energy Limited (OB:BWE) completed the acquisition of 20% stake in Petroleum Exploration Licence 73 in the Kavango Basin from Reconnaissance Energy Africa Ltd. BW Energy Limited (OB:BWE) signed a letter of intent to acquire 20% stake in Petroleum Exploration Licence 73 in the Kavango Basin from Reconnaissance Energy Africa Ltd. (TSXV:RECO) for approximately $145 million on July 16, 2024. BW Energy Limited (OB:BWE) entered into definitive farm down agreement to acquire 20% stake in Petroleum Exploration Licence 73 in the Kavango Basin from Reconnaissance Energy Africa Ltd. (TSXV:RECO) approximately on July 30, 2024. For total potential consideration of $141 million, including US$16 million equity investment and an additional US$45 million in carry payments based on achievement of commerciality. These payments will be paid in two installments, one at FID and the second payment one year after production. In the event of development of discoveries, production milestone payments could total an additional US$80 million. Three separate production payments of US$25 million, are made after BW Energy reaches certain free cash flow milestones. An additional first production payment of US$5 million, is paid sixty days after the start of commercial production. On completion of the transaction, the ownership interests in PEL 73 will be; ReconAfrica 70%, BW Energy 20%, and NAMCOR 10%. ReconAfrica remains the operator of PEL 73. This is subject to the satisfaction of customary closing conditions, including entering into a definitive farm down agreement and approvals from the state oil company of Namibia and the Ministry of Mines and Energy in Namibia. Completion of the transaction is expected to occur before October 31, 2024.
BW Energy Limited (OB:BWE) completed the acquisition of 20% stake in Petroleum Exploration Licence 73 in the Kavango Basin from Reconnaissance Energy Africa Ltd. (TSXV:RECO) on January 29, 2025. Annonce • Dec 11
BW Energy Limited, Annual General Meeting, Apr 30, 2025 BW Energy Limited, Annual General Meeting, Apr 30, 2025. Annonce • Dec 10
BW Energy Limited to Report First Half, 2025 Results on Aug 01, 2025 BW Energy Limited announced that they will report first half, 2025 results on Aug 01, 2025 Recent Insider Transactions • Nov 27
Chief Executive Officer recently bought kr1.3m worth of stock On the 21st of November, Carl Arnet bought around 60k shares on-market at roughly kr22.33 per share. This transaction amounted to 1.6% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Carl's only on-market trade for the last 12 months. Reported Earnings • Nov 18
Third quarter 2024 earnings released Third quarter 2024 results: EPS: US$0.19. Revenue: US$206.8m (up 113% from 3Q 2023). Net income: US$48.0m (up US$47.5m from 3Q 2023). Profit margin: 23% (up from 0.5% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 1.1% decline forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Annonce • Nov 08
BW Energy Limited to Report Q3, 2024 Results on Nov 15, 2024 BW Energy Limited announced that they will report Q3, 2024 results at 7:30 AM, Central Europe Standard Time on Nov 15, 2024 Reported Earnings • Aug 30
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: US$161.2m (up 71% from 2Q 2023). Net income: US$14.5m (up 174% from 2Q 2023). Profit margin: 9.0% (up from 5.6% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 1.1% decline forecast for the Oil and Gas industry in Europe. Annonce • Aug 29
BW Energy Limited Provides Production Guidance for the Year 2024 BW Energy Limited provided production guidance for the year 2024. Total production net to BW Energy from Gabon and Brazil for 2024 is projected to be between 10 and 11 million barrels, based on the current Hibiscus /Ruche development plan and ESP work-over schedule. New Risk • Aug 02
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 12% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Annonce • Jul 17
BW Energy Limited (OB:BWE) signed a letter of intent to acquire 20% stake in Petroleum Exploration Licence 73 in the Kavango Basin from Reconnaissance Energy Africa Ltd. (TSXV:RECO) approximately $145 million. BW Energy Limited (OB:BWE) signed a letter of intent to acquire 20% stake in Petroleum Exploration Licence 73 in the Kavango Basin from Reconnaissance Energy Africa Ltd. (TSXV:RECO) approximately $145 million on July 16, 2024. For total potential consideration of $141 million, including US$16 million equity investment and an additional US$45 million in carry payments based on achievement of commerciality. These payments will be paid in two installments, one at FID and the second payment one year after production. In the event of development of discoveries, production milestone payments could total an additional US$80 million. Three separate production payments of US$25 million, are made after BW Energy reaches certain free cash flow milestones. An additional first production payment of US$5 million, is paid sixty days after the start of commercial production. On completion of the transaction, the ownership interests in PEL 73 will be; ReconAfrica 70%, BW Energy 20%, and NAMCOR 10%. ReconAfrica remains the operator of PEL 73. This is subject to the satisfaction of customary closing conditions, including entering into a definitive farm down agreement and approvals from the state oil company of Namibia and the Ministry of Mines and Energy in Namibia. Annonce • Jun 05
BW Energy Limited Appraisal Confirms Material Hibiscus Field Reserve Increase BW Energy Limited with reference is made to the stock exchange notice by BW Energy on 20 May 2024 announcing a substantial oil discovery on the northern flank of the Hibiscus field. BW Energy has now concluded the drilling and the logging of the DHIBM-7P pilot well, confirming a substantial oil discovery with good reservoir quality and a material uplift to the Hibiscus area. The Company’s preliminary evaluation indicates an increase in Hibiscus gross recoverable reserves (mid-case) of approximately 8 million barrels of oil to 12 million barrels of oil. The Company plans to complete the well as a development well later in 2024. The DHIBM-7P pilot was drilled from the MaBoMo production platform to a total depth of 3,941 metres. The target area is located approximately 1.5 kilometres north-northwest of the MaBoMo and was drilled by the Borr Norve jack-up rig. Notably, the hydrocarbon column extends across the boundary between the Gamba and the underlying Dentale formation. This is the first example of a common Gamba-Dentale hydrocarbon accumulation in Hibiscus Field. The current operation in Dussafu is to complete the development well (DHBSM-2H) in the northern flank of the Hibiscus South field that was recently successfully appraised. Annonce • May 30
BW Energy Limited Announces Chief Financial Officer Changes BW Energy Limited has appointed Brice Morlot as Chief Financial Officer effective from 30 June 2024. Mr. Morlot succeeds Knut R. Sæthre, who has been the CFO of BW Energy since 2019, contributing significantly to the company's financial stewardship and strategic direction. Mr. Morlot brings extensive experience to the Company, combining a solid financial understanding with an operational background in the E&P business. Most recently, serving as Managing Director of Assala Energy in Gabon, and before that, from other leadership roles in Assala, SCOR and Perenco. He will be based in BW Energy’s office in Lisbon Portugal. Mr. Morlot will undergo a transitional period working closely with Mr. Sæthre to ensure a seamless handover. Reported Earnings • May 26
First quarter 2024 earnings released First quarter 2024 results: Revenue: US$181.7m (up 141% from 1Q 2023). Net income: US$47.4m (up US$52.4m from 1Q 2023). Profit margin: 26% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 1.4% decline forecast for the Oil and Gas industry in Europe. Annonce • May 25
BW Energy Limited Provides Production Guidance for the Year 2024 BW Energy Limited provided production guidance for the year 2024. For the year, the company expects net production of 10 million barrels to 12 million barrels. Annonce • May 23
BW Energy Limited Announces Board Appointments The Annual General Meeting 2024 of BW Energy Limited was held on May 21, 2024. With reference to AGM 2024 minutes, BW Energy announced two new board members, Mr. Darrell McKenna and Mr. Alan Dowokpor. Darrell McKenna is currently the Executive Chairman on the Board of Samson Oil and Gas/Springline Energy and a technical advisor to engineering and field staff in Samson Oil and Gas/Springline Energy. Mr. McKenna has over 40 years of experience in the oil and gas industry in various engineering and leadership roles of a wide range of companies within the energy sector, including Mobil, Schlumberger, Hess, Kosmos Energy and Oracle Energy. Mr. McKenna holds a degree in Petroleum Engineering (with honors) from the Montana School of Mineral Science and Technology (Montana Tech) in Butte, Montana. Alan Dowokpor is currently Deputy Chair and a member of the Remuneration and Nominations Committee of the Board of Harwich Haven Authority (a major UK Trust Port). Mr. Dowokpor has over 30 years of global, strategic, operations and business leadership experience in the oil and gas industry with a focus on upstream exploration, production, and development from BP and Tullow Oil. Mr. Dowokpor holds a Masters degree in Petroleum Engineering from Imperial College, London. Annonce • May 09
BW Energy Announces Hibiscus South Pilot Well Confirms Hydrocarbons BW Energy announced that the DHBSM-2P pilot well confirms that the Hibiscus South deposit extends into the northern part of the field with good reservoir quality, increasing reserve estimates. The Company plans to complete the well as a production well later in 2024. The DHBSM-2P Pilot was drilled from the MaBoMo production platform to a total depth of 5,130 metres. The target area is located approximately 3.2 kilometres west-northwest of the MaBoMo and was drilled by the Borr Norvejack-up rig. Evaluation of logging data, sample examination and formation pressure measurements confirm approximately 25 metres of pay in an overall hydrocarbon column of 35 metres in the Gamba formation. The well data provides additional confirmation that the Hibiscus South structure is a separate accumulation with a deeper oil-water contact than the nearby Hibiscus Field. This will enable the Company to book additional reserves not currently included in its annual statement of reserves and provide the opportunity to drill one or more additional production wells from the MaBoMo facility. Preliminary evaluation indicates gross recoverable reserves of 5 to 6 million barrels of oil and approximately 14 million barrels of oil in place. Annonce • Apr 30
BW Energy Limited Provides Earnings Guidance for the First Quarter of 2024 BW Energy Limited announced that the company expects to recognise a net loss of USD 3.3 million in the first quarter related to the hedging program, of which USD 3.8 million is unrealised. 