Announcement • 5h
Reconnaissance Energy Africa Ltd. Announces Hydrocarbon Flow To Surface From Huttenberg Formation At Kavango West 1X And Plans Open Hole Horizontal Testing Reconnaissance Energy Africa Ltd. along with its partners BW Energy (20% WI) and the National Petroleum Corporation of Namibia (NAMCOR, 10% carried WI), announced preliminary production testing results from the three zones in the Huttenberg formation on the Kavango West 1X (KW1X) discovery well, along with plans to advance to open-hole horizontal production testing. The uppermost zone of the Huttenberg formation flowed natural gas and potential liquid content to surface immediately upon perforation, ahead of any acid stimulation, and was flared through the relief flare stack. Flow rates were not measured from the Huttenberg due to previously disclosed equipment limitations, which has been rectified for the upcoming open hole horizontal production test by way of procuring the necessary equipment, which is currently being shipped to site, and by changing the surface operations service provider at site. Production samples, including both natural gas and potential liquid content have been collected in several IsoTubes with results of the compositional analysis expected in the coming weeks from samples sent to laboratories in the United States. This test result completes vertical production testing operations at KW1X. Surface testing equipment associated with the vertical program has been stood down and demobilized as the Company prepares for the next phase of operations. Having flowed natural gas and potentially liquids to surface from two separate zones at KW1X, the next stage of success-based testing is to proceed with an open-hole horizontal production test in the uppermost zone of the Huttenberg formation, with an option for an additional horizontal test in the uppermost zone of the Elandshoek formation. The Huttenberg formation was selected for the initial horizontal test based on flow of natural gas and potential liquids to surface, 75 metres of pay identified from original well log analysis, presence of matrix porosity between large natural fractures, longer horizontal lateral section due to being approximately 600 metres shallower than the Elandshoek, and the Jarvie-1 rig is expected to drill up to 1,000 metres of horizontal section through the Huttenberg formation. The purpose of the vertical production testing program was to determine which parts of the reservoir, if any, could flow hydrocarbons to surface. It was not to determine flow rate as cased vertical wells are not the optimized development design for this fractured reservoir. Phase one production testing achieved a critical milestone; the program established two of the six zones of interest identified in the well contain hydrocarbons capable of flowing to surface. This does not preclude the other sections from flowing hydrocarbons via a more optimized horizontal open hole completion. The next step, an open-hole horizontal production test in the upper Huttenberg zone, is designed to establish a representative flow rate over a large, exposed reservoir section uninhibited by production casing, cement and perforations. An open-hole horizontal well is required to achieve maximum reservoir penetration and optimal fracture intersection, consistent with the natural fracture orientation observed in the reservoir. Formation imaging log (FMI) analysis from wells drilled through the Otavi reservoir indicates fracture density ranging from 1.0 to 12.7 fractures per metre (P90–P10), with fracture orientation running parallel to the fold structure. The current well design contemplates a horizontal lateral of up to 1,000 metres to optimally intersect these natural fracture swarms. Completing the well open hole, without casing or cement, is intended to maximize flow from fractures. These fractures have inclinations of 50-90 degrees, with most fractures being vertical, to near vertical. The horizontal well will be drilled perpendicular to the fracture orientation. Open fractures in analogue carbonate fields enhance permeability and often link matrix porosity with the reservoirs. The Jarvie-1 rig remains on location to drill the horizontal sidetrack laterals. To ensure the best possible outcome from the planned horizontal test, Reconnaissance Energy Africa Ltd. has procured two high pressure pumps, a swabbing unit and additional supporting equipment in the United States which is currently being shipped to site for the continuation of the production testing operation. Routine rig maintenance is currently being conducted as the Company awaits the delivery of equipment and receipt of necessary permit amendments before the resumption of drilling operations. Reconnaissance Energy Africa Ltd. has contracted H2OIL to conduct surface operations and provide additional surface equipment, including an appropriately sized separator unit. Halliburton will continue to provide downhole equipment and services. The Company continues to advance permitting and preparations of the Kavango West 2A (KW2A) appraisal well. Once the horizontal production test at KW1X is complete, the partners plan to move to drill a horizontal well and conduct an open hole horizontal production test at the KW2A appraisal well location to establish reservoir extent and communication. Reported Earnings • Jul 31
Second quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2026 results: EPS: US$0.17 (up from US$0.10 in 2Q 2025). Revenue: US$296.3m (up 62% from 2Q 2025). Net income: US$43.9m (up 64% from 2Q 2025). Profit margin: 15% (in line with 2Q 2025). Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) missed analyst estimates by 55%. Revenue is forecast to grow 32% p.a. on average during the next 3 years, compared to a 6.0% decline forecast for the Oil and Gas industry in Norway. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 19% per year. Major Estimate Revision • Jul 21
Consensus EPS estimates increase by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from US$767.4m to US$804.6m. EPS estimate increased from US$0.512 to US$0.597 per share. Net income forecast to grow 130% next year vs 89% growth forecast for Oil and Gas industry in Norway. Consensus price target broadly unchanged at kr76.82. Share price rose 3.3% to kr52.80 over the past week. Live News • Jul 18
BW Energy Reports Natural Gas Flow at Kavango West 1X With Further Tests Underway BW Energy, alongside Reconnaissance Energy Africa and NAMCOR, reported successful natural gas flow to surface from the Elandshoek formation at the Kavango West 1X discovery well. Further production tests are planned in three zones of the shallower Huttenberg formation, with updates expected by late August.
The test results mark concrete progress in an exploration project where BW Energy is a significant partner, adding another data point on the potential of the Kavango West 1X discovery as the partners gather compositional analysis and evaluate additional zones.
BW Energy shares trade at NOK50.90, with the stock up 5.1% year to date.
This kind of early test success can influence how investors think about BW Energy’s longer-term asset mix and optionality. It also highlights the geological and execution risk that still sits between a discovery test and any potential commercial development. Live News • Jun 16
BW Energy Stock Eyes Production Surge With Maromba Project and Offshore Expansion Targets BW Energy targets a lift in oil production from about 25,000 barrels per day to 50,000 barrels per day over the next year.
The company aims to increase output further to 100,000 barrels per day by 2028.
The Maromba project is highlighted as a key growth driver, using reused infrastructure to support higher production, while BW Offshore focuses on growing its floating production business on long-term contracts and seeks to double company value by 2030.
The production targets and the Maromba development outline a clear growth agenda for BW Energy, with reused infrastructure potentially helping to manage project costs and timelines.
For investors, attention may focus on execution risk around these production goals and project delivery, as well as how long-term contracts and capital allocation between BW Energy and BW Offshore develop over time. Live News • Jun 09
BW Energy Awaits Key Test Results From Kavango West 1X Well in Namibia BW Energy’s partner Reconnaissance Energy Africa has started multi-zone production testing at the Kavango West 1X well in Namibia, in cooperation with NAMCOR and BW Energy.
The KW1X program will isolate and test six hydrocarbon-bearing zones across roughly 420 meters within the Huttenburg and Elandshoek formations to assess hydrocarbon presence and deliverability.
Results from the KW1X tests are expected by late July, after which the well will be temporarily abandoned and work will shift toward the Kavango West 2A appraisal well, targeted to spud before the end of the third quarter, subject to approvals.
This testing phase is an early but important step in assessing the potential of the Kavango discovery and could influence how BW Energy and its partners think about future development plans in Namibia.
Investors should watch for the late-July test results and the timing of approvals for the Kavango West 2A appraisal well, since both will shape clarity on resource potential and future capital commitments tied to this project. Major Estimate Revision • May 27
Consensus EPS estimates fall by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from US$855.4m to US$787.5m. EPS estimate also fell from US$0.628 per share to US$0.53 per share. Net income forecast to grow 103% next year vs 106% growth forecast for Oil and Gas industry in Norway. Consensus price target down from kr70.84 to kr67.46. Share price rose 7.2% to kr59.40 over the past week. Reported Earnings • May 21
First quarter 2026 earnings: EPS and revenues miss analyst expectations 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 missed analyst estimates by 14%. Earnings per share (EPS) also missed analyst estimates by 6.7%. Revenue is forecast to grow 42% p.a. on average during the next 3 years, compared to a 3.4% decline forecast for the Oil and Gas industry in Norway. Major Estimate Revision • Apr 14
Consensus revenue estimates increase by 11% The consensus outlook for revenues in fiscal year 2026 has improved. 2026 revenue forecast increased from US$798.8m to US$889.8m. EPS estimate increased from US$0.378 to US$0.674 per share. Net income forecast to grow 31% next year vs 75% growth forecast for Oil and Gas industry in Norway. Consensus price target of kr71.64 unchanged from last update. Share price fell 8.3% to kr56.20 over the past week. Major Estimate Revision • Mar 29
Consensus revenue estimates increase by 11% The consensus outlook for revenues in fiscal year 2026 has improved. 2026 revenue forecast increased from US$798.8m to US$889.8m. EPS estimate increased from US$0.378 to US$0.55 per share. Net income forecast to grow 7.4% next year vs 75% growth forecast for Oil and Gas industry in Norway. Consensus price target up from kr64.83 to kr72.93. Share price rose 3.7% to kr59.40 over the past week. Major Estimate Revision • Mar 17
Consensus revenue estimates increase by 15% The consensus outlook for revenues in fiscal year 2026 has improved. 2026 revenue forecast increased from US$694.7m to US$798.8m. EPS estimate increased from US$0.102 to US$0.378 per share. Net income forecast to shrink 26% next year vs 39% growth forecast for Oil and Gas industry in Norway . Consensus price target up from kr53.47 to kr64.35. Share price rose 13% to kr56.40 over the past week. Major Estimate Revision • Feb 15
Consensus EPS estimates fall by 39% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from US$755.6m to US$694.5m. EPS estimate also fell from US$0.277 per share to US$0.17 per share. Net income forecast to shrink 67% next year vs 45% growth forecast for Oil and Gas industry in Norway . Consensus price target up from kr50.53 to kr52.45. Share price rose 4.0% to kr45.90 over the past week. 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 2.4% decline forecast for the Oil and Gas industry in Norway. Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to kr43.90, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 8x in the Oil and Gas industry in Norway. Total returns to shareholders of 80% over the past three years. Announcement • 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. Announcement • 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 4.3% decline forecast for the Oil and Gas industry in Norway. Valuation Update With 7 Day Price Move • Oct 16
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to kr39.05, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 7x in the Oil and Gas industry in Norway. Total returns to shareholders of 59% over the past three years. New Risk • Oct 14
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 Norwegian stocks, typically moving 6.8% 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 (6.8% average weekly change). Valuation Update With 7 Day Price Move • Sep 19
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to kr43.35, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 8x in the Oil and Gas industry in Norway. Total returns to shareholders of 101% over the past three years. Major Estimate Revision • Aug 14
Consensus EPS estimates increase by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from US$775.0m to US$812.8m. EPS estimate increased from US$0.567 to US$0.66 per share. Net income forecast to shrink 29% next year vs 2.1% decline forecast for Oil and Gas industry in Norway. Consensus price target broadly unchanged at kr43.78. Share price was steady at kr36.15 over the past week. Reported Earnings • Aug 03
Second quarter 2025 earnings released: EPS: US$0.10 (vs US$0.056 in 2Q 2024) Second quarter 2025 results: EPS: US$0.10 (up from US$0.056 in 2Q 2024). Revenue: US$182.4m (up 14% from 2Q 2024). Net income: US$26.7m (up 84% from 2Q 2024). Profit margin: 15% (up from 9.1% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 5.4% decline forecast for the Oil and Gas industry in Norway. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Jun 15
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from US$827.3m to US$804.5m. EPS estimate also fell from US$0.551 per share to US$0.472 per share. Net income forecast to shrink 40% next year vs 9.7% decline forecast for Oil and Gas industry in Norway. Consensus price target up from kr39.82 to kr42.95. Share price rose 12% to kr37.10 over the past week. Announcement • 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. Announcement • 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. Major Estimate Revision • May 12
Consensus EPS estimates fall by 24% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from US$904.6m to US$883.1m. EPS estimate also fell from US$0.726 per share to US$0.55 per share. Net income forecast to shrink 27% next year vs 11% decline forecast for Oil and Gas industry in Norway. Consensus price target up from kr31.46 to kr35.05. Share price rose 19% to kr32.30 over the past week. Valuation Update With 7 Day Price Move • May 12
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to kr32.70, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 6x in the Oil and Gas industry in Norway. Total returns to shareholders of 15% over the past three years. 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 compared to a 4.9% decline forecast for the Oil and Gas industry in Norway. Major Estimate Revision • Apr 09
Consensus EPS estimates fall by 10%, revenue upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from US$880.2m to US$921.7m. EPS estimate fell from US$0.795 to US$0.713 per share. Net income forecast to grow 11% next year vs 2.8% decline forecast for Oil and Gas industry in Norway. Consensus price target down from kr35.52 to kr32.60. Share price fell 17% to kr25.10 over the past week. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to kr25.10, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 5x in the Oil and Gas industry in Norway. Total loss to shareholders of 14% over the past three years. Announcement • 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: EPS exceeds analyst expectations 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 was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 9.9%. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 4.3% decline forecast for the Oil and Gas industry in Norway. 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. Major Estimate Revision • Feb 26
Consensus EPS estimates increase by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from US$853.4m to US$900.0m. EPS estimate increased from US$0.764 to US$0.897 per share. Net income forecast to grow 40% next year vs 6.7% decline forecast for Oil and Gas industry in Norway. Consensus price target of kr34.34 unchanged from last update. Share price was steady at kr26.65 over the past week. 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: EPS and revenues exceed analyst expectations 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 exceeded analyst estimates by 1.9%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 5.5% decline forecast for the Oil and Gas industry in Norway. 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. Announcement • 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. Announcement • 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. Announcement • Dec 11
BW Energy Limited, Annual General Meeting, Apr 30, 2025 BW Energy Limited, Annual General Meeting, Apr 30, 2025. Announcement • 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. Major Estimate Revision • Nov 22
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$822.6m to US$789.1m. EPS estimate also fell from US$0.723 per share to US$0.64 per share. Net income forecast to grow 15% next year vs 14% growth forecast for Oil and Gas industry in Norway. Consensus price target broadly unchanged at kr36.44. Share price fell 7.4% to kr21.80 over the past week. 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 4.7% decline forecast for the Oil and Gas industry in Norway. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • 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 5.2% decline forecast for the Oil and Gas industry in Norway. Announcement • 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 01
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. Announcement • 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. Announcement • 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. Announcement • 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 6.0% decline forecast for the Oil and Gas industry in Norway. Announcement • 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. Major Estimate Revision • May 23
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from US$0.939 to US$0.835 per share. Revenue forecast steady at US$878.1m. Net income forecast to grow 166% next year vs 9.3% growth forecast for Oil and Gas industry in Norway. Consensus price target up from kr33.40 to kr34.23. Share price rose 6.4% to kr30.55 over the past week. Announcement • 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. Announcement • 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. Announcement • 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. Announcement • Mar 08
BW Energy Starts Production from Hibiscus South Field Five Months After Discovery BW Energy announced that production has safely started from the DHBSM-1H well in the Hibiscus South field on the Dussafu Licence offshore Gabon five months after the initial discovery was made in November 2023. Production performance from the well has been in line with expectations and is currently stabilised at approximately 5,000-6,000 barrels of oil per day. The DHBSM-1H well was drilled as a horizontal well from the BW MaBoMo production facility to a total depth of 5,960 metres into Gamba sandstone reservoir. The well is located approximately 5 kilometres southwest of the MaBoMo in a separate accumulation with a deeper oil-water contact than the nearby Hibiscus Field. Following completion, the Borr Norve jackup has commenced drilling operations on the Ruche sidetrack well (DRM-3H ST1). The DHBSM-1H well is expected to recover 6.6 mmbbls from approximately 22 mmbbls oil in place, based on third party 2P estimates. Major Estimate Revision • Mar 07
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$909.0m to US$888.5m. EPS estimate also fell from US$1.11 per share to US$0.924 per share. Net income forecast to grow 195% next year vs 26% growth forecast for Oil and Gas industry in Norway. Consensus price target down from kr35.10 to kr32.48. Share price fell 4.4% to kr26.85 over the past week. Reported Earnings • Feb 29
Full year 2023 earnings released: EPS: US$0.31 (vs US$0.17 in FY 2022) Full year 2023 results: EPS: US$0.31 (up from US$0.17 in FY 2022). Revenue: US$507.3m (up 83% from FY 2022). Net income: US$81.0m (up 80% from FY 2022). Profit margin: 16% (in line with FY 2022). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 3.1% decline forecast for the Oil and Gas industry in Norway. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Feb 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 12 million barrels, based on the current Hibiscus /Ruche development plan and ESP work-over schedule. Announcement • Dec 14
BW Group (Offeror) agreed to acquire remaining 60% in BW Energy Limited (OB : BWE) for NOK 4.2 billion in a tender offer. BW Group (Offeror) agreed to acquire remaining 60% in BW Energy Limited (OB : BWE) for NOK 4.2 billion in a tender offer on December 13, 2023. Under the terms, NOK 27 per share will be paid in cash. Offer period: From and including December 14, 2023 to January 12, 2024. DNB Markets, a part of DNB Bank ASA is acting as financial advisor and receiving agent, and Advokatfirmaet Thommessen AS is acting as legal advisor, to the BW Group Limited. Announcement • Nov 23
BW Energy Limited (OB:BWE) acquired FPSO Cidade de Vitoria from Saipem SpA (BIT:SPM). BW Energy Limited (OB:BWE) has signed an agreement to acquire FPSO Cidade de Vitoria from Saipem SpA (BIT:SPM) for $73 million on June 24, 2022. BW Energy will pay Saipem $73 million in fixed consideration for the FPSO of which $25 million is due at closing, $13 million due at FPSO takeover and $35 million paid in 18 monthly instalments following the takeover. The transaction is subject to fulfilment or waiver of conditions precedents with an expected closing and takeover of the FPSO in the first quarter of 2023. As of March 16, 2023, the transaction is expected to close in Q2, 2023.BW Energy Limited (OB:BWE) completed the acquisition of FPSO Cidade de Vitoria from Saipem SpA (BIT:SPM) on November 21, 2023. Reported Earnings • Nov 17
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: US$87.9m (down 7.9% from 3Q 2022). Net income: US$500.0k (down 99% from 3Q 2022). Profit margin: 0.6% (down from 35% in 3Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 4.6% decline forecast for the Oil and Gas industry in Norway. Major Estimate Revision • Nov 08
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from US$599.2m to US$575.0m. EPS estimate also fell from US$0.675 per share to US$0.579 per share. Net income forecast to grow 1,037% next year vs 29% growth forecast for Oil and Gas industry in Norway. Consensus price target broadly unchanged at kr41.78. Share price rose 3.6% to kr28.90 over the past week. Announcement • Sep 13
BW Energy Starts Production from Fourth Well in the Hibiscus / Ruche Development BW Energy announced that production has safely started from the fourth well of the Hibiscus /Ruche Phase 1 development in the Dussafu licence offshore Gabon. Well performance is in line with expectations with current production at approximately 6,500 barrels per day. The DHIBM-6H well was drilled as a horizontal well from the MaBoMo production facility to a total depth of 4,125 metres into Gamba sandstone reservoir at the Hibiscus field. Following completion, the Borr Norve jack-up has commenced drilling operations on the fifth production well DRM-3H. This will be the first Ruche Gamba well in this drilling campaign. As previously communicated, DHIBM-3H and -4H have experienced issues with the ESPs (electrical submersible pumps). Investigations into the cause are ongoing. DHIBM-4H is currently flowing naturally at 2,800 barrels per day, while DHIBM-3H is temporarily not producing while continue to work solutions. Current gross production from the Dussafu license is now approximately 26,500 barrels per day after the fourth Hibiscus well came onstream. The drilling campaign targets four Hibiscus Gamba and two Ruche Gamba wells which are expected to bring the total oil production up to approximately 40,000 barrels per day when all wells are completed in early 2024. The oil produced at Hibiscus/Ruche is transported by pipeline to the BW Adolo FPSO for processing and storage before offloading to export tankers. Recent Insider Transactions • Sep 03
Chief Executive Officer recently bought kr1.5m worth of stock On the 31st of August, Carl Arnet bought around 60k shares on-market at roughly kr25.04 per share. This transaction amounted to 1.5% 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. Announcement • Aug 25
BW Energy Limited Announces the Production Guidance for 2023 BW Energy Limited announced the production guidance for 2023. The company expects the peak annual production in 30,000 to 40,000 barrels per day range. Reported Earnings • Aug 23
Second quarter 2023 earnings released Second quarter 2023 results: Net income: US$5.30m (up US$21.7m from 2Q 2022). Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 11% decline forecast for the Oil and Gas industry in Norway. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • Jul 22
BW Energy Starts Production from Third Well in the Hibiscus / Ruche Development BW Energy announced that production has safely started from the third well of the Hibiscus /Ruche Phase 1 development in the Dussafu licence offshore Gabon. Well performance is in line with expectations with current production at approximately 6,000 barrels per day. The DHIBM-5H well was drilled as a horizontal well from the BW MaBoMo production facility to a total depth of 4,245 metres into Gamba sandstone reservoir at the Hibiscus field. Following completion, the Borr Norve jack-up has commenced drilling operations on the fourth production well (DHIBM-6H). The drilling campaign targets four Hibiscus Gamba and two Ruche Gamba wells which are expected to bring the total oil production up to approximately 40,000 barrels per day when all wells are completed in early 2024. The oil produced at Hibiscus /Ruche is transported by pipeline to the BW Adolo FPSO for processing and storage before offloading to export tankers. Announcement • Jul 21
BW Energy Announces Start-Up of Gas Lift Compound on BW Adolo FPSO BW Energy announced the start-up of the new gas lift compressor (GLC) on the BW Adolo FPSO following commissioning and a gradual ramp up of gas lift capacity over the past weeks. The compressor is the second GLC unit installed on the FPSO to support production from the six Tortue wells. Once fully operational it is expected to add approximately 3,000 barrels per day of production as previously communicated. Major Estimate Revision • Jun 30
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from US$684.9m to US$632.5m. EPS estimate also fell from US$0.894 per share to US$0.743 per share. Net income forecast to grow 5,582% next year vs 46% growth forecast for Oil and Gas industry in Norway. Consensus price target down from kr41.26 to kr39.81. Share price fell 2.8% to kr25.80 over the past week. Announcement • Jun 15
BW Energy Starts Production from Second Hibiscus / Ruche Well BW Energy announced that production has safely started from second well of the Hibiscus /Ruche Phase 1 development in the Dussafu licence offshore Gabon. Production performance from the well has been in line with expectations and is currently stabilised at approximately 6,000 barrels per day. The DHIBM-4H well was drilled as a horizontal well from the BW MaBoMo production facility to a total depth of 4,800 metres into Gamba sandstone reservoirs on the Hibiscus field. Following completion, the Borr Norve jackup has commenced drilling operations on the third production well (DHIBM-5H). The drilling campaign targets four Hibiscus Gamba and two Ruche Gamba wells which are expected to add approximately 30,000 barrels per day of total oil production when all wells are completed in early 2024. The oil produced at Hibiscus /Ruche is transported by pipeline to the BW Adolo FPSO for processing and storage before offloading to export tankers. Separately, the commissioning and testing of the second gas lift compressor is ongoing on the BW Adolo. The compressor, which will support production from the six Tortue wells, is expected to commence its final commissioning phase in the next few weeks and, once fully operational, will add another 3,000 barrels per day. 
