BW Energy Q3 2024 trading update
London, October 23, 2024, (Oilandgaspress) ––– Net production to BW Energy was 2.4 million barrels of oil (bbls) in Q3 2024, equal to 25,570 bbls per day, from the Dussafu licence in Gabon (73.5% working interest) and the Golfinho field (100% working interest) in Brazil.
| Volume (mmbbls) | Q3 2024 | Q2 2024 | |
| Net production | 2.4 | 2.1 | |
| Dussafu | 1.9 | 1.4 | |
| Golfinho | 0.5 | 0.7 | |
| Net volume sold | 2.5 | 1.9 | |
| Dussafu* | 2.0 | 0.9 | |
| Golfinho | 0.5 | 1.0 | |
| Average realised price (USD/bbl) | |||
| Dussafu | 82.0 | 76.3 | |
| Golfinho | 81.7 | 86.4 | |
DUSSAFU
Highest quarterly production since inception
Operating cost (excluding royalties) of USD 20.5/bbl
The net volume sold (basis for revenue recognition), included 195,000 bbls of DMO deliveries and 232,000 bbls of state profit oil, with an under-lift position of 391,500 bbls at period-end
The DHBSM-2H well on Hibiscus South was completed in July with the first conventional ESP (Electrical Submersible Pump) system
The DHIBM-3H well was worked over in early August with a conventional ESP
The DHIBM-7H well, on the northern flank of Hibiscus Main, started production utilizing a conventional ESP in early October and is performing to expectation
The DHBSM-1H ESP failed on 20 September, as the last of the defective generation, with change-out to a conventional ESP completed and production restarted mid-October
The ESP replacement program on track for completion by year-end and to reach gross production target of 40,000 bbls/day
GOLFINHO
Inventory at period end of 340,700 bbls
Production cost (excluding royalties) of USD 63.3/bbl primarily due to lower production
Production impacted by a planned maintenance shutdown on the FPSO Cidade de Vitória. Production availability set to improve in Q4 following maintenance completion on one gas lift compressor, with full compressor capacity expected to be back in service in Q1 2025
HEDGING, LIQUIDITY AND DEBT
- Q3 expected gain from hedging of USD 8.6 million, all of which is unrealised.
- Period-end cash balance of USD 209 million vs. USD 244 million end-June 2024, with the change reflecting cash flow from operations, debt repayment and investments including acquisition of shares in ReconAfrica.
- Period-end gross debt of USD 556 includes MaBoMo lease, Dussafu RBL, Golfinho prepayment facility and bond debt.
BW Energy will publish financial figures for Q3 2024 on Friday, 15 November 2024.
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