BW Energy Q4 2024 operational update

BW Energy will publish financial figures for Q4 2024 on Friday, 31 January 2025. The full audited annual report will be published on 26 February 2025.  

Net production to BW Energy was 3.1 million barrels of oil (bbls) in Q4 2024, equal to 33,600 bbls per day, from the Dussafu licence in Gabon (73.5% working interest) and the Golfinho field (100% working interest) in Brazil. For the full year, net production to BW Energy amounted to 10.0 mmbbls, in line with guidance.    

Volume (mmbbls)Q4 2024Q3 2024
Net production3.12.4
Dussafu2.51.9
Golfinho0.60.5
   
Net volume sold3.22.5
Dussafu*2.72.0
Golfinho0.50.5
   
Average realised price (USD/bbl)  
Dussafu72.582.0
Golfinho73.581.7
   


 *Includes State Profit Oil and DMO deliveries

DUSSAFU 

Record quarterly production since inception 

Three liftings to BW Energy according to plan  

Operating cost (excluding royalties) of USD 18.5/bbl 

Net volume sold (basis for revenue recognition), included 97,500 bbls of DMO deliveries and 311,429 bbls of state profit oil, with an under-lift position of 248,700 bbls at period-end 

ESP replacement program completed as planned with eight producing Hibiscus / Ruche wells from 2 January 2025 and gross production target of 40,000 bbls/day  

Two new wells brought online in Q4 (DHIBM-7H and DRM-3H), 3 workovers completed (DHIBM-1H, DHIBM-4H, DHIBM-5H), and DHIBM-6H workover completed in early January  

Takeover of BW Adolo FPSO operations ongoing with planned completion of transition period in 1H 2025 

GOLFINHO 

Inventory at period end of 440,500 bbls  

Operating cost (excluding royalties) of USD 56.4/bbl primarily due to lower production 

Production impacted by planned shutdown of Petrobras gas plant restricting gaslift capacity for ~40 days, with only ESP wells producing (~60% of full potential) 

Full-year production availability of ~70% and ~81% excluding planned Q4 shutdown 

HEDGING, LIQUIDITY AND DEBT 

Q4 net loss of USD 3.8 million from oil derivatives (USD 4.9 million unrealised loss and USD 1.1 million realised gain) 

Period-end cash balance of USD 221 million vs. USD 209 million end-September 2024, with the change reflecting cash flow from operations, debt repayment, and investments 

Period-end gross debt of USD 563 million includes MaBoMo lease, Dussafu RBL, Golfinho prepayment facility, and bond debt 


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