BW Offshore: BW Energy completes second production well of the Tortue Phase 2 development

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BW Energy completes second production well of the Tortue Phase 2 development

BW Energy (the “Company” or “BWE” on OSE ticker: “BWO”) is pleased to announce the successful completion of the second production well of the Tortue Phase 2 development. The DTM-5H well marks the completion of the first of two new well clusters on the Tortue field which will be tied back to the FPSO BW Adolo and boost oil output.  

First production from the completed cluster, consisting of the DTM-4H and DTM-5H production wells, is planned for March 2020. The second cluster, also consisting of two wells, is expected to be in production by June 2020. The Tortue development will upon completion of Phase 2 have six wells producing an estimated total of 17.3 – 21.6 kbopd gross for 2020, compared with 11.8 kbopd gross on average produced in 2019. 

“We are pleased to be on plan and budget for the completion of our current well program. This will give us a substantial increase in production over the coming two quarters”, said Carl K. Arnet, CEO of BW Energy.

DTM-5H was drilled with the Borr Norve jackup rig in 116 meters of water depth as a horizontal production well in the Gamba reservoir. A long horizontal section of good quality oil-saturated Gamba sands was penetrated and completed and the subsea tree installed ready for hook up. The rig has now moved on location and spud the DTM-6H, and will drill the fifth and sixth development wells in the Tortue field.

For further information, please contact:
CFO BW Energy – Knut Sæthre: +47 91 11 78 76
CFO BW Offshore – Ståle Andreassen: +65 97 27 86 47

ir@bwenergy.no

About BW Energy 
BW Energy is a growth E&P company with a differentiated strategy targeting proven offshore oil and gas reservoirs through low risk phased developments. The Company has access to existing FPSOs to reduce time to first oil and cash-flow with lower investments than traditional offshore developments. The main assets are 73.5% of the producing Dussafu Marine Permit offshore Gabon and a 95% interest in the Maromba field in Brazil, both operated by the Company. Total net 2P+2C reserves are 247 million barrels at the start of 2020 and gross average production from Dussafu was 11,779 bbl/day in 2019.

About BW Offshore
BW Offshore is a leading provider of floating production services to the oil and gas industry. The company also participates in developing proven offshore hydrocarbon reservoirs. BW Offshore is represented in all major oil and gas regions world-wide with a fleet of 15 owned FPSOs. The company has more than 35 years of production track record, having executed 40 FPSO and FSO projects. BW Offshore is listed on the Oslo Stock Exchange.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

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