BW Offshore: BW Energy Reserve Reports
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BW Energy Reserve reports
BW Offshore Limited ("BW Offshore" or "BWO") is pleased to provide the following update regarding its 68.6% owned exploration and production (E&P) subsidiary BW Energy Limited ("BW Energy" or the "Company").
Competent persons reports for the Company’s three hydrocarbon assets in Gabon, Brazil and Namibia have now been published on the Company’s website www.bwenergy.no:
- Netherland, Sewell and Associates, Inc. (“NSAI”) has carried out an assessment of the reserves, contingent resources and prospective resources on the Dussafu Marine Permit offshore Gabon as of 30 September 2019 and includes a supplement report due to an adjusted working interest following the back-in exercised by Tullow Oil Gabon S.A. in December 2019.
- NSAI has carried out an assessment of contingent and prospective resources at the Maromba BC-20A Concession Block offshore Brazil as of 31 December 2019.
- ERC Equipoise Ltd has carried out an assessment of contingent resources in the Kudu gas discovery within production license 003 offshore Namibia as of 31 December 2019.
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
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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These materials do not constitute or form a part of any offer of securities for sale or a solicitation of an offer to purchase securities of the Company in the United States or any other jurisdiction. The securities of the Company may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"). The securities of the Company have not been, and will not be, registered under the U.S. Securities Act. Any sale in the United States of the securities mentioned in this communication will be made solely to "qualified institutional buyers" as defined in Rule 144A under the U.S. Securities Act. No public offering of the securities will be made in the United States.
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The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Transaction.
For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the Company's shares.
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Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "anticipate", "believe", "continue", "estimate", "expect", "intends", "may", "should", "will" and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The information, opinions and forward-looking statements contained in this announcement speak only as at its date and are subject to change without notice.
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