Bw Energy Ltd. · OSL:BWE
Bw Energy — Q2 2021 Earnings Presentation
22 slides from Bw Energy's earnings presentation, Aug 20, 2021
Slide 1: BW Energy Q2 2021
aN BW ENERGY Q2 2021 CEO Carl K. Arnet CFO Knut R. Szethre COO Lin G. Espey 20 August 2021
Slide 2: Disclaimer
Disclaimer Ry ewenensy This Presentation has been produced by BW Energy Limited exclusively for information purposes. This presentation may not be redistributed, in whole or in part, to any other person This document contains certain forward-looking statements relating to the business, financial per
Slide 3: Highlights
Highlights Q2 EBITDA of USD 47 million with two liftings completed resulting in a strong cash position of USD 216 million Successful completion of the DTM-7H production well on time and below budget Currently drilling Hibiscus North exploration well ye BW ENERGY Managing and closely monitoring the C
Slide 4: Minimizing impact to environment, local society, sound governance
Minimizing impact to Working for local society Sound governance environment COVID-19 still affecting general execution and in particular FPSO operation and modification work No LTls recorded in Q2 vA @ ~ 8 @) % No incidents nor spills to the environment Estimated GHG emission-savings Security risk a
Slide 5: Production outlook
Production outlook Gross production estimate bbls/day’ 80,000 Maromba 70,000 phase 2 60,000 50,000 Maromba phase 1 40,000 30,000 20,000 Hibiscus+Ruche phase 1 10,000 2018 2019 2020 2021E 2022E 2023E 2024E 2025E 2026E 5 4) Management estimates ye BW ENERGY Net production estimate bbls/day’ 80,000 70,
Slide 6: Dussafu
Dussafu
Slide 7: Stable operations at Dussafu
Stable operations at Dussafu * The COVID-19 pandemic continues to restrict execution of work on the FPSO beyond day-to-day operations * Q2 gross production 0.95 million bbls, equal to ~10,500 bbls/day * Production impacted by planned maintenance shutdown * Q2 OPEX at USD ~31 per barrel includes addi
Slide 8: Dussafu production forecast
Dussafu production forecast Gross production profile kbbls/day » Hibiscus + Ruche phase 2 34 Hibiscus + Ruche phase 1 mTortue 21 19 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Quarterly gross production (kbbls/day) 18 16 14 16.0 15.5 13.5 13.6 12 10.5 |
Slide 9: Nearing completion of Tortue phase development
Nearing completion of Tortue phase 2 development = Kr swaurer * Drilling of DTM-7H completed in July on time and below budget — Encountered 467m gross pay in horizontal section, 372m net pay, analogous to DTM-4H * Preparing for tie-in of wells DTM-6H and DTM-7H with first oil expected Q4 2021 — Subs
Slide 10: Hibiscus / Ruche project on track
Hibiscus / Ruche project on track Ty ew enersy * Jack-up currently at Dubai Drydock World * Removal of derrick, drill-floor and associated equipment completed * All major sub-contracts awarded and progressing as planned + Project on track for first oil in Q4 2022, ahead of original schedule + Jack-u
Slide 11: Status Hibiscus North exploration well
Status Hibiscus North exploration well 1 cit tp ara eto pe 28853 fp) etter) Dap eh ch Cay Mb No rep 8853p Ohl De on TS ==] B50 BUEAS «S| se|wuM| NE PPE O|GTS F-%--/k d<eue ve ca Pi sues 2 gol 9 543 650 DHBNM-1 ST2 X = 682 560 Y=9 543 500 DHBNM-1 X = 684 450 eA 1 ye BW ENERGY The well was spudded lat
Slide 12: Exploration program
Exploration program Vir swenersy Large inventory of exploration prospects and leads Mol jpthrown . . cay RU CUREEAARES + Planning two exploration wells per year for the | Walt Whitman coming four years poeta “ * Next exploration well is Hibiscus North Hibiscus Walt Whitman) PI 1 WW String of Pearls
Slide 13: Maromba
Maromba
Slide 14: Progressing Maromba to FID
Progressing Maromba to FID Ty ew enersy + Positive indications from authorities related to marginal field status and potentially reduced royalty rate Polvo + Polvo pre-feed concludes FPSO is suitable for the Maromba development * Environmental Impact Assessment (EIA) for IBAMA submission ongoing * C
Slide 15: Q2 Financials
Q2 Financials
Slide 16: Income Statement
Income Statement USD million Q2 2021 Q1 2021 Change Operating revenue 89.8 54.1 35.7 Operating expenses (42.8) (20.9) (22.0) EBITDA 46.9 33.2 13.7 Depreciation (11.7) (7.1) (4.6) Depreciation - ROU (6.9) (8.5) 17 Amartisation (0.2) (0.2) - Impairment - - - Other expenses (18.8) (15.8) (2.9) Operatin
Slide 17: Balance Sheet
Balance Sheet ASSETS Q2 2021 Q1 2021 Change Property and other equipment 04 04 (0.0) Right-of-use assets 2014 218.0 (6.9) E&P tangible assets 246.1 238.4 77 Intangible assets 134.4 116.2 19.2 Other non-current assets 38 52 (1.4) Total non-current assets 595.8 577.2 18.6 Inventories 13.6 14.0 (0.5) T
Slide 18: Cash Flow Q2 2021
Cash Flow Q2 2021 USd million 300.0 250.0 200.0 150.0 100.0 50.0 Cash Mar 31-2021 Operating Cash Flow Net investments Net Financing Activities 216.5 Cash June 30-2021 ye BW ENERGY
Slide 19: Outlook
Slide 20: Key value catalysts
Key value catalysts Dussafu Hibiscus / Ruche Maromba to aya Tome tes’ eorcllearacin: 20 Hibiscus North results in Q3 2021 Up to 8 additional exploration wells planned from 2022 until 2026 Tortue Phase 2 in Q4 2021: ~8,000 bbls/day peak gross production Hibiscus / Ruche development with targeted firs
Slide 21: Q&A
Q&A
Slide 22: BW Energy