Bw Energy Ltd. · OSL:BWE
Bw Energy — Pareto Securities Energy Conference 2026
13 slides from Bw Energy's conference presentation, Sep 16, 2026
Slide 1: BW Energy Pareto conference 2026
BW Energy Pareto conference 2026 September 2026
Slide 2: Disclaimer
Disclaimer 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 performance an
Slide 3: A decade of value creation with a clear path to scale
A decade of value creation with a clear path to scale 2028 2025-2026 >100 kboepd 2023 2022 Maromba 2019 Bourdon 2017-2018 New Golfinho wells Acquired Golfinho 2016 MaBoMo platform BW Energy Acquired added at Dussafu established Acquired and Maromba licence developed Dussafu in 18 months 700 633 mmbo
Slide 4: A differentiated model for unlocking discovered reserves
A differentiated model for unlocking discovered reserves Extensive infrastructure and subsurface capabilities Approach designed to limit total risk Growing into the opportunity Tailored and cost-efficient financing Targeting prospective areas 4
Slide 5: The combination of infrastructure and subsurface capabilities
The combination of infrastructure and subsurface capabilities Extensive infrastructure Deep subsurface understanding expertise • FPSO heritage • Data driven • Vessel development and operations • Stepwise de-risking • Integrated engineering & execution • In-house well design • Conversion and redeploy
Slide 6: Targeting value creation between FID and first oil
Targeting value creation between FID and first oil BW Energy’s competitive edge Discovery Definition FID First oil Abandonment Exploration Concept and Multiple Multiple development harvesting harvesting phases phases Large potential Highest value uplift from De-risked and generating 6 discovery to f
Slide 7: Approach that limits capital at risk
Approach that limits capital at risk Proven Phased Limit initial Limit initial Reduce time Infrastructure lead reserves developments investment capital at risk to first oil appraisal/exploration Model proven at Dussafu Replicating at Maromba FID to first oil 2P reserves phase 1 FID to first oil plan
Slide 8: Growing into the opportunity phase by phase
Growing into the opportunity phase by phase Dussafu Golfinho Maromba 2P reserves, mmboe2 2P reserves, mmboe 2P reserves, mmboe1 47 19 22 86 40 24 0 Ac uisition in 20 9, ear end 2025 ear end 20 ear end 2025 ear end 202 Today no developed 2P reserves Produced Remaining reserves 11 of 12 Sanctioned Gol
Slide 9: Infrastructure redeployment enabling greenfield financing
Infrastructure redeployment enabling greenfield financing Proven strategy Capital-efficient greenfield → Acquire infrastructure with strong returns → Adapt to purpose → Enable infrastructure financing Maromba IRR at $60/bbl: Unlevered ~35% FPSO lease ~50% Significant benefits → Draw as you go FPSO +
Slide 10: Atlantic margin primary focus
Atlantic margin primary focus Operated and opportunistic acreage In highly prospective areas with strong government support Gabon Niosi Dussafu Targeting greenfield discovered resources Brazil Guduma Angola Dussafu and Maromba is the strategy materialised Golfinho Block 14/14k Namibia, PEL 73 Maromb
Slide 11: Industry-leading production growth
Industry-leading production growth Net production kbopd 222 net mmboe Projects in execution Exploration Appraisal and upsides ~40 USD/boe Breakeven >30% Projects in execution IRR at USD 60/bbl ngo Producing ~1-2 years Payback 2022 202 2024 2025 202 202 202 2029 20 0 20 20 2 11
Slide 12: Long runway in core areas
Long runway in core areas Next growth phases catalogued and prioritized Dussafu Golfinho Maromba 12
Slide 13: Driving strong cash generation
Driving strong cash generation Free cash flow vs. enterprise value USD million 8,000 ~2.2 USD billion 7,000 Enterprise value 10 September 2026 6,000 5,000 ~2.7 USD billion 4,000 Free cash flow 2026-2030 at USD 70/bbl 3,000 2,000 1,000 0 Enterprise value FCF 60 USD/bbl FCF 70 USD/bbl FCF 80 USD/bbl F