BW Energy: Appraisal confirms material Hibiscus field reserve increase
June 03 2024 - 1:25AM
BW Energy: Appraisal confirms material Hibiscus field reserve
increase
BW Energy: Appraisal confirms material Hibiscus field
reserve increase
Reference is made to the stock exchange notice by BW Energy on
20 May 2024 announcing a substantial oil discovery on the northern
flank of the Hibiscus field.
BW Energy has now concluded the drilling and the logging of the
DHIBM-7P pilot well, confirming a substantial oil discovery with
good reservoir quality and a material uplift to the Hibiscus
area.
The Company’s preliminary evaluation indicates an increase in
Hibiscus gross recoverable reserves (mid-case) of approximately 8
million barrels of oil to 12 million barrels of oil. The Company
plans to complete the well as a development well later in 2024.
The DHIBM-7P pilot was drilled from the MaBoMo production
platform to a total depth of 3,941 metres. The target area is
located approximately 1.5 kilometres north-northwest of the MaBoMo
and was drilled by the Borr Norve jack-up rig. Notably, the
hydrocarbon column extends across the boundary between the Gamba
and the underlying Dentale formation. This is the first example of
a common Gamba-Dentale hydrocarbon accumulation in Hibiscus
Field.
The current operation in Dussafu is to complete the development
well (DHBSM-2H) in the northern flank of the Hibiscus South field
that was recently successfully appraised.
For further information, please contact:
Knut R. Sæthre, CFO BW Energy, +47 91 11 78 76 or
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
production facilities to reduce time to first oil and cashflow with
lower investments than traditional offshore developments. The
Company’s assets are 73.5% of the producing Dussafu Marine licence
offshore Gabon, 100% interest in the Golfinho and Camarupim fields,
a 76.5% interest in the BM-ES-23 block in Brazil, a 95% interest in
the Maromba field in Brazil and a 95% interest in the Kudu field in
Namibia, all operated by BW Energy. Total net 2P+2C reserves and
resources were 580 million barrels of oil equivalents at the start
of 2024.
This information is subject to the disclosure requirements
pursuant to section 5-12 of the Norwegian Securities Trading
Act.
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