BW Energy-P&L in line while the growth story continues-05/20/2026

Research evidence excerpt

BW Energy-P&L in line while the growth story continues-05/20/2026

Guidance items

Updated 2026 guidance (vs Q4 2025 guidance)

Production

Production of 24–27 kbd (prev. 25–30 kbd)

Financials

Unit OPEX of USD 22–26/bbl (prev. USD 20–24/bbl)

CAPEX of USD 600–650m (prev. USD 500–600m)

Operational update

Key events and FIDs

Project sanctions

FID taken on Bourdon discovery; first oil targeted Q1 2028

FID taken on Golfinho infill well campaign; targets tripling production by 2029

Both FIDs added significant 2P reserves

Licences and assets

Dussafu Marin production licence extended 20 years to 2048

Sale and leaseback of Akoum rig completed, freeing up USD 80m in liquidity

Projects in execution

Maromba FPSO and wellhead platform conversions on schedule; first oil targeted end-2027

o Some logistics impact from the Strait of Hormuz closure noted for the Maromba jack-up conversion in Dubai. BW Energy

states materials can be re-routed or air freighted, with an escalation plan in place

MaBoMo Phase 2 drilling set to commence Q3 2026

2028 net production target raised to >100 kbd (prev. ~90 kbd)

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