BW Energy: Substantial oil discovery made in the Hibiscus South prospect
06 Novembre 2023 - 7:30AM
BW Energy: Substantial oil discovery made in the Hibiscus South
prospect
Substantial oil discovery made in the Hibiscus South
prospect
BW Energy is pleased to announce that the DHBSM-1 appraisal well
has encountered commercial volumes of oil in the Hibiscus South
satellite prospect. The Company plans to return to the well to
complete it as a production well in early 2024.
The DHBSM-1 well was drilled from the MaBoMo production platform
to a total depth of 6,002 meters. The target area is located
approximately 5 kilometres southwest of the MaBoMo and was drilled
by the Borr Norve jack-up rig. Evaluation of logging data, sample
examination and formation pressure measurements confirm
approximately 20 meters of pay in an overall hydrocarbon column of
26.5 meters in the Gamba formation.
The well data confirms that the Hibiscus South structure is a
separate accumulation with a deeper oil-water contact than the
nearby Hibiscus Field. This will enable the Company to book
additional reserves not currently included in its annual statement
of reserves and provide the opportunity to drill one or more
additional production wells from the MaBoMo facility.
“The successful appraisal of the Hibiscus South satellite
structure represents a low-cost and low-risk expansion of the
Dussafu production and reserve base. We look forward to rapidly
bringing these high-value barrels into production,” said Carl K.
Arnet CEO of BW Energy. “The result also confirms the significant
potential of the Dussafu licence where we have multiple additional
future prospects.”
Preliminary evaluation indicates gross recoverable reserves of 6
to 7 million barrels of oil and approximately 16 million barrels of
oil in place, in line with the mid-case pre-drill expectations
reported prior to the commencement of drilling operations.
For further information, please
contact:
Knut R. Sæthre, CFO BW Energy, +47 91 11 78 76
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, 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 546 million barrels of oil equivalents at the start
of 2023, when including the Golfinho Clusters.
This information is considered inside information pursuant to
the EU Market Abuse Regulation and is subject to the disclosure
requirements pursuant to Section 5-12 the Norwegian Securities
Trading Act. This stock exchange release was published by Kathrine
Rane, 6 November 2023.
BW Energy (TG:6BW)
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