HIGHLIGHTS
- Q2 2024 EBITDA of USD 75.9 million and net profit of USD 14.5 million
- H1 2024 EBITDA of USD 185.6 million and net profit of USD 61.9 million
- H1 2024 gross production of 5.7 million barrels with 4.6 million barrels net to the Company
- Operating cash flow of USD 85.1 million and cash position of USD 244.2 million at 30 June
- First oil from Hibiscus South in early March, five months after initial discovery
- Second Hibiscus South well confirms northern extension with good reservoir quality
- 23 million additional barrels of reserves after successful drilling on Hibiscus / Hibiscus South
- Signed USD 150 million gross sale and leaseback for MaBoMo production facility
- Successfully issued USD 100 million of five-year senior unsecured bonds
- Golfinho prepayment facility extended and increased
'We continue to successfully add significant reserves in Gabon and fast-track these to production through low-cost, low-risk developments, proving the robustness of our phased development model and the significant potential in the Dussafu licence. We are underway with the ESP replacement program, and the production from the two first wells with conventional ESPs installed is highly encouraging,' said Carl K. Arnet, the CEO of BW Energy. 'In Brazil, we have decided to postpone the Golfinho infill campaign due to increased subsea costs and instead focus on maximising value creation potential in the existing asset base.'
BW Energy, operator of the Dussafu Marin licence in Gabon and the Golfinho cluster offshore Brazil, reported EBITDA for the second quarter of 2024 of USD 75.9 million.
Total revenues for the first half-year of 2024 amounted to USD 346.2 million, an increase of USD 176.4 million (H1 2023: USD 169.8 million). Net sold volumes in the period were 3.7 million barrels (including 130,000 barrels of DMO deliveries) compared to 1.7 million barrels in the first half of 2023. Operating expenses were USD 160.6 million, an increase of USD 48.6 million (USD 112 million), primarily due to higher sales volumes.
EBITDA for the period was USD 185.6 million (USD 57.8 million). The increase in EBITDA was largely due to increased production from the Tortue, Hibiscus and Hibiscus South fields in the Dussafu licence (73.5% working interest), and the Golfinho field (100% working interest) after assuming ownership in late August 2023.
Total equity at 30 June 2024 was USD 759.8 million (USD 616.2 million) and equity ratio decreased to 38.4% (45.0%) due to an increase in total assets and debt. Total available liquidity at 30 June 2024 amounted to USD 244.2 million (USD 233.5 million) of which USD 30.3 million was reserved for debt service.
At Dussafu, FPSO BW Adolo uptime was 80.4% and MaBoMo uptime was 87.7% in the first half of 2024, with net production averaging 16,900 barrels of oil per day, equal to approximately 3.1 million barrels. Production was impacted by planned annual maintenance of the FPSO BW Adolo and the MaBoMo production facility of approximately 21 days in May and June (uptime was 97.3% for BW Adolo and 98.6% for MaBoMo, when adjusting for the planned maintenance period), as well as the continued issues with the ESPs (electrical submersible pumps) on the wells producing to MaBoMo.
Total production net to BW Energy from Gabon and Brazil for 2024 is projected to be between 10 and 11 million barrels, based on the current Hibiscus / Ruche development plan and ESP work-over schedule. Full-year production cost (excluding royalties) is expected to be USD 30 to 35 per barrel. Net capital expenditures are expected to be approximately USD 350 million, factoring in the investment in Dussufu following recent drilling success in Hibiscus, investment in ReconAfrica and additional pre-FID studies on Maromba.
Source: BW Energy
