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ReconAfrica Announces C$10 Million Overnight Marketed Offering, Led by over C$4 Million in Lead Orders, Including Strategic Investment from BW Energy, to Drill Prospect I in Namibia with Rig Mobilization in June 2025
The Base Shelf Prospectus is accessible, and the Prospectus Supplement will be accessible within two business days, through SEDAR+ Calgary, Alberta--(Newsfile Corp. - June 4, 2025) - Reconnaissance Energy Africa Ltd. (TSXV: RECO) (OTCQX: RECAF) (FSE: 0XD) (NSX: REC) (the "Company" or "ReconAfrica") announces that it has entered into an agreement with Research Capital Corporation as the lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters, including Canaccord Genuity Corp. and Haywood Securities Inc. (collectively, the "Underwriters"), for an overnight marketed public offering of units of the Company (the "Units") at a price of C$0.50 per Unit for aggregate gross proceeds to the Company of C$10,000,000 (the "Offering"). In connection with the Offering, indications of lead orders have been received from BW Energy Limited ("BW Energy"), directors and management members of ReconAfrica, and certain other investors, expecting to purchase over C$4,000,000 of Units. BW Energy has agreed to a follow-on strategic equity investment in the Company of approximately C$2,000,000 under the Offering, reaffirming it's previously announced strategic partnership with ReconAfrica. BW Energy's additional investment represents approximately 20% of the Offering, increasing BW Energy's share ownership position in ReconAfrica from approximately 6.5% prior to the Offering to approximately 7.6% after the Offering. The Units purchased by BW Energy under the Offering will be subject to a six-month lock-up agreement. Each Unit will be comprised of one common share of the Company ("Common Share") and one Common Share purchase warrant of the Company ("Warrant"). Each Warrant will entitle the holder thereof to purchase one Common Share at an exercise price of C$0.60 at any time up to 24 months from closing of the Offering. In addition, the Company will use commercial reasonable efforts to obtain the necessary approvals to list the Warrants on the TSX Venture Exchange (the "Exchange"). The net proceeds from the Offering will be used for exploration activities, working capital and general corporate purposes. The primary exploration activity to be funded with net proceeds from the Offering will be the drilling of Prospect I, which has been named the Kavango West 1X well. Work on the access road and drill site is currently being completed while the Company awaits receipt of the remaining requisite permits. The rig move to the Kavango West 1X well drilling location is scheduled in late June, with drilling to begin thereafter. Brian Reinsborough, President and CEO of ReconAfrica stated: "We are excited to spud one of the Company's largest and most attractive prospects, Kavango West 1X. The results of the Naingopo exploration well announced in January 2025 increased our confidence in the potential for this well. Our teams remain very engaged with local communities and authorities to ensure a safe and efficient operation of this well." Carl K. Arnet, BW Energy CEO commented: "Our technical and operational teams at BW Energy are delighted to be participating in the high potential Kavango West 1X exploration well. BW Energy is well positioned in this strategically important energy region and further our position as a leader in Namibia's development towards energy independence. The data and insights gained through ReconAfrica's exploration campaign will further our understanding of the geology and petroleum system in Namibia and help de-risk planned exploration and development of our Kudu licence." Kavango West 1X (Prospect I) - High Potential Exploration well The Kavango West 1X exploration well will be the second test in the expansive Damara Fold Belt play. The prospect is a large fold identified on modern 2D seismic data which extends over 20 kilometers long by 5 kilometers wide, and is expected to penetrate a thick Otavi carbonate reservoir section, which is the primary target in the play. The Kavango West 1X well will be drilled to a planned total depth of approximately 3,800 metres (12,500 feet) and is targeting 346 million barrels of gross unrisked (30 million barrels of gross risked) prospective light/medium crude oil resources on a 100% working interest basis (312 million barrels(1,2) net unrisked (27 million barrels net risked) to ReconAfrica's 90% working interest as at the date of the NSAI report) or 1,839 billion cubic feet of gross unrisked (133 Bcf risked) prospective natural gas resources on 100% working interest basis (1,655 billion cubic feet(1,2) unrisked net (120 Bcf risked net) to ReconAfrica's 90% working interest as at the date of the NSAI report), based on the most recent prospective resources report prepared by Netherland, Sewell & Associates, Inc. ("NSAI") as at December 31, 2024, filed on SEDAR+ at (the "NSAI Report")(1). Damara Fold Belt Play Across 11.5 Million Acres in Namibia and Angola The Damara fold belt trend is identified in the subsurface by a grid of 2D seismic data, and the Company has mapped 19 prospects and 4 leads on the Namibia side of the play. The Namibia area is estimated to hold 2.6 billion barrels(1,2) of unrisked prospective light/medium crude oil resources and 157 million barrels(1,2) of risked prospective light/medium crude oil resources from the Damara Fold Belt play prospects on PEL 73. (1) There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources. Prospective resources are those quantities of oil estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development. Prospective resources are the arithmetic sum of multiple probability distributions. Unrisked prospective resources are estimates of the volumes that could reasonably be expected to be recovered in the event of the discovery and development of these prospects. (2) Not reflective of ReconAfrica's current working interest of 70% of PEL 73. Recently, the company has entered a Memorandum of Understanding (MOU) with National Agency for Petroleum, Gas and Biofuels of Angola (ANPG) for a joint exploration project in the Etosha-Okavango basin, located onshore in southeastern Angola. This agreement is a strategic addition to the company's asset portfolio, which creates an opportunity for early entry into onshore Angola at a low cost, with minimal work commitments. It complements ReconAfrica's activities in Namibia and highlights the potential of the Damara Fold Belt and Rift Basin by adding 5.2 million contiguous acres in Angola to the existing 6.3 million acres in Namibia in the Damara Fold Belt and Rift Basin exploration plays. Damara Fold Belt (Namibia) Best Estimate (2U) Prospective Light & Medium Crude Oil Resources (MMbbl)(1)(2)(3)Unrisked Risked Play Area/Subclass Gross (100%) Company Gross(1) Net(1) Gross (100%) Company Gross(1) Net(1) Damara Prospects 2,566.1 2,309.5 2,194.0 156.5 140.9 133.8 Leads 123.2 110.9 105.3 4.1 3.7 3.5 Notes: (1) The "Company Gross" and "Net" figures in the table above are as set out in the Resource Report (as defined below) and have not been adjusted for the 20% working interest acquired by BW Energy from ReconAfrica pursuant to the strategic farm down that closed January 29, 2025. As of December 31, 2024 (and the effective date of the Resource Report, ReconAfrica owned a 90% working interest in PEL 73. As of the date hereof, ReconAfrica holds a 70% working interest in PEL 73 (with BW Energy Limited holding a 20% working interest and the National Petroleum Corporation of Namibia holding a 10% carried participating interest). "Net" includes a 5% deduction for royalties. (2) ReconAfrica engaged Netherland, Sewell & Associates, Inc. ("NSAI"), an independent qualified reserves evaluator, to provide an updated prospective resource report dated March 26, 2025 (with an effective date of December 31, 2024) relating to the Company's prospective resources (the "Resource Report"). The Resource Report focused solely on the Company's interest in certain prospects and leads located in the Damara Fold and Thrust Belt (Damara) play area and the Karoo Rift play area of PEL 73. The preparation date of the Updated Report is January 1, 2025. Prospective resources are the arithmetic sum of multiple probability distributions. See "Disclosure of Oil and Gas Information" for further information. (3) There is no certainty that any portion of the prospective resources will be discovered. If they are discovered, there is no certainty that it will be commercially viable to develop and produce any portion of the prospective resources. Additional Details on the Offering The Company has granted to the Underwriters an option (the "Over-Allotment Option"), exercisable, in whole or in part, in the sole discretion of the Underwriters, to purchase up to an additional number of Units, and/or the components thereof, that in aggregate would be equal to 15% of the total number of Units to be issued under the Offering, to cover over-allotments, if any, and for market stabilization purposes, exercisable at any time and from time to time up to 30 days following the closing of the Offering. The closing of the Offering is expected to occur on or about the week of June 16, 2025 (the "Closing"), or such other earlier or later date as the Underwriters may determine. Closing is subject to the Company receiving all necessary regulatory approvals, including the acceptance of the Exchange to list, on the date of Closing, the Common Shares, and the Common Shares issuable upon exercise of the Warrants and the Underwriters' broker warrants, on the Exchange. The Offering is expected to be completed pursuant to an underwriting agreement to be entered into by the Company and the Underwriters. In connection with the Offering, the Company intends to file a prospectus supplement within two business days, to the Company's short form base shelf prospectus dated February 29, 2024, with the securities regulatory authorities in each of the provinces of Canada (except Québec). Copies of the base shelf prospectus and any supplement thereto to be filed in connection with the Offering, are and will be available under the Company's profile on SEDAR+ at The Units are being offered in each of the provinces of Canada (except Québec) and may be offered in the United States to "qualified institutional buyers" (as defined in Rule 144A under the United States Securities Act of 1933, as amended (the "U.S. Securities Act")) or "accredited investors" (as defined in Regulation D promulgated under the U.S. Securities Act) on a private placement basis pursuant to an appropriate exemption from the registration requirements under applicable U.S. law, and outside of Canada and the United States on a private placement or equivalent basis. This press release is not an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the U.S. Securities Act and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. About BW Energy Limited 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. BW Energy, 74% owned by BW Group Ltd., was created as the E&P arm of Oslo listed BW Offshore, a company with more than four decades of experience in operating advanced offshore production solutions and executing complex projects. Since its origin, BW Offshore has executed 40 FPSO and FSO projects. About ReconAfrica ReconAfrica is a Canadian oil and gas company engaged in the exploration of the Damara Fold Belt and Kavango Rift Basin in the Kalahari Desert of northeastern Namibia, southeastern Angola and northwestern Botswana, where the Company holds petroleum licences comprising ~13 million contiguous acres. In all aspects of its operations, ReconAfrica is committed to minimal disturbance of habitat in line with international standards and implementing environmental and social best practices in its project areas. Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. For further information contact:Brian Reinsborough, President and Chief Executive OfficerMark Friesen, Managing Director, Investor Relations & Capital Markets Email: admin@ Inquiries Email: investors@ Inquiries Email: media@ Tel: +1-877-631-1160 Cautionary Note Regarding Forward-Looking Statements: Certain statements contained in this press release constitute forward-looking information under applicable Canadian, United States and other applicable securities laws, rules and regulations, including, without limitation, statements with respect to the expected use of proceeds from the Offering, including spudding of the Kavango West 1X well following final completion of the access road and drill site preparation, receipt of all required permits and the rig being moved to the drilling location, which has been scheduled for late June 2025, the well being drilled to a planned total depth of approximately 3,800 metres (12,500 feet) and targeting 255 million barrels of unrisked prospective oil resources or 1,350 billion cubic feet of unrisked prospective natural gas resources, the expected closing date of the Offering, the completion of the Offering being subject to the receipt of all necessary regulatory approvals, including acceptance of the Exchange, any potential acceleration of the expiry date of the Warrants, the listing of the Warrants, and the Company's commitment to minimal disturbance of habitat, in line with best international standards and its implementation of environmental and social best practices in its project areas. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on ReconAfrica's current belief or assumptions as to the outcome and timing of such future events. There can be no assurance that such statements will prove to be accurate, as the Company's actual results and future events could differ materially from those anticipated in these forward-looking statements as a result of the factors discussed in the "Risk Factors" section in the Company's annual information form ("AIF") dated April 29, 2025 for the financial period ended December 31, 2024, available under the Company's profile at Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to ReconAfrica. The forward-looking information contained in this release is made as of the date hereof and ReconAfrica undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein. Disclosure of Oil and Gas Information: The Resource Report and the prospective resource estimates contained therein and in this press release were prepared by NSAI, an independent qualified reserves evaluator. The Resource Report was prepared in accordance with the definitions and guidelines of the Canadian Oil and Gas Evaluation Handbook maintained by the Society of Petroleum Evaluation Engineers (Calgary Chapter) and National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities. Prospective resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by applying future development projects. Prospective resources have both an associated chance of discovery and a chance of development. Prospective resources are further categorized according to the level of certainty associated with recoverable estimates assuming their discovery and development and may be subclassified based on project maturity. The prospective resources included in Resource Report and in this press release should not be construed as reserves or contingent resources; they represent exploration opportunities and quantify the development potential in the event a petroleum discovery is made. A geologic risk assessment was performed for these prospects and leads, as discussed in the Form 51-101F1 - Statement of Reserves Data and Other Oil and Gas Information ("Form 51-101F") dated April 29, 2025 and effective as of December 31, 2024, available under the Company's profile at The Resource Report is also available under the Company's profile at The Resource Report does not include economic analysis for these prospects and leads. Based on analogous field developments, it appears that, assuming a discovery is made, the unrisked best estimate prospective resources in the Resource Report have a reasonable chance of being economically viable. There is no certainty that any portion of the prospective resources will be discovered. If they are discovered, there is no certainty that it will be commercially viable to develop and produce any portion of the prospective resources. For additional information concerning the risks and the level of uncertainty associated with recovery of the prospective resources detailed herein and in the Resource Report, the significant positive and negative factors relevant to the prospective resources estimates detailed herein and in the Resource Report and a description of the project to which the prospective resources estimates detailed herein and in the Resource Report applies are contained within the Form 51-101F1. The prospective resources shown in herein and in the Resource Report have been estimated using probabilistic methods and are dependent on a petroleum discovery being made. If a discovery is made and development is undertaken, the probability that the recoverable volumes will equal or exceed the unrisked estimated amounts is 90 percent for the low estimate, 50 percent for the best estimate, and 10 percent for the high estimate. Low estimate and high estimate prospective resources have not been included in the Resource Report. For the purposes of the Resource Report, the volumes and parameters associated with the best estimate scenario of prospective resources are referred to as 2U. The 2U prospective resources have been aggregated beyond the prospect and lead level by arithmetic summation; therefore, these totals do not include the portfolio effect that might result from statistical aggregation. Statistical principles indicate that the arithmetic sums of multiple estimates may be misleading as to the volumes that may actually be recovered. **NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES** To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
06-05-2025
- Business
- Yahoo
BW Energy makes FID on the Maromba field offshore Brazil
BW Energy has announced the final investment decision (FID) for the Maromba field development offshore Brazil, aiming to tap into an estimated 500 million barrels (mbbl) of oil. The project, with a capex-efficient approach, is expected to significantly boost BW Energy's net production by 2028. The Maromba field development will feature an integrated drilling and wellhead platform (WHP) and a refurbished floating production storage and offloading (FPSO) unit, BW Maromba. The initial phase involves six production wells, with a second drilling campaign planned to maximise field infrastructure. The total investment is projected to be around $1.5bn, with $1.2bn allocated for the initial development and an additional $300m for the secondary drilling campaign. BW Energy CEO Carl K. Arnet said: 'We have spent time on optimising the Maromba development plan and concluded on a highly competitive concept with a repurposed jack-up platform and FPSO, repeating the approach we very successfully applied in Gabon. 'Maromba will enable BW Energy to deliver industry-leading organic production growth and position the company for further low-cost developments of known potential developments. We expect to unlock significant shareholder value in all realistic oil price scenarios.' The WHP, a converted drilling jack-up, will be installed at a depth of approximately 150m and equipped with up to 16 well slots. The FPSO Maromba, with a storage capacity of 1mbbl, is currently undergoing refurbishment at the COSCO yard in China. BW Energy has committed $107.5m to acquire a jack-up rig for conversion into the WHP. BW Energy anticipates investing $1bn before first oil, with an additional $200m for the initial drilling campaign, followed by $300m for the secondary six-well campaign. The company expects the Maromba field to achieve production costs of less than $10 per barrel (bbl) over the first five years, with an internal rate of return exceeding 30% at $60/bbl Brent crude. Financing for the development will come from existing cash, undrawn facilities, operations cash flow and infrastructure financing solutions for the FPSO and WHP. BW Energy is also exploring various financing alternatives including corporate facilities and potential bond issuance. A $250m shareholder loan facility from main shareholder BW Group has been secured. Maromba, located in the Campos Basin, has seen nine wells drilled between 1980 and 2006, with oil discoveries in eight. The project targets 123 million barrels of 2P (proved plus probable) reserves, with additional resources expected from other reservoirs.
Yahoo
29-04-2025
- Business
- Yahoo
OTC Markets Group Welcomes BW Energy Limited to OTCQX
NEW YORK, April 29, 2025 (GLOBE NEWSWIRE) -- OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced BW Energy Limited (Oslo Bors: BWE; OTCQX: BWERY, BWEFF), a growth-focused oil and gas company, has qualified to trade on the OTCQX® Best Market. BW Energy Limited upgraded to OTCQX from the Pink® market. BW Energy Limited begins trading today on OTCQX under the symbols 'BWERY' and 'BWEFF.' U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on Upgrading to the OTCQX Market is an important step for companies seeking to provide transparent trading for their U.S. investors. For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws. "The OTCQX Market provides a platform for increased recognition and engagement with a wider base of US investors. BW Energy is a fast-growing oil and gas company with production and attractive development assets in Gabon, Namibia and Brazil. We expect cross-trading on OTCQX to create additional long-term value through a broader US investor base and increased trading volumes in our shares," says Carl K. Arnet, the CEO of BW Energy. About BW Energy LimitedBW 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, a 95% interest in the Maromba field in Brazil, a 95% interest in the Kudu field in Namibia, all operated by BW Energy. In addition, BW Energy holds approximately 6.6% of the common shares in Reconnaissance Energy Africa Ltd. and a 20% non-operating interest in the onshore Petroleum Exploration License 73 ("PEL 73") in Namibia. Total net 2P+2C reserves and resources were 599 million barrels of oil equivalent at the start of 2025. About OTC Markets Group Inc. OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market, and Pink® Open Market. Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets. OTC Link ATS, OTC Link ECN, OTC Link NQB, and MOON ATSTM are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC. To learn more about how we create better informed and more efficient markets, visit Subscribe to the OTC Markets RSS Feed Media Contact:OTC Markets Group Inc., +1 (212) 896-4428, media@ in to access your portfolio
Hamilton Spectator
29-04-2025
- Business
- Hamilton Spectator
OTC Markets Group Welcomes BW Energy Limited to OTCQX
NEW YORK, April 29, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced BW Energy Limited (Oslo Bors: BWE; OTCQX: BWERY, BWEFF), a growth-focused oil and gas company, has qualified to trade on the OTCQX® Best Market. BW Energy Limited upgraded to OTCQX from the Pink® market. BW Energy Limited begins trading today on OTCQX under the symbols 'BWERY' and 'BWEFF.' U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on . Upgrading to the OTCQX Market is an important step for companies seeking to provide transparent trading for their U.S. investors. For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws. 'The OTCQX Market provides a platform for increased recognition and engagement with a wider base of US investors. BW Energy is a fast-growing oil and gas company with production and attractive development assets in Gabon, Namibia and Brazil. We expect cross-trading on OTCQX to create additional long-term value through a broader US investor base and increased trading volumes in our shares,' says Carl K. Arnet, the CEO of BW Energy. About BW Energy Limited 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, a 95% interest in the Maromba field in Brazil, a 95% interest in the Kudu field in Namibia, all operated by BW Energy. In addition, BW Energy holds approximately 6.6% of the common shares in Reconnaissance Energy Africa Ltd. and a 20% non-operating interest in the onshore Petroleum Exploration License 73 ('PEL 73') in Namibia. Total net 2P+2C reserves and resources were 599 million barrels of oil equivalent at the start of 2025. About OTC Markets Group Inc. OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market, and Pink® Open Market. Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets. OTC Link ATS, OTC Link ECN, OTC Link NQB, and MOON ATSTM are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC. To learn more about how we create better informed and more efficient markets, visit . Subscribe to the OTC Markets RSS Feed Media Contact: OTC Markets Group Inc., +1 (212) 896-4428, media@
Yahoo
25-04-2025
- Business
- Yahoo
BW Energy: Invitation to Q1 2025 results presentation in Oslo on 5 May
Invitation to Q1 2025 results presentation in Oslo on 5 May BW Energy will release its first quarter 2025 results on Monday, 5 May at 07:30 CEST. The Company will hold a presentation followed by Q&A at Hotel Continental in Oslo, Norway, on the same day at 09:30 CEST. The presentation will include an extended review of optimisation and development projects in Brazil. It will be hosted by CEO Carl K. Arnet, CFO Brice Morlot, CSO Thomas Young, CTO Jerome Bertheau and CCO Thomas Kolanski. You can also follow the presentation via webcast with supporting slides, available on: Viewer Registration • Q1 2025 For further information, please contact: ir@ 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, a 95% interest in the Maromba field in Brazil, a 95% interest in the Kudu field in Namibia, all operated by BW Energy. In addition, BW Energy holds approximately 6.6% of the common shares in Reconnaissance Energy Africa Ltd. and a 20% non-operating interest in the onshore Petroleum Exploration License 73 ("PEL 73") in Namibia. Total net 2P+2C reserves and resources were 599 million barrels of oil equivalent at the start of 2025. This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
