Strong Cash Position and Debt Management
Maintained a strong balance sheet with over $50 million of cash against gross debt following a $150 million bond issue.
Positive Reserve Developments
Achieved a 300% reserve replacement ratio and a year-on-year reserve increase of 22%, bringing total 2P and 2C reserves to about 68 million barrels.
Successful Share Buyback and Cash Distribution
Completed a NOK 100 million buyback program and announced an NOK 80 million cash distribution as a return of paid-in capital.
Bourdon Discovery
Discovered 25 million recoverable barrels in the Bourdon area, signaling potential for future development.
Operational Synergies in Gabon
BW Energy took over the O&M contract on FPSO Adolo, expected to yield operational synergies and cost savings.
Exciting Prospects in Equatorial Guinea
High potential of Block EG-23 with around 100 million barrels of 2C resources, subject to further validation.