Signs Inaugural Reserve Based Lending Facility of up to USD 300 million

Signs Inaugural Reserve Based Lending Facility of up to USD 300 million

BW Energy is pleased to announce the signing of an up to USD 300 million international Reserve Based Lending (RBL) facility. The funds will initially be used to finance the further development of the Dussafu license offshore Gabon.

The facility has an initial commitment of USD 200 million which can be expanded up to an additional USD 100 million. The secured long-term debt facility has been provided by a syndicate of five international banks and has a tenor of six years.

“We are pleased to conclude the RBL which attracted strong interest from a number of international banks and we welcome the support of our new lenders. The facility provides additional liquidity to finance our development of the Dussafu license in Gabon and drive future production growth and long-term value creation from this highly attractive oil producing area,” said Carl K. Arnet, the CEO of BW Energy.

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 main assets are a 73.5% interest in the producing Dussafu Marine Permit offshore Gabon and a 95% interest in the Maromba field in Brazil (as at first oil), both operated by the Company. Total net 2P+2C reserves were 240 million barrels at the start of 2022.

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 Regine Andersen, IT & Communication Support 9 August 2022.