BW Energy: Appraisal confirms material Hibiscus field reserve increase

Reference is made to the stock exchange notice by BW Energy on 20 May 2024 announcing a substantial oil discovery on the northern flank of the Hibiscus field.

BW Energy has now concluded the drilling and the logging of the DHIBM-7P pilot well, confirming a substantial oil discovery with good reservoir quality and a material uplift to the Hibiscus area.

The Company’s preliminary evaluation indicates an increase in Hibiscus gross recoverable reserves (mid-case) of approximately 8 million barrels of oil to 12 million barrels of oil.

The Company plans to complete the well as a development well later in 2024.

The DHIBM-7P pilot was drilled from the MaBoMo production platform to a total depth of 3,941 metres.

The target area is located approximately 1.5 kilometres north-northwest of the MaBoMo and was drilled by the Borr Norve jack-up rig.

Notably, the hydrocarbon column extends across the boundary between the Gamba and the underlying Dentale formation.

This is the first example of a common Gamba-Dentale hydrocarbon accumulation in Hibiscus Field.

The current operation in Dussafu is to complete the development well (DHBSM-2H) in the northern flank of the Hibiscus South field that was recently successfully appraised.

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