BW Energy enters into new increased Reserve Based Lending facility
BW Energy is pleased to announce an up to USD 500 million Reserve Based Lending (RBL) facility. The new facility replaces the USD 200 million RBL from 2022, which was increased to USD 300 million in 2023. The funds will be used together with cash-flow from operations to finance the further development of the Company.
The facility has an initial commitment of USD 400 million, which can be expanded with an additional USD 100 million. The senior secured long-term debt facility matures on 1 October 2030.
“We are pleased to conclude the amend, extend and increase of the RBL with strong interest from several international banks. The increased facility provides further liquidity to finance BW Energy’s development activities and drive our future production growth and long-term value creation, at a competitive interest margin,” said Brice Morlot, the CFO of BW Energy.
Mauritius Commercial Bank Limited is the Facility Agent for the RBL facility, while SCB and Rand Merchant Bank are Joint Technical banks. The syndicate further includes NedBank Group and ABSA Group (documentation bank), alongside SHELL, the offtaker of oil from the Dussafu license.
For further information, please contact:
Brice Morlot, CFO BW Energy, +33.7.81.11.41.16
ir@bwenergy.com
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....
Read the full news release here
