BW Energy: Starts production from second Hibiscus / Ruche well

bluesky2023
BWE 15.06.2023 kl 07:39 686

https://newsweb.oslobors.no/message/593281

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The drilling campaign targets four Hibiscus Gamba and two Ruche Gamba wells
which are expected to add approximately 30,000 barrels per day of total oil
production when all wells are completed in early 2024.


Separately, the commissioning and testing of the second gas lift compressor is
ongoing on the BW Adolo. The compressor, which will support production from the
six Tortue wells, is expected to commence its final commissioning phase in the
next few weeks and, once fully operational, will add another 3,000 barrels per
day.

Redigert 15.06.2023 kl 07:40 Du må logge inn for å svare
bluesky2023
15.06.2023 kl 12:59 559

Production ramp-up progressing as planned
Both BWE and PEN announced production start of the second production well at Hibiscus & Ruche this morning. 6,000 bbl/day gross is on expectation and identical to the first well, which continues to produce at 6,000 bbl/day. Guidance reiterated for the six well H&R field development, adding in total 30,000 bbl/day gross by early 2024e. This equates to 22,000 bbl/day net BW Energy and 5,250 bbl/day net to Panoro. Secondly, commissioning and testing of the new gas lift compressor is now underway. It is expected to lift production capacity on the six existing wells at the adjacent Tortue field by 3,000 bbl/day gross. We expect both stocks to outperform the sector today. BWE: BUY, TP NOK 50. PEN: BUY, TP NOK 47

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