BW Offshore: Successful Completion of Appraisal We

BW Offshore is pleased to announce the successful drilling and completion of the DTM-3 appraisal well located at the Tortue field, within the Dussafu License, offshore Gabon. 

The operation followed the previously announced drilling and completion of the DTM-2H horizontal production well which targeted the Dentale D6 reservoir. Future planned operations include an additional horizontal development well, the DTM-3H, which will target the Gamba Sandstone formation in the central part of the field. 

"The appraisal well confirms the high quality of the Tortue field and gives us further confidence in the upside potential of the Dussafu License", said Carl K. Arnet, CEO of BW Offshore. "We continue to execute on the development plan towards first oil in the second half of 2018 as planned."

The DTM-3 appraisal wellbore was designed to appraise the western flank of the Tortue field attempting to extend the known distribution of hydrocarbon resources within the Gamba and Dentale formations. The key objectives for the appraisal well were achieved, including:

• Confirmation of the presence of oil in the western flank of the Gamba formation which had previously been classified as contingent resources and will likely lead to additional development drilling in this part of the field once evaluations are completed and necessary approvals obtained.
• Penetration of approximately 30 meters of hydrocarbon-bearing reservoir within the Gamba and immediately underlying Dentale Subcrop Sandstones at a structural position matching the pre-drill estimate.
• Penetration of additional hydrocarbon-bearing reservoirs in the Dentale D2B and Dentale D6 reservoirs.
• Accident-free operations that were conducted both on time and on budget in the process of drilling the well to a Total Depth of 3,550 meters.

For further information, please contact: 

Knut R. Sæthre, CFO, +47 911 17 876 IR@bwoffshore.com  or  www.bwoffshore.com

About BW Offshore: BW Offshore is a leading global provider of floating production services to the oil and gas industry. BW Offshore has a fleet of 15 FPSOs and one FSO represented in all major oil & gas regions world-wide. BW Offshore has a long track record on project execution and operations. In more than 30 years of production, BW Offshore has executed 39 FPSO and FSO projects. The company is listed on the Oslo Stock Exchange. This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.