August 31, 2018 / 8:48 AM / 2 months ago

UPDATE 1-BW Offshore Q2 EBITDA beats forecast, sees first Gabon oil in Sept/Oct

(Adds more about Gabon oilfield, potential for more oil)

Aug 31 (Reuters) - Bw Offshore Ltd:

* Q2 ebitda $105.4 million (reuters poll $95.2 million)

* Operating revenues for the q2 amounted to $200.2 million

* Operating profit for the q2 was $22.1 million ($31.5 million)

* Q2 net loss $7.5 million (reuters poll $0.4 million)

* The fleet should continue to generate significant cash flow in the time ahead

* The Tortue field, within the Dussafu licence offshore Gabon, progresses according to plan and budget for first oil in september/october 2018

* Starts preparing for Tortue Phase 2: Provisional budget $275 million, first oil planned in 2020

* Internal estimate 2P gross reserves for Tortue field Phase 1 and Phase 2 (6 wells) of 30 to 40 mmbls ‒ Excluding contingent reserves

* Final investement decision for Tortue Phase 2 scheduled for Q4 2018 (post Tortue Phase 1 start-up) ‒ Subject to government, joint venture and board approval

* Says Ruche North East area of the Dussafu Licence discovered oil: the well encountered 15 meters of good quality oil pay in the Gamba formation. In addition, the well encountered 25 meters of oil pay from multiple Dentale horizons

* BW Offshore is in the process of drilling an appraisal side-track to delineate the discovery

* Too early to conclude on the size of discovery, CEO Carl Arnet said at the Q2 results presentation

* Oil firm Panoro Energy is partner at Dussafu field

* The dialogue with petrobras towards finalising a firm plan for the fpso cidade de sao mateus continued through the second quarter, the unit remains in lay-up

* The majority of bw offshore’s fleet remains on long-term contracts with national and independent oil companies

* BW Offshore shares rise 6.8 pct while Dussafu partner Panoro Energy rises 6.3 pct

* Bw offshore is a provider of floating production services to the oil and gas industry Source text for Eikon: Further company coverage: (Reporting by Ole Petter Skonnord, editing by Terje Solsvik)

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