After accounting for the maintenance impact in Q3, BWE delivered a decent quarter, marked by solid progress across its key development projects (Maromba and Golfinho Boost) and underlying opex in line with expectations. No new information was provided on the Kharas-1 exploration well, which is likely to have the greatest share price impact in the near-term. While we make only modest estimate revisions - mainly some phasing of capex into 2026 - we raise our TP to NOK 45 (41), reflecting early de- ....
