Bowleven Annual General Meeting 9th December 2020 7.3697 n, 12.3547 e Bowleven 1
Agenda 1. Strategic Review 2. The Etinde Asset 3. Financial Performance FY2020 4. Seismic Reprocessing Project 5. Etinde Roadmap towards Commercialisation 6. Capital Structure 7. Corporate Overview 8. Q & A 3
Development planning through to FID in 2021 Clear set of strategic priorities: To Secure FID during 2021. Alignment on development plans with JV partners and Government of Cameroon. Ensure that cash resources are wisely invested…
Agenda 1. Strategic Review 2. The Etinde Asset 3. Financial Performance FY2020 4. Seismic Reprocessing Project 5. Etinde Roadmap towards Commercialisation 6. Capital Structure 7. Corporate Overview 8. Q & A 5
Etinde remains highly attractive The commercial proposition of developing Etinde Today remains highly attractive Bowleven and JV partners have an opportunity to deliver value and growth Independent via the commercialisation of…
Agenda 1. Strategic Review 2. The Etinde Asset 3. Financial Performance FY2020 4. Seismic Reprocessing Project 5. Etinde Roadmap towards Commercialisation 6. Capital Structure 7. Corporate Overview 8. Q & A 7
Financial Performance Cash bridge from 1 July 2019 to 30 November 2020 Outlook for FY2021 cash expenditure Bowlevens base line operating costs in H1 FY2021 have remained at a similar level to the comparable period in FY2020.…
Financial Performance FY2020 vs FY2019 Year ending Year ending Bowleven controlled G&A 30 June 2019 Variance 30 June 2020 (restated) expenditure has reduced by c.0.44m pa. 000 000 000 Profit & loss Operating loss -3,260 -67,019…
Agenda 1. Strategic Review 2. The Etinde Asset 3. Financial Performance FY2020 4. Seismic Reprocessing Project 5. Etinde Roadmap towards Commercialisation 6. Capital Structure 7. Corporate Overview 8. Q & A 10
Seismic reprocessing has the potential to improve the project economics Target hypothesis The seismic reprocessing project aims to improve fine scale resolution of the IM and prospective IE area, with a view to including it in the…
Seismic reprocessing will help us better understand the geological potential of Etinde Pre and post reprocessed seismic data - noticeable improvements in the seismic data quality as demonstrated in the IE-3 well clearly improves the…
Other G&G projects: These will not directly impact our FID proposed timeline This project seeks to use the well data to provide a better analysis of gross and net pay, Thin bed especially relating to the presence of thinly…
Agenda 1. Strategic Review 2. The Etinde Asset 3. Financial Performance FY2020 4. Seismic Reprocessing Project 5. Etinde Roadmap towards Commercialisation 6. Capital Structure 7. Corporate Overview 8. Q & A 14
Commercialisation options under consideration JV current development options Workstream Workstream Workstream 1 2 3 The JV is committed to 1. Gas reinjection and recycling to manage fluctuations in domestic the project and…
Roadmap to development This schematic represents a combined gas export and domestic supply orientated development FEED studies are drawing to an end next step is to optimise facilities infrastructure around an appropriate field…
A facilities design concept has been well advanced One FEED design concept: A single gas to liquids train based facility supporting gas reinjection and recycling. No gas export capability. Domestic gas supply infrastructure not shown in…
Cameroons domestic gas market remains underdeveloped but increasingly attractive Domestic projects require a long period of steady production. The Government has two approved projects: Victoria Oil & Gas Bekoko Aksa Energy has…
Export gas sales offers potential which yet hasnt been fully developed Possibilities Issues Export gas solutions are less subject Government of Cameroon permission to demand fluctuations and sales to export gas issues Commercial…
Etinde Exploitation Authorisation risk for early licence termination The JV partners consider Licence withdrawal to be a low risk in the immediate future SNH have recommended that the JV partners submit a formal request for a new…
Agenda 1. Strategic Review 2. The Etinde Asset 3. Financial Performance FY2020 4. Seismic Reprocessing Project 5. Etinde Roadmap towards Commercialisation 6. Capital Structure 7. Corporate Overview 8. Q & A 21
Capital structure and share price 7.00 6.00 5.00 4.00 3.00 2.00 1.00 0.00 JAN 2020 MAR 2020 MAY 2020 JUL 2020 SEP 2020 NOV 2020 Capital Structure % held of Key shareholders ISC Listing AIM as at 3rd December…
Agenda 1. Strategic Review 2. The Etinde Asset 3. Financial Performance FY2020 4. Seismic Reprocessing Project 5. Etinde Roadmap towards Commercialisation 6. Capital Structure 7. Corporate Overview 8. Q & A 23
Small and focused Board and management team Matt McDonald Chairman Small committed London-based fit Board with for purpose Jack Arnoff industry team capable of Non-Executive Director experience analysing alongside various…
Bowleven today Focused on the Etinde FID and development FEED virtually completed with most component elements having reported Successfully proved Working with our partners to ensure an Commercial and and probable major gas…
Environmental, Social & Governance Responsibilities E S G Upholding environmental Ensuring high standards of Operating to the highest ethical consideration at the forefront of Health and Safety. standards and supporting Board our…
Environmental, Social & Governance Responsibilities We believe that in the interim there is an opportunity to satisfy ESG-minded investors to press for an ESG agenda in the country which requires an immediate catalysts for economic and…
Agenda 1. Strategic Review 2. The Etinde Asset 3. Financial Performance FY2020 4. Seismic Reprocessing Project 5. Etinde Roadmap towards Commercialisation 6. Capital Structure 7. Corporate Overview 8. Q & A 28
Q&A 7.3697 n, 12.3547 e Bowleven 29
Bowleven Plc Suite 1 Collegiate House 9 St. Thomas Street Annual LondonGeneral Meeting SE1 9th 9RY December 2020 00 44 (0) 20 3327 0150 7.3697 n, 12.3547 e www.bowleven.com 30
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