Bowleven Bowleven Annual General Meeting 9th December 2020 7.3697 n, 12.3547 e Bowleven Annual General Meeting 8th December 2021 1
Agenda 1. Corporate Highlights 2. Strategic Review 3. Etinde development overview 4. Etinde roadmap towards commercialisation 5. IM and IE area technical analysis 6. Financial Results FY2021 7. Corporate Overview 8. Q & A…
Corporate Highlights A strategic focus on Etinde FID Market valuing Capital Etinde stake structure at 10 million maintained (c. 7 million Market Cap 11 million (15 million)* Etinde Alignment with preferred our JV…
Strategic Objectives Achieved WORKING TOWARDS FID FEED completed; development plan identified; discussions with SNH VALUE MONETISATION Exploration of other development options as FEED studies indicated insufficient return on…
Etinde development outcomes to date FEED results show LUKOIL presented insufficient NPV and IRR Equatorial Guinea option to generation with sole Government and SNH in development of Limbe IM May 2021 Technical decision of…
Cameroon Domestic Gas Market Two approved domestic power projects reliant on Etinde gas supply Bekoko Junction (Douala) Limbe Aksa Energy has proposed a c150 MW gas The Government has opened a commercial powered generator development.…
Etinde development options assessment Option 1 : Processing wet gas at Bioko Island Facility in Equatorial Guinea Low technical risk of development Domestic gas market can be served directly via a new build pipeline to Limbe or…
Etinde development options assessment Option 2 : Limbe gas processing facility Cameroon based facilities, located in Limbe Likely easier Government regulatory approval Pros No political opposition in Cameroon Low to medium technical…
Etinde development Roadmap to FID JV partners to determine Etinde development priority in December 2021 FY 2022 work plan and budget will be drawn up on the basis of the development priority and submitted to SNH for approval at OCM…
Etinde Exploitation Authorisation extension Terms of the Etinde Exclusive Exploitation Agreement (EEA) signed in January 2015 : 20 year licence extendable by a further 10 years at our option (to December 2045) EEA was issued on the…
Seismic reprocessing project Impact on IM reservoirs Pay maps for the Upper and Middle Isongo reservoirs IM fields remapped using the reprocessed Seismic data The reservoirs remain very similar but with increased vertical…
IE area highly prospective for both gas condensate and Oil Base M400 Isongo sand map, with major block 16 Identified Pay zones and 10 zones have boundary faults and well locations marked flow tested hydrocarbons in the 4 ID/IE wells…
IE 1 and 2 area gas condensate discovery Mid case (P50) M520 sand reservoirs Complex trap with at least 3 separate compartments Other smaller faults at or below seismic resolution may create additional unimaged Compartments or…
IE-3 well discoveries Operator STOIP estimates Complex 3D thrust fault structure, with most potential from UNDRILLED steeply dipping horizons. Mid case assumes western and middle compartments are in pressure contact Thin bed study…
IE-4 Volatile Oil discovery Volume of the IE-4 trap determined based on seismic interpretation and well data Reservoir presence and volume in trapped area can not be accurately measured IE-3 and IE-4 Oil are not in pressure…
Unrisked Etinde prospects and leads hydrocarbon in place volumes Manyu south Manyu IM complex IE Crowbar Bolt north IC discovery IE 3/4 IC east Lower Isongo ETM Caliper IG Crowbar ID South IE 1/2 Bachuo IF…
Financial Performance FY2021 vs FY2020 Key Financial Performance metrics Year ending Year ending Variance Bowleven operating costs 30 June 2021 30 June 2020 are unchanged. 000 000 000 Etinde G&A spend Profit & loss reduced due to…
Financing considerations Liquid funds of Cash as at 30 November - 2.8K Current Investments as at 30 November - 2.4K The Directors are satisfied that the Group has adequate resources to continue in operational existence for the…
Corporate Responsibilities HOW WE MAINTAIN QCA CODE COMPLIANCE MAINTAIN A DYNAMIC DELIVER GROWTH MANAGMENT BUILD TRUST FRAMEWORK We maintain a well- Our strategy model functioning Board that is We communicate fair and promotes…
Environment, Social & Governance Protection of surrounding Etinde area is at the forefront of our plans E Sustainability of Etinde site is a priority Natural gas is a better option for energy in Africa and an opportunity for…
Environment, Social & Governance 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 social development.…
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 Bowleven Plc News Building, 3rd floor 3 London…
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