Analyst y Presentation July 2009 Analyst Presentation July 2009 1
Disclaimer Important Notice Nothing in this presentation or in any accompanying management discussion of this presentation (the Presentation) constitutes, nor is it intended to constitute: (i) an invitation or inducement to engage in…
Introduction to Bowleven 3 3 Analyst Presentation July 2009 3
Our Vision It is our vision to build an African focused exploration and production company which in time becomes renowned for its ability to consistently create and realise material shareholder value al e through exploration…
Company p y Timeline 1995 Company formed Key shareholders % held of ISC 1998 Awarded Etinde Permit as at 30 June 2009 Blackrock Investment Management 14% 2004 Disappointing drilling results F&C Asset Management 10% JPMorgan…
Objective & Strategy Objective: Provide material capital growth over a 3-5 Provide 3 5 year period through high impact exploration and niche acquisitions and to realise value as appropriate. Strategy: Focus on Africa ((with…
Bowleven at a Glance 7 Blocks (5 in Cameroon & 2 in Gabon) 4 offshore shallow water, 3 onshore Overall P50 contingent resource base 224 mmboe Extensive 3D & 2D seismic database over all blocks Substantial prospect inventory…
Cameroon: T Transition iti From F Exploration E l ti tto P Production d ti 8 8 Analyst Presentation July 2009 8
Cameroon Overview Bomono Permit 100% OLHP 1 & 2 2,328 2 328 km PSC signed 12 Dec 2007 IF Oil Discovery First term ends 11 Dec 2012 500 km seismic & one well commitment Etinde Permit 100% MLHP 5,6 & 7 2,314 2 314 kkm…
MLHP-7 Isongo g and Biafra Inventory y Isongo Isongo Prospects - Gas Condensate Multiple undrilled Fields - structural Isongo Marine, IC, culminations ID and IE. associated with IE successfully existing appraised by…
Block MLHP-7 Oil/Gas Resource (Mean Volumes Initially In Place) Wet STOIIP Dry GIIP NGL GIIP* (mmbbl) (bcf) (mmbbl) (bcf) Isongo Marine Field* 348 18 Isongo g E Field* 80 463 105 Isongo D Discovery* 8 1 Isongo C…
MLHP-7 MLHP 7 IF Bowleven Interpretation Update Bowleven in-house in house volumes Bowleven Structure (Mar 09) (based on Green pick) P90 P50 P10 Mean STOIIP MMbbl MMbbl MMbbl MMbbl Thin Bed zone 21 52 125 65 Massive Bed…
MLHP-7 IF Field CPR May y 2009 Economic Evaluation of Resources NPV (10%) assumes consistent development scenario for high, mid and low cases All values are referenced to 1st July 2009 1C 2C 3C POS The Mid-Case NPV (10%) is 500…
Economic Evaluation 1800 IF Stand Alone Oil Development: Bowleven NPV 1656 1600 225 mmbbls Mean STOIIP; CPR Costs; 30 mbpd 1420 on 1400 USmillio 1200 1179 V10 at 1.7.2009 U 1000 945 800 600 NPV 400 200…
MLHP-7 Current Development p Potential IF Oil Anticipated Ultimate Development Scenario Phase 1 Phase 2 Cost Item Phase 1 (Millions) (Millions) Oil Process: 30,000 bopd Gas Flared Topsides 35 Water Overboard IM Jacket 18 IC…
MLHP-7 IE Field IE Field IF Field IE-2z IF-1 IF-1R A A 0 IE-2z MDT A confirms column height of 113m. Pressure data d fi defines ttwo 2 2m sand bodies 30m above the main Isongo Sand 1 are condensate b i and bearing d…
MLHP-7 Isongo Marine Field Middle Isongo A IC-1 IM-1 IM-C Manyu-1 ETM-1 A (Proposed) Depth Map IM-3 is the only well A in the field to test the A Mid-Isongo reservoir encountering Gas- IC 1 DST 3 IC-1 C d Condensate. t…
MLHP-7 Current Development p Potential IF Oil with IM-ID-IE Gas Condensate Development Possible Synergies IM IC Potential tie-in of Isongo-Marine IE Limb Refinery New oil gas-condensate and Power station processing &…
Blocks MLHP-5 and MLHP-6 Recent Discoveries and Other Wells in the Area Logbaba (1950s) Gas condensate in Gas-condensate Bowleven D-1r (2007) Upp. Cret. deep- 25mmscf/d + 1400bcpd water sands from 75ft gross Miocene deep-water…
MLHP-5 & 6 Prospect and Lead Inventory Prospect inventory significantly enhanced with detailed 18 Prospects & Leads identified across the two blocks subsurface review of Block 5 & 6 Miocene predominately gas-condensate play (D1-r)…
Gas Log Shows MLHP-5 9250ftMD C2 C SANAGA-1X Well Oil Shows Sanaga-1X well on the edge of Block 5, drilled in 1971 Si Significant ifi t shows h below b l 9250ftMD (2820m) (2820 ) d down tto Eocene well TD at…
MLHP-5 & 6 Prospect p and Lead Inventory y (Unrisked Mean in Place Volumes) ) CIIP ((mmbbl)) Wet GIIP ((bcf)* STOIIP (mmbbl) Delta 175 10 Kappa 75 Lambda 12 1 Qof 595 33 Phi-chi 451 25 Psi 158 9 Pi 44 2 Beta W 88 S…
OLHP 1 & 2 (Bomono) Overview Bomono Permit 100% Blocks OLHP-1 and OLHP-2 Area : 2328 km PSC signed 12 Dec 2007 First term ends 11 Dec 2012 500km seismic & 1 well commitment Preparation for 2D seismic acquisition late…
Bomono Seismic Aero-gravity/magnetics g y g operations p now complete and being integrated into subsurface studies. Seismic planning (2D) for late 2009/2010 acquisition program initiated. Scouting for line positioning…
Gabon: Exploration Planned for 2010 2525 Analyst Presentation July 2009 25
Gabon Overview Epaemeno Permit 50% Block G4-211, 1340 km Second term ends August 2010 (50% relinquishment) Third period expires Aug 2013 Add Addax (O (Operator); t ) BBowleven l conducting G&G work through to well locations…
Epaemeno p A A Omko-1 (20MMbbl) A A Rembo Kotto (60MMbbl) Onal (180MMbbl) Assewe (18MMbbl) Riviere Perdue-1 Tsiengui (145MMbbl) Multiple potential reservoir targets: Koula (75MMbbl) Gamba/Dentale Sandstones…
Gabon - Epaemeno Seismic Survey 0 Seismic operations commenced July 2008 Seismic programme completed Jan 2009 Total 747km 2D seismic acquired First pass seismic processing underway Initial observations show marked Sec TWT…
EOV Field PSC signed for EOV Permit Area in February 2004 Field located 6 miles offshore in 65ft of water Four development wells already drilled though a central template The jacket is complete. The Topsides are approx 80%…
EOV Permit NW Kowe A Azile Depth p Map A 10km 30km A A Simple tilted fault block structure Closure areas ranges from 2km2 to 15km2+ Multiple stacked reservoir targets with robust closures Largest undrilled prospect in…
Next Steps p 3131 Analyst Presentation July 2009 31
Aspirational Forward Work Programme 2009 2010 2011 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q IF-2 IF 2 + IE-3 IE 3 Wells IM-5 IM 5 Development Drilling MLHP7 IF- 3D IF FDP + FEED Study IF Design Reprocess IE 3D 3D Survey Further…
www.bowleven.com Analyst Contacts Kerry Crawford Principal Contact Tel: 0131 524 5673 Email: kerry.crawfordbowleven.com Kevin Hart Tel: 0131 524 5678 John Brown Tel: 0131 524 5678 Analyst Presentation July 2009
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