2009 Interim Results Presentation 23rd March 2009 Interim Results Analyst Presentation March 2009 2
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…
Agenda Introduction Kevin Hart CEO Kevin Hart Exploration Ed Willett & Development Exploration Director Financials Peter Wilson Ed Willett Commercial Director Outlook and Q&A Kevin Hart Peter Wilson Interim Results…
Highlights Group highlights are as follows: Receipt from third party of possible cash offer for Company of 150p per ordinary share Farm-out discussions ongoing PSC for Etinde Permit signed on 22 December 2008 Acquisition of…
Exploration Update Ed Willett, Exploration Director 66 Interim Results Analyst Presentation March 2009 6
Cameroon Update Bomono Permit 100% OLHP 1 & 2 2,328 km PSC signed 12 Dec 2007 First term ends 11 Dec 2012 500km seismic & one well commitment Etinde Permit 100% MLHP 5,6 & 7 2,314 km Etinde PSC signed on 22 Dec 2008…
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)…
MLHP-5 & 6 Prospect and Lead Inventory (Unrisked Mean In Place volumes) Wet GIIP (bcf)* CIIP (mmbbl) STOIIP (mmbbl) Delta 175 10 Kappa 75 Lambda 12 1 Qof 595 33 Phi-chi 451 25 Psi 158 9 Pi 44 2 B t W Beta 88 Beta E 117 Beta…
MLHP-7 Isongo and Biafra Inventory Isongo Prospects - Isongo Multiple undrilled Gas Condensate structural Fields - culminations Isongo Marine, IC, associated with ID and IE. existing discoveries. IE successfully Low risk and…
MLHP-7 IF Discovery & Appraisal IE Field IF Field A A IE-2z IF-1 IF-1R IF-Appraisal (proposed) A 0 IF-1R Discovery Mean 137mmbbl STOIIP Hydrocarbons encountered over a large part of the well 800 feet from top Volcanics to…
MLHP-7 IE Field IE Field IF Field IE-2z IF-1 IF-1R A A 0 IE-2z MDT confirms A column height of 113m. Pressure data defines two 2m sand bodies 30m above the main Isongo Sand Sa d1a are e condensate bearing and in…
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 A Mid-Isongo reservoir encountering Gas- IC-1 DST 3 confirms Condensate.…
Block MLHP-7 Oil/Gas Resource (Mean Volumes Initially In Place) Dry GIIP Wet GIIP* NGL STOIIP (bcf) (bcf) (mmbbl) (mmbbl) Isongo Marine Field* 348 18 Isongo E Field* 80 463 105 Isongo D Discovery* 8 1 Isongo C Discovery* 77…
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 C Current t activities ti iti Acquiring airborne…
OLHP 1 & 2 (Bomono) Overview Field work conducted to locate old wellheads and ascertain access routes into interior EIA for airborne operations approved by Ministry of Environment 29th Jan 2009 Aero-gravity/magnetics operations…
Development Update Interim Results Analyst Presentation March 2009 17
MLHP-7 Contingent Resources IC IM Five gas/condensate fields and one oil discovery Manyikebi ID IE Mean Contingent Resources: MLHP 7 628 bcf gas* IF MLHP 6 62 MMbbls condensate 41 MMbbls oil Total 208 mmboe *LPGs…
MLHP-7 Current Development Potential Isongo Marine Potential future Isongo E & Isongo D tieback to IE/ID Gas Recycling Development IC IM One appraisal well Sanction anticipated 2010 1st Production targeted 2013 Manyikebi ID…
MLHP-7 Current Development Potential IF Standalone IC IM Limb Refinery New oil and Power station processing & Manyikebi IE export facilities ID Gas Pipeline Limb MLHP 7 IF Oil Export IF WHP Platform 6-Slot Wellhead…
MLHP-7 Current Development 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 & export…
Cameroon Gas Development GdF Suez Feasibility Study / Bioko Island Train SNH appointed GdF Suez in November 2008 to undertake a feasibility study to advance their principal objectives of: Securing supply for the Cameroon domestic…
Gabon Update Interim Results Analyst Presentation March 2009 23
Gabon Overview Epaemeno Permit 50% Block G4-211, 1340 km Second term ends August 2010 (50% relinquishment) Third period expires Aug 2013 Addax (Operator); Bowleven conducting G&G work through to well locations under TSA 10m…
Gabon - Epaemeno 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 improvement…
Gabon 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…
Gabon EOV Permit NW Kowe A A Azile Depth Map 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 block…
Finance Peter Wilson, Commercial Director Interim Results Analyst Presentation March 2009 29
Interim Results Summary for the 6 months ending 31 December 2008 Profit of 82.7 million in period (2007: loss of 6.6 million) Loss of approximately 5.5 million after excluding finance income (primarily foreign exchange differences…
Outlook Interim Results Analyst Presentation March 2009 31
Outlook 2009 OBJECTIVES Drill further appraisal wells on IE and IF structures Progress IE/ID, IF & EOV development projects towards sanction Build on our new technical work with further high impact exploration drilling in…
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