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Contents Highlights Cameroon update Gabon update Next steps & outlook 3 Analyst Presentation September 2008
Highlights First oil discovery on Etinde Permit; IF-Ir well tested an average of 3,371 bopd from upper Isongo section Oil in place for IF discovery initially estimated to be between 76 mmbbls and 249 mmbbls mean Likely future…
CAMEROON 5 Analyst Presentation September 2008
Cameroon Update Bomono Permit 100% OLHP 1 & 2 2,328 km PSC signed 12 Dec 2007 First term ends 11 Dec 2012 Rio del Rey Basin 500km seismic & one well commitment Etinde Permit 100% MLHP 5,6 & 7 2,314 km Exploration period…
MLHP-7 Overview Five gas/condensate and one oil discovery on block Block Resources in place 1TCF gas Isongo C Isongo Marine 80MMbbls condensate 30MMbbls LPGs Isongo E Isongo D Manyikebi 80 250+ MMbbls oil Isongo F Field…
Block MLHP-7 IF Discovery Volumetric Potential A IE- IE-2z IE- IE-1 I-E Field I-F Field A A Hydrocarbons IF-1r Mean 75.5mmbbl STOIIP (total) encountered over a (P90 36.6, P10 114.9 mmbbl STOIIP) large part of the well 800…
Block MLHP-7 IF Discovery Test Results 7 Liner Shoe 6185ftMD GR Res lo-hi lo-hi 6244 DST 2 High resistivity readings on logs Oil and gas flow in IF-1 No cement Lateral equivalent to IF-1 kick zone oil DST 2 and gas…
Block MLHP-7 SLIDE WITH IF Discovery ANIMATIONS IN PPT SHOW (ON CLICK) Reservoir Analysis Lo --------------- GR -------------Hi ROP GR Resistivity Photo. 1. Shale on Photo. 3. Majority shale on logs lo-hi logs, Sand in core hi -…
MLHP 7 Gas Recycling Concept including LPGs (Gross Basis) IE/ID core development, IF oil development potential tie-in LPG Yield * In Base prodn bbls/ IE/ID Fields Place Prodn mbpd mmscfd Mean GIIP bcf 357 Mean CIP mmbbls 50 Mean…
MLHP-7 IE/ID Core Development: Gas Recycling Isongo Marine Potential future tieback IE/ID core development * Facilities Capex 400 to 450 million Drilling 5-6 wells 150 million to 240 million Isongo C Isongo Marine Opex 25…
MLHP 7 Development Options Etinde Block MLHP-7 Offshore Cameroon Development Options Future Gas Sales Bioko EG LNG 2 Potential IF oil Floating LNG development 14 Analyst Presentation September 2008
MLHP-7 Initial Development Plan 15 Analyst Presentation September 2008
Blocks MLHP-5&6 Prospect and Lead Inventory Prospect Inventory significantly enhanced following conclusion of Legend in Stratigraphic Order detailed subsurface analysis and integration of well data Gamma Kappa MIOCENE…
Blocks 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 Beta W 88 Beta E 117 Beta…
GABON 18 Analyst Presentation September 2008
Gabon Overview Epaemeno Permit Block G4-211, 1340 sq 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…
EOV Field Sub-Surface Update A full sub-surface review has been carried out by Equipoise-ERC (consultants) The review has provided: Top Batanga Time Structure A significant increase in the confidence of the sub-surface…
EOV Field Contingent Resource Range Update P90 P50 P10 STOIIP volumes (MMstb) (previous NSAI estimates in brackets) 19.5 (16.4) 31.1 (23.6) 46.8 (30.6) EUR Recovery factors P90 P50 P10 (based on offset field performance) 30%…
Gabon EOV Development ERC reservoir development study provides increased confidence in subsurface and highlights increased volumetrics (P50 resources increased from 7.4 to 12.4 mmbbls). Fred Olsen FPSO Knock Taggart vessel secured…
Gabon EOV Permit - NW Kowe NW SE Ozouri Ezanga Salt Ozouri depth map P90 P50 P10 Mean STACKED RESERVOIR TOTAL UNRISKED 56 166 509 234 STOIIP MMbbl 23 Analyst Presentation September 2008
Gabon - Epaemeno Phase 1 307km 2D seismic programme (9 million net covered by carry) Operations commenced mid July. Recording commenced 20th August 20 km acquired to date Focus on northern Terrace margin play and central Davo…
NEXT STEPS & OUTLOOK 25 Analyst Presentation September 2008
Next Steps Etinde Permit Negotiate PSC for MLHP 5,6 & 7 Obtain exploitation application for MLHP 7 Seek farm-out partner Drive towards project sanction end 2009 Further exploration & appraisal drilling Epaemeno…
Outlook Well positioned to create value from existing portfolio of assets EOV moving towards project sanction MLHP-7 Refining development options Identify additional exploration potential Opportunity to create significant…
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