Preliminary Results Presentation Preliminary Results Presentation For the year ended 30 June 2013 For the year ended 30 June 2013
Presentation Agenda Overview Etinde Development Exploration Finance & Economics Outlook & Conclusion Q&A November 2013 Preliminary Results Presentation 3
oil & gas Overview
Company Update Continued progress towards Etinde Stage I FID*: EEAA** presented to the Cameroon authorities - approval pending. First gas remains on target for H2 2016; upstream project sanction integrated with fertiliser plant -…
Vision & Strategy 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 through…
Company Overview Cameroon Nigeria 2 permits covering 4,644km. 1 offshore shallow water, 1 onshore; both operated. P50 contingent resource base increased 30% to 263 mmboe* Bomono Permit 2 Acreage: 2,328km (net). Onshore Equity…
Drilling History/Strategy Etinde Permit, Cameroon 2007 2008 2010 2011 2012/13 The current technical/management team has Feb: Sapele-1 drilled 9 wells and made multiple discoveries on 33-43m Net Pay IM-5 Etinde since joining in…
Pipeline of Maturity Early Stage Exploration Development Block 11B Bomono Etinde Kenya Cameroon Cameroon Creating and realising value through material Multiple liquids-rich hydrocarbon exploration New hydrocarbon province.…
Group Objectives Resources to Reserves Resources to Reserves: The Path to Stage I FID* Etinde Exploitation Authorisation Application (EEAA) presented to Cameroon authorities. Approval pending. Gas sales agreement for fertiliser…
oil & gas Etinde Development
IM-5 Well Highlights Highly successful well on MLHP-7. Condensate-rich gas flowed on test: 10,800 boepd from Intra Isongo. 7,000 boepd from Middle Isongo. Intra Isongo discovery represents material volume addition.…
Etinde Resource Base Significant Hydrocarbon Volumes Oil, condensate and wet gas. P50 contingent resources increased 30%* this year. EEAA presented to Cameroon authorities: Phased development approach. Initial gas offtake:…
Field Development Plan Flexibility for future expansion Liquids focused - gas enabled Hub and Spoke wells facilities system. Unmanned offshore platforms, processing onshore. Oil, condensate and wet gas to onshore hub. Liquids…
Hub and Spoke Development Stage I Illustrative Timeline Integrated offshore and onshore facilities development illustrative timeline FID to first production. 6mths 12mths 18mths 24mths 30mths First Production FID Detailed…
Full Cycle Development Phased development Flexible cost-effective spoke approach. Stage I: Supply to fertiliser plant. Significant potential upside remaining: Further Intra Isongo appraisal targets being evaluated. Prove up…
oil & gas Exploration
Cameroon Overview Further Prospectivity Rio del Rey Basin Douala Basin OLHP-1 MLHP-7. MLHP-5 & 6, OLHP 1 & 2. Shallow offshore area. Onshore and shallow offshore areas. Highly prospective OLHP-2 acreage within a proven Highly…
IM-5 Well: Pre-drill targets and results Etinde Appraisal/Development Drilling Objectives Results* IM-3 IM-5 Primary: determine reservoir, fluid Condensate-rich gas flowed properties and gas composition of on test. Middle…
Seismic Correlation Panel Tying IM Wells IM-4 IM-2 IM-3 IM-5 Upper Isongo Upper Isongo Intra Isongo Intra Isongo Log evaluated 3m net net pay approx. 70m. pay. Below seismic resolution Areally extensive Intra Isongo…
Intra Isongo Exploration/Appraisal Material Exploration/Appraisal Upside IM-5 well has considerably de-risked the Isongo play. Seismic response correlates with thick, reservoir quality sands. A number of amplitude based prospects…
Intra Isongo Exploration/Appraisal Material Exploration/Appraisal Upside IM-5 IM-5 well has considerably de-risked the Isongo play. Seismic response correlates with thick, reservoir quality sands. A number of amplitude based…
Etinde Significant Upside Potential MLHP-5 & MLHP-6 Significant in-place volumes discovered across MLHP-5 by the Sapele and D-1R wells. Deep Omicron discovery Mean HIIP 1,197 mmboe*. Deep Omicron test yields 313-329 bbls/mmscf*.…
Bomono Overview Historical 6 deep wells and c.10 shallow wells drilled in the 1950s. Wells and onshore oil seeps prove active, Upper Cretaceous sourced hydrocarbon system. Vintage 2D Total 500km 2D seismic acquired and legacy 2D…
Bomono Exploration Well Operations Zingana-1 2 wells planned for 2014 Zingana-1 & Moambe-1. Timing of drilling campaign influenced by farm-out discussions. B & C sands Zingana-1 Drill ready prospect site prepared. D & E…
Kenya Overview New hydrocarbon province. Recent oil discoveries to the south (Lokichar Basin). High level of industry activity multi-well drilling campaigns Ethiopia underway e.g. Tullow Oil, Africa Oil. South Sudan Sabisa…
Kenya Overview South Sudan New hydrocarbon province. Ethiopia Recent oil discoveries to the south (Lokichar Basin). High level of industry activity multi-well drilling campaigns Block 11B underway e.g. Tullow Oil, Africa Oil.…
Block 11B Pre FTG Interim Gravity Product Gravity Gradient Data Source: Bowleven Initial airborne survey (FTG) results very encouraging. Tendering underway for 2D seismic acquisition. November 2013 Preliminary Results…
oil & gas Finance & Economics
2013 Year End Results Summary Loss of 11.1 million in year (2012: 13.1 million). 109.2 million cash invested in oil and gas activities, primarily on drilling and development activity on Etinde. Net assets of 570 million at 30…
Funding Overview Significant Financing Flexibility Cash at end Oct 2013 20 million*, no debt. At FID G&A spend approx. 1.5 - 1.7 million (gross) per month. 60m reimbursement for IM-5 well costs (Petrofac Equity placing announced…
Stage I Etinde Development Indicative project revenue, Bowleven NPV10split and production profile Total Project Revenue* Simplified 20 year Production Profile Gas 15 100 18% Total Wet Gas 683 bcf 80 Liquids - kboepd Wet Gas…
oil & gas Outlook & Conclusion
Outlook & Conclusion Resources to Reserves: The Path to Development Considerable progress made: Successful IM-5 well; fertiliser sales gas requirements underpinned. Expanded EEAA presented pending approval. Resources to…
oil & gas Q&A
Principal Contact: Kerry Crawford Tel: +44 131 524 5678 Kevin Hart Tel: +44 131 524 5678 infobowleven.com www.bowleven.com Bowleven Plc. The Cube 45 Leith Street Edinburgh EH1 3AT United Kingdom
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