Presentation Agenda Overview Etinde Development Stage I Etinde Development Stage II Cameroon Further Prospectivity Kenya Financial Overview Outlook & Conclusion Q&A NOVEMBER 2012 Preliminary Results…
oil & gas Overview
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 Asset Base Cameroon Nigeria 5 blocks in Cameroon covering 4,644km. 3 offshore shallow water, 2 onshore; all operated. Multiple hydrocarbon discoveries. Bomono Permit Acreage: 2,328km 2 Onshore P50 contingent resource…
Progress Report Resources to Reserves: The Path to FID* Submission of draft Etinde Exploitation Authorisation Application (EEAA). Agreement of Fertiliser MOU. Gas sales term sheet nearing finalisation - pending pricing…
Petrofac Strategic Alliance Highlights Extensive development experience. Provides access to expertise, purchasing power and personnel (including engineering, design, project management, procurement and training). Provides up to…
Petrofac Commercial Structure Commercial Structure Structure provides potential for 300 million or 500 million of capital. 300 / 500 Petrofac to be remunerated from Euroils share of the Etinde million project cashflows. Onshore…
Development Overview Progression to Development EEAA Fertiliser FID Gas (Ferrostaal, Sales FID SNH, Proman, Helm) Phased Approach All processing onshore; unmanned offshore platforms. Stage I - fields on MLHP-7.…
oil & gas Etinde Development Stage I
Etinde Existing Discoveries Overview of Gross Unrisked Mean Volumes In place* IC IM Manyikebi IE IF Deep Omicron fairway Sapele-3 SNA-1X Sapele-1/ST D-Discovery Sapele-2 *Operators estimates.…
Hub and Spoke Development Flexibility for future expansion Phased Approach All processing onshore; unmanned offshore platforms. Stage I - fields on MLHP-7. Stage II - discoveries on MLHP-5 (Sapele). Significant flexibility for…
Etinde Development Key FID Requirements Etinde Exploitation Authorisation Application Draft EEAA submitted to Cameroon authorities; 3 workshops held. EEAA covers a substantial part of Etinde Permit. Final EEAA submission due prior…
Drilling Update Etinde Appraisal/Development Drilling IM-3 IM-5 IM-5 drilling operations ongoing. (Currently drilling) Primary objective: determine reservoir, fluid properties and gas composition of Middle Isongo. Secondary…
Integrated Development Gantt Chart Stage I NOVEMBER 2012 Preliminary Results Presentation 16
oil & gas Etinde Development Stage II
Hub and Spoke Development Stage II (MLHP-5) Sapele & D-1R Hydrocarbons discovered at multiple stratigraphic levels. Significant in-place volumes discovered across MLHP-5 by the Sapele and D-1R wells. Extensive stratigraphically…
Stage II (MLHP-5) Sapele Deep Omicron Oil Fairway Independent Volume Assessment Third party assessment carried out by Sproule. Methodology: Bowleven - fairway slab model. Sproule - discrete geobodies. Advanced 3D interpretation…
oil & gas Cameroon Further Prospectivity
Cameroon Overview Further Prospectivity Rio del Rey Basin Douala Basin MLHP-7. MLHP-5 & 6, OLHP 1 & 2. Shallow offshore area. Onshore and shallow offshore areas. Highly prospective acreage within a proven Highly prospective…
Etinde - Further Prospectivity MLHP-5 EEAA envisages additional exploration in exploitation area. Extensive deeper prospectivity at Paleocene and Cretaceous levels. Hydrocarbons encountered with Sapele-1 and Sapele-3. Palaeocene…
Bomono Overview Historical 6 deep wells and c.10 shallow wells drilled in the 1950s. Wells and onshore oil seeps proved active hydrocarbon system. Tertiary and Cretaceous structural and stratigraphic traps Vintage 2D defined in…
Bomono Exploration Well Operations Zingana-1 (Proposed Well) Exploration well location selected, planning for immediate follow-up appraisal wells. Zingana-1 Prospect - site preparation/civils nearing completion. Drilling (up to 2…
oil & gas Kenya
Kenya Block 11B Significant acreage 14,000km2. Bowleven farm-in Sept 2012 50% equity interest. Initial 2 year exploration period work programme. Operated by Adamantine Energy, technical support provided by Bowleven under a…
Kenya Block 11B Existing vintage seismic and gravity data confirm presence of multiple basins and structural features closely analogous to successful discoveries to the south. NOVEMBER 2012 Preliminary Results Presentation 27
oil & gas Financial Overview
2012 Year End Results Summary Loss of 13.1 million in year (2011: 76.8 million including 41.7 million exploration costs). Loss includes: Administrative expenses of 9.5 million. Exploration costs of 3.6 million relating to…
Funding Overview Cash 142 million and no debt at 30 June 2012. Cash balance at end October 2012 approximately 120 million. Petrofac provides up to 500 million for Stage I development; initial capital investment at FID. High…
oil & gas Outlook & Conclusion
Outlook & Conclusion Resources to Reserves: The Path to Development Progressing development activities for hub and spoke development, including pre FEED/FEED work. Etinde FID targeted for H2 2013 ensuring: EEAA approval. Gas…
oil & gas Q&A
Principal Contact: Kerry Crawford Tel: +44 131 524 5678 oil & gas Kevin Hart Tel: +44 131 524 5678 infobowleven.com www.bowleven.com Bowleven Plc. The Cube 45 Leith Street Edinburgh EH1 3AT United Kingdom
oil & gas Appendix
Contents Petrofacs Percentage Share (X%) Maximising Liquids Value NOVEMBER 2012 Preliminary Results Presentation 36
Petrofacs percentage share (X%) of Euroils profit oil/profit gas Gate 1: Calculate NPV to PFC based on money multiple of 2.125 Question 1: Is PFC NPV < 50% of original BLVN NPV Answer 1: Yes No Adjust 'X'% downwards Gate 2: No…
Maximising Liquids Value Delivery Point Gas Options IM MLHP-7 Power (AES) Up to 10mmscfd IE 3rd Party Led Fertiliser (Ferrostaal) IF Up to 70mmscfd Oil, Condensate Liquids Stripping & up to Up to 80mmscfd…
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